PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397477
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397477
The leisure boat market caters to the recreational desires of individuals, offering a variety of watercraft for leisure activities. The leisure boat market is expected to grow at a CAGR of 5.5% during the forecast period of 2023 to 2031, driven by booming tourism and travel, increasing interest in water sports, and growing wealth and disposable income. However, environmental sustainability concerns pose a significant restraint. Market segmentation by type and product reveals varying trends, with different segments leading in revenue and CAGR. Geographic trends highlight regional variations, with North America and the Asia-Pacific region playing pivotal roles.
One of the primary drivers propelling the leisure boat market is the booming tourism and travel industry. In 2022, the travel and tourism sector witnessed a resurgence, with people seeking unique experiences and destinations. Leisure boats play a pivotal role in providing tourists with exciting water-based activities, including cruises, water sports, and island hopping. As evidence, tourist destinations worldwide have invested in leisure boats to cater to the growing demand for water-based adventures. The anticipated continuation of the travel industry's recovery is expected to boost the demand for leisure boats in the coming years.
The rising interest in water sports has been a significant driver for the leisure boat market. In 2022, water sports, such as wakeboarding, water skiing, and paddleboarding, gained popularity among enthusiasts of all ages. Leisure boats, especially motorized ones, are essential for water sports activities, offering the speed and performance required for an exhilarating experience. As evidence, water sports facilities and operators have expanded their fleets of leisure boats to meet the growing demand. The expected growth in the water sports industry is set to drive the demand for leisure boats.
The growth in wealth and disposable income among consumers has contributed to the expansion of the leisure boat market. In 2022, improving economic conditions and increased prosperity have enable more individuals and families to indulge in leisure activities, including boat ownership and recreational boating. As evidence, boat manufacturers and dealers have reported increased sales and demand for both new and used leisure boats. The expected growth in wealth and disposable income is anticipated to sustain the demand for leisure boats, particularly new ones.
While the leisure boat market exhibits significant growth drivers, it is not without restraints. Environmental sustainability concerns have become a critical issue in 2022, with a growing awareness of the environmental impact of leisure boating. As evidence, there have been discussions about the use of cleaner and more eco-friendly propulsion systems, such as electric and hybrid engines, as well as efforts to reduce pollution in water bodies. These concerns may lead to regulations and changes in consumer preferences, impacting the market's product offerings and practices.
The leisure boat market is segmented by type into New Leisure Boats and Used Leisure Boats. In 2022, the highest revenue was generated by New Leisure Boats, while Used Leisure Boats exhibited the highest CAGR during the forecast period from 2023 to 2031. New leisure boats are preferred by consumers seeking the latest features and technology, contributing to higher revenue in 2022. On the other hand, the Used Leisure Boat segment is expected to experience the highest CAGR due to its affordability and the availability of well-maintained, pre-owned boats.
The market segmentation by product includes Motorized and Non-motorized leisure boats. In 2022, the highest revenue was generated by Motorized leisure boats, while Non-motorized leisure boats exhibited the highest CAGR during the forecast period from 2023 to 2031. Motorized leisure boats offer power and speed for various water activities, leading to higher revenue in 2022. Non-motorized leisure boats, such as sailboats and paddleboats, are expected to see a significant CAGR due to their eco-friendliness and appeal to those seeking a quieter and slower-paced boating experience.
Geographic trends in the leisure boat market highlight regional disparities in both revenue and CAGR. In 2022, North America led in revenue, driven by the strong presence of the boating industry and water-based recreational activities. However, the Asia-Pacific region is projected to exhibit the highest CAGR from 2023 to 2031, reflecting the growing interest in leisure boating and water sports. Europe, with its extensive waterways and coastal areas, also contributes significantly to the market's dynamics.
Competitive trends in the leisure boat market are characterized by top players and their key strategies. In 2022, companies such as Brunswick Corporation, Groupe Beneteau, Malibu Boats, Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products (BRP) Inc., Chaparral Boats, Inc., Farr Yacht Design, Ltd., Ferretti S.P.A. and Fountain Powerboats, Inc. were prominent in the industry, with substantial revenues from leisure boat manufacturing. These players are expected to continue their dominance in the forecast period from 2023 to 2031 through innovation, diversification, and geographic expansion. Their strategies revolve around staying ahead in the competitive landscape, expanding their product portfolios, and addressing emerging market demands.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofLeisure Boat market are as follows:
Micro and macro environment factors that are currently influencing the Leisure Boat market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
TABLE 4 Global Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 5 North America Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 8 North America Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 9 U.S. Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 12 U.S. Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 13 Canada Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 16 Canada Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 17 Rest of North America Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 20 Rest of North America Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 21 UK and European Union Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 24 UK and European Union Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 25 UK Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 28 UK Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 29 Germany Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 32 Germany Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 33 Spain Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 36 Spain Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 37 Italy Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 40 Italy Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 41 France Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 44 France Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 45 Rest of Europe Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 48 Rest of Europe Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 49 Asia Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 52 Asia Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 53 China Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 56 China Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 57 Japan Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 60 Japan Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 61 India Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 64 India Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 65 Australia Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 68 Australia Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 69 South Korea Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 72 South Korea Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 73 Latin America Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 76 Latin America Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 77 Brazil Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 80 Brazil Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 81 Mexico Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 84 Mexico Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 85 Rest of Latin America Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 88 Rest of Latin America Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 89 Middle East and Africa Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 92 Middle East and Africa Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 93 GCC Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 96 GCC Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 97 Africa Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 100 Africa Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
TABLE 101 Rest of Middle East and Africa Leisure Boat Market By Type, 2021-2031, USD (Million)
TABLE 104 Rest of Middle East and Africa Leisure Boat Market By Non-motorized, 2021-2031, USD (Million)
FIG. 9Market Positioning of Key Leisure Boat Market Players, 2022
FIG. 10Global Leisure Boat Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031