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Leisure Boat Market Size Forecast: $58.17 Billion by 2029 | Global Outlook
Leisure Boat
What Is the Projected Market Size Valuation of the Leisure Boat Market by 2025?
In recent years, the market size for leisure boats has experienced a consistent progression. The market is projected to expand from $44.72 billion in 2024 to $46.45 billion in 2025, with a compound annual growth rate (CAGR) of 3.9%. This growth during the historical span is due to factors such as the development of marinas and infrastructure, the growing popularity of water-related activities amongst consumers, promotional boating events, environmental consciousness and legislation, and trends in tourism and travel.
What Is the Estimated Market Growth Value for the Leisure Boat Industry in 2029?
In the coming years, the leisure boat market is anticipated to experience substantial growth, expanding to a market size of $58.17 billion by 2029 with a compound annual growth rate (CAGR) of 5.8%. Causes of this projected growth during the forecast period include the growth of emerging markets, market segmentation and diversification, promotional boating events, and consumer inclinations towards water-based activities, along with expansion of boating infrastructure. The forecast period is also expected to reveal major market trends such as the integration of technology and connectivity in boats, designs focusing on sustainability and eco-friendliness, the versatility and multi-functionality of boats, emphasis on customization and personalization, and an increase in electric and hybrid boats.
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What Are the Growth Drivers and Opportunities in the Leisure Boat Market?
The hike in tourism is predicted to fuel the expansion of the leisure boat industry. Fueled by economic, cultural, and social factors, tourism involves people traveling to countries or places outside their usual environment for personal or professional objectives. The surge in tourism over the recent ten years results from an increase in expendable income, availability of diverse destinations, and adventurous spirit. Leisure boats enhance the tourism sector by ferrying travelers to their chosen vacation spots and offering them a lavish experience. For instance, a report released by the United Nations World Trade Organization (UNWTO) in November 2023 revealed that global visitors in the third quarter of 2023 were 22% higher compared to the same timeframe the previous year. It also indicated that general tourism bounced back to 87% of its pre-pandemic condition between January and September 2023, and the sector is positioned to attain almost 90% by the year's end, powered by a robust Northern Hemisphere summer season. Therefore, the growth in tourism is projected to stimulate the demand for leisure boats in the coming years.
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What Are the Primary Segments Covered in the Global Leisure Boat Market Report?
The leisure boat market covered in this report is segmented -
1) By Boat Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, Other Types
2) By Power Source: Engine Powered, Sail Powered, Human Powered
3) By Material Type: Aluminum, Fiberglass, Steel, Other Materials
4) By Application: Fishing, Transportation, Sports, Travel And Tourism, Other Applications
Subsegments:
1) By Yachts: Motor Yachts, Sailing Yachts, Luxury Yachts, Sports Yachts
2) By Sailboats: Monohull Sailboats, Multihull Sailboats (Catamarans And Trimarans), Day Sailers, Racing Sailboats
3) By Personal Watercrafts: Jet Skis, Stand-Up Personal Watercraft, Sit-Down Personal Watercraft, Towable Personal Watercraft
4) By Inflatables: Inflatable Boats (RIBs - Rigid Inflatable Boats), Inflatable Kayaks, Inflatable Rafts, Inflatable Paddleboards
5) By Other Types: Fishing Boats, Cabin Cruisers, Houseboats, Electric Boats, Specialty Boats
What Are the Top Growth Trends in the Leisure Boat Market?
Key players in the leisure boat market are zeroing in on the production of innovative boats that utilize technologies such as solar-electric propulsion systems. This focus is to promote sustainable maritime solutions and position India as a front-runner in environmentally friendly boating technologies. An eco-friendly boating solution, the solar-electric propulsion system, uses solar panels to generate electricity to power electric motors, significantly limiting dependence on fossil fuels and lowering environmental footprints. To exemplify, NavAlt Solar & Electric Boats Pvt Ltd - an Indian manufacturer of solar-electric and hybrid boats - debuted Barracuda, acknowledged as India's swiftest solar-electric boat, in December 2023. It is crafted for resilience and excellence in tough maritime conditions, further endorsing sustainable maritime solutions. Barracuda stands out with its catamaran hull for superior stability, a maximum speed of 12.5 knots, and a 6-kW solar panel for recharging batteries, underlining its pioneering role in environmentally friendly maritime technology.
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Which Companies Are Shaping the Future of the Leisure Boat Market?
Major companies operating in the leisure boat market include Yamaha Motor Co Ltd., Brunswick Corporation, 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
Which Region Holds the Largest Market Share in the Leisure Boat Industry?
North America was the largest region in the leisure boat market in 2024. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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