Press release
Leisure Boat Market is projected to touch USD 25157 million by 2028, increasing at 6.6% CAGR during 2021-2028 | Size, Trends & Forecast
Leisure Boat Market
The Leisure Boat Market is expected to reach USD 25157 million by 2028, growing at a CAGR of 6.6% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/leisure-boat-market-analysis-industry-research/
The factors driving the growth of Leisure Boat Market includes rapid growth in the marine tourism around the world, rise in the number of recreational boating activities, development of connected boats and increase in consumers spending on the leisure activities. According to the report published by Bloomberg, the Global Recreational Boating Market was valued around USD 35 billion in 2020 and is expected to reach USD 63 billion by the end of 2026, growing at a CAGR of 6.5% over the forecast period (2021-2027), which will accelerate the Leisure Boat Market size in the approaching years. Moreover, integration of advanced technologies such as Artificial Intelligence (AI), and the Internet of Things (IoT) and smart sensors, Government initiatives to promote yachting activities and growing popularity of water sports, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rise in the launch of innovative products, growing disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, growth of the Leisure Boat Market is hindered attributed to strict regulations imposed by governments regarding the manufacturing of motorboats and jet skis.
The prominent players operating in the market are Bombardier Recreational Products Inc., Brunswick Corporation, Chaparaal Boats Inc., Avon Marine, Azimut Benetti Group, Baja Marine, Farr Yatch Design, Ltd., Ferretti SPA, Bavaria Yatchbau GmbH, and Fountain Powerboats, Inc., among others.
Based on Type, the Used Leisure Boat segment is predicted to grow at a significant CAGR during the forecast period
Used leisure boats eliminates high delivery timeline and are comparatively cheaper than new boats along with, rising use of kayaks and canoes in water sports, are some of the factors responsible for the segment's growth.
In contrast, the New Leisure Boat segment is anticipated to hold the highest market share during the forecast period attributed to growing popularity of water sporting activities and increasing adoption of advanced technologies in new boats.
Based on Region, the North American region is projected to expand at a remarkable CAGR over the forecast period
As per the Leisure Boat Market Report, growing popularity of recreational boating activities, increase in consumers spending on leisure, rapid growth in the marine tourism, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Developments
In 2020, Azimut Benetii Group introduced the new yacht model under the Magaellano Collection., this product launch will expand company's product offerings.
In 2020, Bavaria Yachtbau GmbH published the launch of the Bavaria Vida 33, the first day cruiser with an outboard engine.
Market Segmentation
Segmentation by Type
New Leisure Boat
Motorized
Non-Motorized
Used Leisure Boat
Motorized
Non-Motorized
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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