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A leisure boat is also known as a recreational boat that is used for tourism, water-sporting, and pleasure. These boats may have luxurious infrastructures such as accommodation facilities, cabins, and other amenities. Yachts, outboard, cruises, kayaks, canoes, watercraft, etc. are some of the types of leisure boats. Globally, with the rise in the disposable income of people, there has been a visible increase in spending on tourism. Also, with the advancement in the technologies, good infrastructure of boats, the increasing craze for water sports, and other water activities across the globe, the leisure boat market is expected to dominate in the forecast period. The rising standard of living of people and their inclination towards comfort, luxury, and trend of water body vacation homes are propelling the growth of the leisure boat market. Furthermore, various initiatives taken by the government as well as private organizations to promote leisure boating and development of the marine and coastal tourism are driving the opportunities for the growth of the leisure boat market.
With the adoption of advanced technologies in boats, a rise in safety features, increasing investments of government as well as private organizations to promote marine tourism, increasing boating events, and rise in the disposable income of the people are driving the growth of the leisure boat market. On the contrary, the high rates and water pollution caused by the leisure boats may hamper the growth of the leisure boat market.
Key Market Driver -
Owing to the increase in the disposable income, rising trend of leisure boats, government spending on promoting marine tourism are driving the growth of leisure boat market.
Key Market Restraint -
High rates of leisure boats and water pollution caused may restrain the market of leisure boats.
Globally, the leisure boat market has been segmented by boat type and by region. Based on boat type, the market is further segmented into motorized and non-motorized boats. The motorized boats hold the largest market share of the global leisure boat market. There are various types of motorized boats, such as yachts, personal boats, outboard boats, cruises, etc. With the increase in the standard of living, rise in the demand for luxury, comfort, and the increasing trend and craze for water body vacation, boathouses are leading to the growth of the leisure boat market. However, the non-motorized boats such as kayaks and canoes are gaining popularity nowadays and are expected to grow tremendously in the forecast period owing to the increase in adventure water sports, low prices, and its fuel efficiency. Also, the considerable variations in their shapes and sizes are increasing their adoption among the young crowd.
The major players in the leisure boat market include Sunseeker International Limited, Catalina Yachts, Bavaria Yachtbau, Marine Product Corporation, Ranger boats, Ranger boats, Brunswick, Mahindra Odyssea, Godfrey Pontoon Group, Hobie Cat Company, Bennington Marine LLC, Azimut Benetti, Tracker Boats, and Ferretti Group among others.
Geographically, the leisure boat market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe holds the largest market share of the global leisure boat market. The surge in demand for leisure boats in various countries such as Germany, Spain, and Italy are propelling the market growth in this region. Also, the increase in the disposable income of people, rising craze for adventure water sports, increase in safety features giving rise to the confidence among people to experience leisure boats are fuelling the growth of the leisure boat market. North America is the prominent region in terms of revenue and is expected to show significant growth in the leisure boat market. High economic growth, the surge in demand for recreational boating experience, the rising popularity of water sports, and fishing activities are propelling the growth of the market. However, Asia Pacific is projected to show substantial growth in the leisure boat market in the forecast period owing to various initiatives taken by the government as well as private organizations to develop the marine and coastal tourism and other water activities
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