Leisure Boat Market Industry Insights and Future Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Leisure Boat Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The leisure boat market size has grown strongly in recent years. It will grow from $43.09 billion in 2023 to $45.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to marina and infrastructure development, consumer preferences for water-based activities, boating events and promotions, environmental awareness and regulations, tourism and travel trends.

The leisure boat market size is expected to see strong growth in the next few years. It will grow to $56.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to emerging market expansion, market segmentation and diversification, boating events and promotions, consumer preferences for water-based activities, expansion of boating infrastructure. Major trends in the forecast period include boat connectivity and tech integration, sustainable and eco-friendly designs, versatility and multifunctional boats, focus on customization and personalization, rise in electric and hybrid boats.

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Market Drivers and Trends:

The growing tourism is expected to propel the growth of the leisure boat market. Tourism is a social, cultural, and economic phenomenon that involves individuals travelling to nations or locations beyond their typical surroundings for personal or business/professional reasons. The rapid growth in tourism over the past decade is due to increased disposable income, access to various locations, the urge to explore, and others. Leisure boat aids the tourism industry by carrying passengers to their desired travel destination and providing a luxurious experience to the tourists. For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the increased tourism is expected to boost demand for leisure boats during the forecast period.

Major companies in the leisure boat market are focused on developing an innovative boat that leverages technology, such as hydrofoiling technology, for mass adoption of electric boats and to gain a competitive edge in the market. Hydrofoiling technology is an innovative system that uses underwater wings to lift a boat's hull, reducing drag and enabling efficient, high-speed, and smooth navigation over water surfaces. For instance, in August 2021, Candela, a Sweden-based provider of sustainable electric hydrofoil vessels, launched C-8, positioning it as the ""iPhone moment"" for electric boats. The C-8, building on the success of the C-7, is designed for high-volume production, offering a larger and more comfortable electric hydrofoiling leisure boat. It boasts a 95% lower driving cost than combustion engine boats, with a range of over 50 nautical miles at 22 knots. The fully connected and upgradeable C-8 features true fly-by-wire steering, autopilot, and an efficient hydrofoil system for a silent and smooth cruising experience.

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Major Key Players of the Market:

Yamaha Motor Co Ltd., Brunswick Corporation, Winnebago Industries Inc., Groupe Beneteau, Ferretti S.p.A., Viking Yacht Company, MasterCraft Boat Company, Malibu Boats LLC, Princess Yachts International plc, Marine Products Corporation, Sunseeker International Limited, Boston Whaler Inc., Westport Yachts, Hatteras Yachts, Regal Boats, Cobalt Boats LLC, Grady-White Boats Inc., Ranger Boats Inc., Duffy Electric Boats, Monterey Boats, Canadian Electric Boat Company, Chaparral Boats Inc., CRN SpA, Jeanneau, Nautor's Swan OYJ, Andaman Boatyard, Azimut Benetti Group, Baja Marine Inc., Bavaria Yachtbau GmbH, Boote Marian GmbH

Leisure Boat Market 2024 Key Insights:

• The leisure boat market size is expected to see strong growth in the next few years. It will grow to $56.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Growing Tourism Drives Surge In Leisure Boat Market
• Innovative Boat For Mass Adoption Of Electric Boats
• North America was the largest region in the leisure boat market in 2023

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