The Global Leisure Boat Market was valued at US$ 42.6 Bn in 2021 and is expected to reach US$ 78.4 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report diesel-based propulsion systems for Leisure Boat will remain pivotal for the market as the bulk of revenue will be generated through this category. Used Leisure boats, which are cheaper and are available immediately, can be physically seen and immediately tried, and are often already kitted out by the past owners are the leading contributors to revenue, having witnessed a CAGR of 4.2% in 2017-2022 and having a forecasted CAGR of 5.4% for the next decade.
Developments in Electric Boats are a driving factor for the demand
Electric boats are growing in popularity due to the fact that today’s consumers and authorities are increasingly concerned about the emissions and pollution caused due to traditional engines. Electric boats are noiseless, odorless and smokeless and can be charged from the grid. They also require less maintenance and are cheaper in the long run since refuelling is significantly cheaper.
The COVID-19 Pandemic did not hamper the demand boom in the Leisure Boats Market.
The pandemic initially hurt the market as manufacturers were faced with a shortage of skilled labor and materials like fiberglass and resin. However, the demand picked up soon after and eventually grew to reach higher numbers than pre-pandemic. This combination led to a shortage of boats even for those willing to pay the new higher prices. Marina docking fees, maintenance, and winter storage charges all saw an increase.
The US to Command the Larger Proportion of demand Leisure Boats throughout the Analysis Period
The US boating industry is currently experiencing a boating boom, with numbers higher than in pre-pandemic times. New boat sales in 2020 reached a 13-year high, with official data from the U.S. Bureau of Economic Analysis showing that boating and fishing, in general, contributed US $30.8 billion in current-dollar value added in 2020. The US witnessed a CAGR OF 4.4% in 2017-2021 and presents an absolute dollar opportunity of US $1.1 Bn, with the forecasted market value by 2032 being US $26.3 Bn, at a CAGR of 5.0%.
“Leisure Boat manufacturers nowadays are closely working on harnessing new technologies and more environmentally-efficient systems to attract consumers” comments an analyst at Future Market Insights.
Leisure Boat Market: Competition Insights
Leisure Boats manufacturers are largely aiming at developing their products and harnessing new technologies. The key companies operating in the Leisure boat market include Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products Inc., Brunswick Corporation, Chaparral Boats, Inc., Catalina Yachts, Farr Yacht Design, Ltd., Ferretti S.P.A., Fountain Powerboats, Inc., Groupe Beneteau, Sunseeker International Limited, Malibu Boats, Marine Product Corporation, MasterCraft Boat Company, Polaris Inc., and Ranger Boats among others
Some of the recent developments by key providers of Leisure Boats are as follows:
- In February 2022, Norway-based companies Hynion AS, a hydrogen fuel company, and Hyrex AS, a hydrogen technology company, established a Joint Venture. They have announced plans to launch a floating hydrogen station to refuel leisure boats.
- In January 2022, Yamaha Marine Systems Company, a subsidiary of Yamaha Motor Corporation acquired Siren Marine, an IoT solutions provider for marine applications.
- In November 2021, Arc Boat Company, a stealth-mode start up raised US $30 Mn in Series A funding. The company plans to join the movement for the shift to electric, and aims to release their limited edition US$ 300,000, 24-foot battery-powered boat, “Arc One” later in 2022.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Leisure Boats Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Leisure Boats in terms of Type (New Leisure Boat, Used Leisure Boat, Equipment), and Propulsion System (Diesel, Gas, Electric/Hybrid and Sail Drive) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.