Leisure Boat Market revenue worth around $42 Bn by 2026
Published Date: January 4, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Leisure Boat Market size is set to be over USD 42 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rapid increase in the popularity of recreational and pleasure boating coupled with the positive outlook of the global economic conditions will drive the leisure boats industry growth. Improving participation of individuals in water-based leisure activities, such as cruising, sailing, and boat racing will contribute to the escalating market expansion.
The rapid increase in the travel & tourism sector across the globe will generate robust growth opportunities. High inclination of travelers toward boating experiences will augment the industry demand. According to the market report by the Japan National Tourism Organization in 2018, the country recorded more than 30 million travelers. Developments in the marine industry will assist the market size growth through 2026.
Increasing concerns toward safety due to the growing number of fatalities and injuries are posing as a challenge to the global leisure boat market. As per the U.S. Coast Guard and U.S. Department of Homeland Security, the number of accidents occurred by boating activities in 2018 exceeded over 4,000. These incidents accounted for over 2,500 injuries and 600 deaths. To mitigate the loss of property and life, safety protocols are established by authorities. The implementation of safety regulations is assisting in minimizing the impact of this industry challenge.
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Analyst view: “Increasing demand from the travel & tourism sector in the Asia Pacific region will accelerate the leisure boat market. Adoption of electric boats in the global market will fuel the business growth.”
The sales of leisure boats and market share have witnessed a decline in 2020 owing to the escalating spread of COVID-19 pandemic in various countries across the globe. OEMs in this sector have faced several challenges such as suspension of manufacturing operations and shortage of raw materials. Decrease in the disposable income and rising financial insecurity are impacting the growth of the automobile industry, hindering the market representation of leisure boats. The industry is expected to witness slow growth post the reduction in wide scale impacts of COVID-19.
Demand for pontoon boats will proliferate during the forecast timeline
The Europe pontoon boats segment captured high market share of around 25% in terms of revenue in 2019. These boats are flat-deck boats and contain one or more tubes or floating hulls. Simple structure and cost-effectiveness of pontoon boats are significantly accountable for the high market revenues.
Several features, such as large deck space, enhanced accommodation capacity, and convenient design in square or rectangle shape, are contributing to the growing demand for pontoon leisure boats. These are mostly preferred in the lakes where fishing and entertainment activities are popular. The large deck space in these boats adds to more seating space, comfort, luxury and storage space, propelling the leisure boat market statistics.
Industry players are focused on launching new products to enhance their product portfolio and gain maximum market share. For instance, in August 2019, Harris Pontoons launched Solstice 230 and 250 models. Both these models offer CZone digital switching capabilities with electrical infrastructure. The integration of advanced technologies into these types of leisure boats will support the industry.
Browse key industry insights spread across 250 pages with 375 market data tables & 23 figures & charts from the report, “Leisure Boats Market Size By Product (Bowrider, Catamaran, Cruiser, Pontoon, Yacht, Sailboat), By Type (Motorized, Non-Motorized), By Propulsion System (Diesel, Gasoline, Electric/ Hybrid, Sail Drive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing sailing activities will drive the non-motorized boats demand
The North America non-motorized segment is likely to register more than 2.5% CAGR during 2020 to 2026 impelled by its increasing adoption for day sailing purposes. The rapid increase in the usage of yachts and sailboats that are used mainly for recreational activities. The escalating popularity of yachts and rising number of events, such as Superyacht Design Festival, across the globe are boosting the industry size.
Growing demand for hybrid/electric leisure boats will fuel the leisure boat market growth
The Europe hybrid/electric segment is poised to grow rapidly at a CAGR of over 6% through 2026 on account of rapidly increasing fuel prices and growing awareness related to pollution caused by diesel engines. Manufacturers are focusing on launching new electric boats in response to the amplifying market trend.
Rising participation of youth in pleasure boating activities in Europe
The Europe leisure boat market share is anticipated to reach USD 13.5 billion by 2026. The high demand for pleasure boats in various countries including France, Germany, the UK, Spain, and Italy is anticipated to support the regional market. Government and public authorities are taking initiatives toward supporting leisure boating activities. For instance, in November 2017, European Network of Outdoor Sports introduced Get WET project to enhance the participation of individuals in water sports activities.
European countries have around 70,000 km of coastline and 27,000 Km of inland waterways. As per the data published by the European Boating Industry in 2018, an estimated 36 million people in the region are boaters. Favorable climatic conditions, terrain, and environment in the region will propel the demand for leisure boats. Companies are focusing on new product launches, R&D, and innovation to gain a competitive edge.
The key players operating in leisure boat market include Azimut Yachts, Boote Marian GmbH, Marine Products Corporation, Malibu Boats Inc., MasterCraft, Silent Yachts, Bénéteau Group, Bavaria Yachtbau GmbH, Brunswick Corporation, and Ferretti S.p.A.