Leisure Boat Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Germany, Russia, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
Report ID: GMI4557
Leisure Boat Market size is set to witness lucrative growth through 2026 propelled by increasing disposable income in the U.S. and Europe with rise in expenditure on recreational and sports activities. Growing consumer purchasing capability and nautical tourism are supporting the industry growth.
According to the National Oceanic and Atmospheric Administration, recreational and ocean-based tourism contributes approximately USD 116 billion to the gross revenue of the U.S. Increasing fishing tournaments and water sport activities are significantly creating opportunities for leisure boat market. Rising youth participation in these tournaments is accelerating the demand for outboard boats. Consumer interest in kayaking and canoeing adds up to the utilization of leisure boats. According to the American Canoe Association (ACA), in 2018, approximately 22.9 million Americans participated in river, stream, and lake recreational activities.
Increasing implementation of advanced power systems including hybrid & electric power engine and propulsion systems will augment the industry growth over the forecast timeframe. For instance, in September 2019, Boote Marian GmbH announced the launch of M800, an electric-powered yacht with motor power of 150 kW. Entities operating in the market including engine manufacturers and component providers are engaged in the development of low fuel-consuming parts to reduce operational cost and harmful emissions from conventional engines. In June 2018, AB Volvo announced its plan to launch boats equipped with a hybrid marine propulsion concept for powering newly developed boats.
High initial investments and maintenance costs are impeding the demand for leisure boats over the forecast timeline. Growing concerns on safety measures, such as injuries and fatalities, may decline market growth over the study timeframe. According to the U.S. Department of Homeland Security and the U.S. Coast Guard, in 2018, over 4,000 accidents occurred that involved 600 deaths and 2,500 injuries, leading to the overall damage of USD 46 million property.
Rising demand for personalized leisure boats equipped with advanced technologies, such as GPS tracking, automated handling, and infotainment systems, will drive the leisure boat market growth. With changing lifestyle and technological advancement, companies are offering customization of design, cabin décor, and integrated electronics.
For instance, companies, such as Porter, Inc, and Delta Marine, are offering personalized boat solutions to their customers, which include the hull & outboard design, personalized electronics, and helm layout. The prominence for utilizing environment-friendly boats powered by solar energy is offering powerful performance with reduced emission levels. For instance, in 2018, Silent Yachts announced the launch of solar-powered boats, which aided the company to enhance its product portfolio and reduce carbon footprint.
Growing integration of IoT, sensors, and automated control technology is supporting the demand for leisure boats. IoT-enabled products will aid users to monitor boats in real-time and provide predictive maintenance alerts by analyzing the data.
For instance, in October 2018, Boatrax announced the launch of IoT-enabled boat monitoring solutions, which use IBM Watson for predictive analysis. The emergence of app regulated boats with temperature control, real-time engine status, and boat monitoring system features for optimal utilization is strengthening the leisure boat industry. Companies, such as Connected Boat and Siren Marine, are offering connected boat technology that controls vessels remotely through mobile apps.
Evolution of smart boats integrated with enhanced digital connectivity and safety features will drive the leisure boat market over the forecast timeline. The companies are using carbon-fiber material for building new leisure boats for better stability and safety. Rising demand for smart autopilot controls and smart sonars with WiFish features are enhancing the market.
For instance, in October 2019, Yamaha Motor Corporation introduced 275SD model equipped with fuel management system, Electronic Power Steering (EPS), boat wellness function display, three-position no wake mode control, and articulating keel system. These specifications will enhance consumer experience and provide optimal control over boat functionality.
Commercial application is growing due to increased corporate and business events such as conferences & client entertainment activities. Growing corporate expenditures on leisure and sports activities are significantly strengthening leisure boat demand.
To strengthen public relations among organizations, companies are investing in recreational events and seminars that will aid to their growth. According to the Bureau of Economic Analysis, outdoor recreation accounted for approximately USD 427.2 billion that contributed to around 2% of the GDP in 2017 in the U.S.
North America will dominate the leisure boat market over the forecast timeline due to the development of boating infrastructure. The U.S. dominates the recreational boat market in terms of consumption as it is one of the major importers of boats.
In January 2019, the National Marine Manufacturers Association (NMMA), recreational boat, engine & marine accessories sales rose to approximately 280,000 units with an increase of 4% compared to 2017. The U.S. annual sales of vessels, ships, and maritime goods were projected at USD 41 billion in 2018, which marked an improvement of 5% compared to 2017. Rising demand for personal watercraft in recreational activities across North America resulted in the growing usage of wakesport boats for wakesurfing and wakeboarding applications, thereby engaging younger boaters.
Key players in the market include Yamaha Motor Company, Azimut Yachts, Brunswick Corporation, and Ferretti S.p.A., Bavaria Yachts GmbH, Mastercraft, Johnson Outdoors Watercraft, Inc., and Beneteau Group.
These companies have adopted various strategies, such as new product launches, partnerships, and mergers & acquisitions, to sustain in the high industry competition. Growing demand for equipped networking sensors, cloud applications, satellite, and Wi-fi communication is accelerating the adoption of connected boats. Integrated room temperature controls, intelligent traffic systems for analyzing traffic, and improving transit time are enhancing the consumer experience.
For instance, in February 2019, Yamaha announced the launch of YAMAHA 275 SERIES with paddle controls and drive system for better operation of the boat. In June 2018, Beneteau Group announced the launch of 38 new boat models to enhance its product portfolio.
The leisure boat market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments:
Market by Type
- Motorized/power boats
- Personal watercrafts
- Outboard boats
- Non-motorized boats
Market by Application
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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