Yahoo Finance Worldwide Leisure Boat Market Projected to Reach $64 Billion By 2030
Global Leisure Boat Market
Dublin, June 27, 2022 (GLOBE NEWSWIRE) -- The "Leisure Boat Market Size, Share & Trends Analysis Report by Type (New Leisure Boat, Used Leisure Boat, Monitoring Equipment), by Region (North America, Europe, Asia Pacific, South America, MEA), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
Leisure Boat Market Report Highlights
Leisure boats are projected to witness a strong growth in demand owing to the initiatives taken by the governments worldwide for the development of coastal and marine tourism and the rising disposable income of citizens in emerging economies.
Sports yachts are expected to witness greater demand in developed countries owing to the active participation of people in marine sporting events as well as recreational boating activities.
Boat manufacturers are increasingly organizing boat shows worldwide to attract a greater number of potential boat buyers, and thereby expand their customer base.
By type, the used leisure boat segment held the largest revenue share of over 76.0% in 2020 owing to the prompt and easy availability and relatively lower cost.
North America held the largest revenue share of more than 45.5% in 2020 owing to the greater demand for recreational activities across the region, especially in the U.S.
The global leisure boat market size is expected to reach USD 64.08 billion by 2030. It is expected to expand at a CAGR of 4.73% from 2022 to 2030. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market.
The world economy is witnessing healthy growth and markets, such as the U.S., are witnessing growth in the per-capita income of the individuals, which, in turn, has resulted in a rise in the disposable income of consumers. Moreover, there has been a rise in the number of High-Net-Worth Individuals (HNWIs), which is expected to drive consumers to spend more on leisure activities, thus boosting demand for recreational boats.
The increasing number of boat shows and water sporting events are attracting a large number of boaters worldwide. The leading manufacturers are sponsoring boat shows and events, which, in turn, is enhancing the popularity of leisure boats. North America is poised to remain the most prominent region in terms of revenue generation during the forecast period.
The rising demand for recreational watercraft is driven by factors such as improving economic conditions and the rising disposable income of consumers in the region. The U.S. is anticipated to witness significant growth over the forecast period. Demand in the country is majorly driven by factors such as the increasing number of high-net-worth individuals and the growing popularity of water sports and fishing activities.
Furthermore, there are changes taking place in boat building, such as the adoption of IoT technology that enables appliances, physical structures, vehicles, smartphones, wearable devices, and heavy equipment to be connected, while facilitating an exchange of information through a single network. The connected boat provides enhanced safety, security, and accuracy, while also improving the efficiency of the boat by digitalizing and optimizing various functions.
Measures taken by various governments to promote tourism activities in their countries are also boosting the market growth. Countries with rich natural resources, such as vast coastlines and large inland water bodies, are undertaking initiatives to promote recreational boating activities to increase their tourism business.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variable, Trends & Scope
Chapter 4. Leisure Boat Market: Type Outlook
4.1. Leisure Boat Market: Type Analysis
4.1.1. New Leisure Boat
4.1.2. Used Leisure Boat
4.1.3. Equipment
Chapter 5. Leisure Boat Market: Regional Outlook
Chapter 6. Competitive Analysis
6.1. Recent Developments & Impact Analysis, by Key Market Participants
6.2. Company/ Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
6.3. Vendor Landscape
6.3.1. Key Company Analysis, 2021
6.4. Company Analysis
6.4.1. Company Market Position Analysis
6.4.2. Competitive Dashboard Analysis
Companies Mentioned
Avon Marine
Azimut Benetti Group
Baja Marine
Bavaria Yachtbau GmbH
Bombardier Recreational Products (BRP) Inc.
Brunswick Corporation
Chaparral Boats, Inc.
Farr Yacht Design, Ltd
Ferretti S.P.A.
Fountain Powerboats, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kkyq67
Attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
