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Leisure Boat Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031| Avon Marine, Azimut Benetti Group, Baja Marine

05-15-2024 06:55 PM CET | Fashion, Lifestyle, Trends

Press release from: SNS Insider

Leisure Boat Market

Leisure Boat Market

According to SNS Insider, The Leisure Boat Market was valued at USD 44.3 billion in 2023 and is predicted to reach USD 65.95 billion by 2031, with a GAGR of 5.1% over the forecast period of 2024-2031.

Market Definition:
The leisure boat market refers to the industry involved in the manufacturing, distribution, and sales of boats designed for recreational purposes. These boats are primarily used for leisure activities such as fishing, water sports, cruising, and entertainment.

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Market Overview:
The leisure boat market has experienced steady growth in recent years, driven by factors such as increasing disposable income, rising interest in recreational activities, and advancements in boat design and technology. The market encompasses a wide range of boat types, including sailboats, powerboats, yachts, and personal watercraft.

Market Growth Factors:
Economic Growth: Economic prosperity and rising disposable income levels contribute significantly to the growth of the leisure boat market. As consumers have more discretionary income, they are more likely to invest in recreational activities such as boating.

Technological Advancements: Ongoing innovations in boat design, materials, and propulsion systems have made leisure boating more accessible, convenient, and enjoyable, attracting more consumers to the market.

Changing Lifestyles: Shifting consumer preferences towards outdoor recreational activities and experiences have fueled demand for leisure boats, especially among younger demographics seeking adventure and leisure pursuits.

Tourism Industry: The growth of the global tourism industry has increased demand for leisure boat rentals and charter services, particularly in popular coastal and waterfront destinations.

Market Key Players:
-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.

Market Segmentation:
By Type
-New Leisure Boat
-Used Leisured Boat

By Product
-Personal Watercraft
-Outboard Boats

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Impact of Russia-Ukraine War:
The Russia-Ukraine conflict has the potential to disrupt the leisure boat market in several ways:
Supply Chain Disruptions: The conflict may disrupt the supply chain for boat manufacturers, especially those sourcing components or materials from the affected regions.

Economic Uncertainty: Heightened geopolitical tensions can lead to economic uncertainty and volatility, impacting consumer confidence and spending patterns in key markets.

Geopolitical Risk: Escalation of the conflict could lead to trade disruptions, sanctions, or restrictions that may affect the global flow of goods, including leisure boats and related equipment.

Regional Effects: The impact may vary depending on the geographic location and market exposure of companies in the leisure boat industry.

Impact of Economy Slowdown:
An economic slowdown can dampen consumer spending on discretionary items such as leisure boats, leading to reduced demand and sales in the market. Key impacts include:
-Decline in Purchasing Power: Reduced consumer income and confidence can result in postponement or cancellation of leisure boat purchases, particularly among middle-income and lower-income households.

-Financing Challenges: Tighter credit conditions and higher interest rates during an economic downturn can make it more difficult for consumers to obtain financing for boat purchases, further constraining demand.

-Shift in Preferences: Consumers may prioritize essential expenses over leisure activities during periods of economic uncertainty, opting for cheaper or alternative forms of recreation.

Recent Developments:
-In February 2022, Norwegian businesses Hynion AS, a hydrogen fuel company, and Hyrex AS, a hydrogen technology company, formed a joint venture. They have revealed intentions to establish a floating hydrogen station to recharge recreational boats.

-In January 2022, Yamaha maritime Systems Company, a division of Yamaha Motor Corporation, purchased Siren Marine, an IoT solutions provider for maritime applications.

-In November 2021, Arc Boat Company, a stealth start-up, raised $30 million in Series A financing. The business intends to join the electric revolution by releasing its limited edition Arc One, a 24-foot battery-powered yacht priced at $300,000, later in 2022.

Despite potential challenges posed by geopolitical conflicts and economic uncertainties, the leisure boat market remains resilient, driven by evolving consumer preferences, technological innovations, and the growing popularity of recreational boating worldwide. Companies that adapt to changing market dynamics, embrace sustainability, and leverage digitalization are poised to succeed in this dynamic and competitive industry.

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Contact Us:
Akash Anand - Head of Business Development Strategy
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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