Leisure Boat Global Market Report 2024

A leisure boat is a sizable watercraft designed for transporting passengers on rivers, lakes, or across the sea for purposes of leisure, travel, recreation, entertainment, and more. These boats often come equipped with luxurious features such as accommodations, cabins, and additional amenities.

Leisure boats encompass several primary types, including yachts, sailboats, personal watercraft, inflatables, and other variations. Yachts are vessels equipped with sails and occasionally an engine, designed for both leisure and competitive sailing. Ranging in size from small to large, yachts are widely utilized for recreational pursuits. Leisure boats employ various power sources, including engines, sails, and human power. The manufacturing of these boats involves materials such as aluminum, fiberglass, steel, and others. They find applications in activities such as fishing, transportation, sports, travel and tourism, among other uses.

The leisure boat market research report is one of a series of new reports from The Business Research Company that provides Leisure boat market statistics, including leisure boat industry global market size, regional shares, competitors with a leisure boat market share, detailed leisure boat market segments, market trends and opportunities, and any further data you may need to thrive in the leisure boat industry. This leisure boat market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The leisure boat market size has grown strongly in recent years. It will grow from $43.09 billion in 2023 to $45.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The expansion observed in the historical period can be ascribed to the development of marinas and infrastructure, consumer inclinations toward water-based activities, promotions and events related to boating, awareness and adherence to environmental regulations, and trends in tourism and travel.

The leisure boat market size is expected to see strong growth in the next few years. It will grow to $56.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be linked to the expansion of emerging markets, the segmentation and diversification of the market, promotions and events in the boating industry, consumer preferences for water-based activities, and the growth of boating infrastructure. Key trends in this projected period encompass the integration of boat connectivity and technology, the adoption of sustainable and eco-friendly designs, the emphasis on versatility and multifunctional boats, a focus on customization and personalization, and the increasing popularity of electric and hybrid boats.

The surge in tourism is anticipated to drive the expansion of the leisure boat market. Tourism, characterized by individuals traveling beyond their usual surroundings for personal or business reasons, is a social, cultural, and economic phenomenon. The notable growth in tourism over the past decade can be attributed to factors such as increased disposable income, improved accessibility to diverse locations, and a heightened desire for exploration. Leisure boats play a pivotal role in supporting the tourism industry by transporting passengers to their desired destinations, offering a luxurious experience to tourists. As evidenced by a 2022 report from the United Nations World Trade Organization (UNWTO), global tourism rose from 400 million in 2020 to 415 million in 2021, marking a 4% increase. Consequently, the upswing in tourism is expected to drive demand for leisure boats in the forecast period.

The cultural shift towards outdoor activities is anticipated to fuel the leisure boat market. Outdoor activities are recreational pursuits and exercises conducted in natural environments, promoting physical well-being and enjoyment outdoors. Leisure boats serve as a means of recreation and enjoyment, contributing to outdoor activities such as boating and water-based leisure pursuits. For instance, in January 2022, according to the report by the Outdoor Industry Association, a US-based not-for-profit membership organization, 164.2 million or 54% of Americans ages 6 and over participated in outdoor recreation at least once, the highest number of participants on record in 2021. The outdoor participant base has grown by 6.9% since March 2020. Therefore, a cultural shift towards outdoor activities is driving the leisure boat market.

Prominent companies in the leisure boat market are actively engaged in the creation of innovative boats that integrate advanced technologies such as hydrofoiling technology. This strategic focus aims to drive widespread adoption of electric boats and establish a competitive advantage in the market. Hydrofoiling technology represents a groundbreaking system that utilizes underwater wings to lift a boat's hull, effectively reducing drag and facilitating efficient, high-speed, and smooth navigation across water surfaces. A notable example is Candela, a Sweden-based provider of sustainable electric hydrofoil vessels, which introduced the C-8 in August 2021, positioning it as a watershed moment akin to the "iPhone moment" for electric boats. The C-8, an evolution from the successful C-7 model, is engineered for mass production, presenting a larger and more comfortable electric hydrofoiling leisure boat. With a driving cost 95% lower than combustion engine boats, it boasts a range exceeding 50 nautical miles at 22 knots. The fully connected and upgradeable C-8 features true fly-by-wire steering, autopilot, and an efficient hydrofoil system, delivering a silent and smooth cruising experience.

Prominent companies in the leisure boat market are actively engaged in the development of eco-friendly marine vessels, such as electric boats, with the aim of revolutionizing recreational boating and optimizing their market returns. An electric boat relies on electric propulsion systems, utilizing either batteries or solar energy for an environmentally clean and sustainable operation on water. As an illustration, in December 2023, Blue Innovations Group (BIG), a technology company based in the United States, introduced the R30 electric boat, with the objective of transforming recreational boating through sustainable marine technology. This 30ft electric cabin cruiser is equipped with solar-charging capabilities, an 800hp twin-motor powertrain, and a 221kWh battery pack. Featuring a semi-walkaround design, retractable solar panels, and an 'ocean terrace,' the R30 delivers an unmatched boating experience by seamlessly integrating advanced technologies and timeless styling with a silent, pollution-free propulsion system.

In May 2021, Limestone Boat Company Limited, a Canadian firm specializing in the design, manufacturing, and distribution of boats, completed the acquisition of Ebbtide Holdings for an undisclosed sum. This strategic acquisition positions Limestone for rapid and sustained growth. With the incorporation of the Boca Bay and Ebbtide trademarks, the amalgamation of the renowned names Limestone and Aquasport ensures the continued legacy of the company in delivering quality, performance, and safety. Ebbtide, a boat manufacturer based in the United States, is recognized for producing the Aquasport and Boca Bay brands.

Major companies operating in the leisure boat market report are Yamaha Motor Co. Ltd., Brunswick Corporation, Winnebago Industries Inc., Groupe Beneteau, Ferretti S.p.A., Viking Yacht Company, MasterCraft Boat Company, Malibu Boats LLC, Princess Yachts International PLC, Marine Products Corporation, Sunseeker International Limited, Boston Whaler Inc., Westport Yachts, Hatteras Yachts, Regal Boats, Cobalt Boats LLC, Grady-White Boats Inc., Ranger Boats Inc., Duffy Electric Boats, Monterey Boats, Canadian Electric Boat Company, Chaparral Boats Inc., CRN SpA, Jeanneau, Nautor's Swan OYJ, Andaman Boatyard, Azimut Benetti Group, Baja Marine Inc., Bavaria Yachtbau GmbH, Boote Marian GmbH

North America was the largest region in the leisure boat market in 2023. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the leisure boat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The leisure boat market consists of sales of towboats, fishing boats, sailboats, cabin cruisers and pontoon boats. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Leisure Boat Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on leisure boat market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for leisure boat ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The leisure boat market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Boat Type: Yachts; Sailboats; Personal Watercrafts; Inflatables; Other Types
• 2) By Power Source: Engine Powered; Sail Powered; Human Powered
• 3) By Material Type: Aluminum; Fiberglass; Steel; Other Materials
• 4) By Application: Fishing; Transportation; Sports; Travel and Tourism; Other Applications
• Companies Mentioned: Yamaha Motor Co. Ltd.; Brunswick Corporation; Winnebago Industries Inc.; Groupe Beneteau; Ferretti S.p.A.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.