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The leisure boat market size is forecast to increase by USD 22.93 billion at a CAGR of 5.58% between 2024 and 2028. The market is experiencing significant growth due to increasing customer engagement in marinas and recreational boat activities. This trend is driven by the rising disposable income and the desire for unique experiences. Another growth factor is the introduction of hybrid propulsion systems in leisure boats, which reduces environmental impact and offers cost savings on fuel. However, the high total cost of ownership of leisure boats remains a challenge for potential buyers. This includes the initial purchase price, maintenance costs, and insurance fees. Despite this, the market is expected to continue growing due to the increasing popularity of water sports and the desire for leisurely cruises on the water.
The market is witnessing significant growth due to the rising international tourist population and the increasing trend of boating as a popular recreational activity. Key players in this market include Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Fountain Powerboats, and Malibu Boats. These companies offer a wide range of boat options catering to various budgets and preferences of boating enthusiasts. The use of advanced technologies such as diesel engines, IoT, AI, and smart sensors is transforming the leisure boat industry. For instance, autonomous marine vessels are gaining popularity, offering enhanced safety and convenience. However, trade barriers and competition from independent dealers and service providers pose challenges to market growth.
Boat manufacturers are focusing on innovation to meet the evolving needs of Gen-Z category consumers. For example, Farr Yacht Design is known for its high-performance sailboats, while Malibu Boats specializes in wakeboats for water sports enthusiasts. Companies are also investing in R&D to develop eco-friendly boats with lower carbon emissions. Overall, the competitive landscape of the market is dynamic, with players constantly innovating to meet the changing demands of consumers.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Leisure boat accessories segment is estimated to witness significant growth during the forecast period.The market encompasses the production and sale of new and used motorized recreational boats, including those from renowned manufacturers such as Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, MasterCraft Boat, Polaris, Ranger Boats, and others. These boats cater to various recreational boating activities, from fishing and sailing to yachting and tourism. The market for leisure boat accessories is a significant contributor to the overall industry, generating revenue from sales of items like GPS navigation systems, onboard entertainment, fishing equipment, safety equipment, special apparel, seating, and storage parts. In 2023, over 260,000 recreational boats were sold in the US, with thousands of manufacturers supplying accessories.
This market is propelled by the rising engagement of international tourists in recreational boating activities and the integration of advanced technologies such as IoT, AI, smart sensors, and GPS tracking in boats. Independent dealers and service providers play a crucial role in the distribution of these accessories. The competitive landscape is diverse, with manufacturers continually innovating to meet the evolving needs of boat owners.
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The Leisure boat accessories segment accounted for USD 26.95 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market caters to the diverse needs and budgets of boating enthusiasts, offering an array of boat options ranging from small outboards to luxurious yachts. These watercraft serve as a means of relaxation and recreation, providing an escape from the hustle and bustle of daily life. However, trade barriers such as import duties and taxes can impact the affordability of high-end boats, potentially limiting their accessibility to some consumers. Despite these challenges, the market continues to grow, driven by advancements in technology and increasing disposable income levels. Boating enthusiasts seek out the latest innovations in boat design and engine technology to enhance their on-water experiences.
Our leisure boat market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market experiences growth through enhanced customer engagement in marinas, offering a variety of recreational boating activities that cater to diverse interests and preferences. The market is experiencing significant growth due to the increasing popularity of recreational boating activities. The US and Europe are leading markets for recreational boating, with the industry in the US expanding steadily since 2018. This growth can be attributed to the thriving marinas and charter services in the country. With the high cost of owning and maintaining a leisure boat, many consumers in the US, particularly those with mid-level and low-annual incomes, are opting for boating experiences instead of boat ownership. As a result, there is a surging demand for leisure boats in US marinas. Major leisure boat manufacturers, such as Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, MasterCraft Boat, Polaris, Ranger Boats, are catering to this demand by producing new motorized leisure boats with advanced features like Diesel engines, GPS navigation systems, onboard entertainment, and IoT technology.
These boats come equipped with smart sensors, GPS tracking, and AI technology, making them more efficient and convenient for users. Third-party companies and service providers are also playing a crucial role in the market by offering maintenance, repair, and equipment services. The Gen-Z category is showing a particular interest in autonomous marine technology, which is expected to revolutionize the market in the future. The rising trend of tourism and yachting is also contributing to the market's growth. The competitive landscape of the market is diverse, with several manufacturers competing to offer innovative and high-quality recreational boats to meet the evolving demands of consumers.
The integration of hybrid propulsion systems in leisure boats signifies a significant shift towards sustainable and eco-friendly boating, enhancing the overall boating experience while reducing environmental impact. The market is witnessing significant advancements in technology, with key players such as Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, MasterCraft Boat, Polaris, Ranger Boats, and others introducing innovative solutions. These include hybrid propulsion systems, solar panels, and advanced engine technologies. For instance, Greenline Yachts launched the Greenline 48 Coupe in April 2021, featuring a hybrid propulsion system and solar panels. Fountaine Pajot introduced the MY4.S power catamaran in September 2021, equipped with a hybrid propulsion system that enables the boat engine to operate in both electric and diesel modes.
The benefits of hybrid propulsion systems include greater fuel efficiency, cost savings for boat owners, and reduced environmental emissions. Furthermore, the market is also witnessing the integration of IoT, AI, smart sensors, GPS tracking, and onboard entertainment systems. Third-party companies are providing services and equipment for used and new motorized leisure boats, including GPS navigation systems and tourism services. The competitive landscape is intensifying, with manufacturers focusing on autonomous marine technology and rising demand from international tourists.
The market is characterized by a significant investment due to various expenses, including purchase price, maintenance, fuel, insurance, and registration fees. The market has witnessed a significant rise in average retail selling prices since 2020, with an approximate growth rate of 5%. This trend has led to a slight decline in unit sales, down by 0.32% in the US market. Beyond the initial investment, owning a leisure boat entails additional expenses such as slip rental, insurance, maintenance, cleaning, and state boating licenses. Consequently, the total cost of ownership averages at approximately USD60,000. Key players in the recreational boat industry include Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, Marine Product, MasterCraft Boat, Polaris, Ranger Boats, and various independent dealers and service providers.
These manufacturers cater to various recreational boating activities, from motorized leisure boats to yachting. The competitive landscape is marked by the integration of advanced technologies such as IoT, AI, smart sensors, GPS tracking, and onboard entertainment systems. Furthermore, the industry is experiencing a shift towards autonomous marine vessels and tourism, making it an exciting and evolving sector.
The leisure boat market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB VolvoOur company provides a selection of leisure boats, including the Volvo Penta Marine Leisure model and the Volvo Penta Marine Commercial boat. These boats are meticulously crafted to cater to the needs of recreational users and commercial operators alike. The Volvo Penta Marine Leisure boat is designed for pleasure and relaxation, offering superior comfort and performance. On the other hand, the Volvo Penta Marine Commercial boat is engineered for durability and efficiency, making it an ideal choice for businesses in the maritime industry. Both models come with Volvo Penta's renowned marine engines, ensuring optimal power and reliability. Our commitment to quality and customer satisfaction makes US the go-to destination for those seeking top-tier leisure and commercial boats.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing popularity of recreational boating activities among international tourists. Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, Mastercraft Boat, Polaris, Ranger Boats, and other manufacturers are leading players in this market. The use of advanced technologies such as diesel engines, boat engines, IoT, AI, smart sensors, GPS tracking, and GPS navigation systems is increasing in motorized leisure boats. Onboard entertainment and yachting are major trends in the market. Independent dealers and service providers are also playing a crucial role in the market's growth.
The Gen-Z category is expected to witness significant growth due to the rising demand for autonomous marine vessels. Third-party companies are providing used and new leisure boats to cater to different customer segments. The competitive landscape is fragmented, with several players competing on the basis of product innovation, pricing, and distribution channels.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
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Market growth 2024-2028 |
USD 22.93 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.21 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 58% |
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Key countries |
US, Italy, Canada, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Azimut Benetti SpA, Baja Marine, BPS Direct LLC, Bavaria Yachtbau GmbH, Bombardier Recreational Products Inc., Brunswick Corp., Carnival Corp. and Plc, Catalina Yachts, Correct Craft Holding Co. LLC, Dalian Wanda Group, Groupe Beneteau, Iconic Marine Group, Mahindra and Mahindra Ltd., Malibu Boats Inc., Marine Products Corp., MasterCraft Boat Holdings Inc., Polaris Inc., WeiChai Holding Group Co. Ltd., and Yamaha Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Propulsion
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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