Leisure boat report: 58% of growth from North America
According to a new report, North America is estimated to contribute 58 per cent to the growth of the global marine market.
The Leisure Boat Market report by Technavio forecasts market growth by revenue at global, regional and country levels from 2017 to 2027.
The report states that the global leisure boat market size is estimated to grow by USD $22.93 billion from 2024 to 2028. The market is estimated to grow at a CAGR (compound annual growth rate) of 5.58 per cent during the forecast period.
The report highlights that consumers in the North American market prefer recreational boating as an experience rather than boat ownership. This shift in preference has increased customer engagement in marina and charter services, which is a major factor driving the demand for leisure boats in North America. Recent technological innovations, such as the adoption of remote controls and digital dashboards in leisure boats, will also be the key factors contributing to the growth of the market.
The market for leisure boats in the US is expected to register significant growth during the forecast period. The outbreak of Covid-19 in 2020 had a negative impact on the leisure boat market across the region. The pandemic greatly influenced travel-related business, causing major disruptions throughout the supply chain, from raw materials to the manufacture and delivery of boats in 2020.
Globally, notable trends buoying the leisure marine sector include the introduction of hybrid propulsion system in leisure boats, initiatives by government and organisations to promote leisure boating in emerging countries and the growing population of high-net-worth individuals (HNWI).
Boat accessory market stats
In terms of the global boat accessory market, the segment is expected to be driven by increasing customer engagement in leisure activities such as fishing and sailing. The US is the top leisure boat accessories market, followed by Europe.
Paddle craft, stand-up paddle boards (SUPs) and sailing dinghies are the top categories of leisure boats in Australia. Personal watercraft (PWC) is registering the fastest growth of the powered-vessel segment of Australia. Hence, the demand for accessories such as seat covers, traction mats, dry bags, and cases will increase with the growth of PWC sales. MIN reported earlier this week that a Spanish project has built a conversion kit to turn PWCs into boats.
Leisure boat market size
While motorised leisure boats are flagged as ‘increasingly popular’… ‘rising international tourism and the advent of autonomous marine technology are further boosting the market.’
The research analysis states that the leisure boat market is experiencing a significant rise, fueled by the increasing number of international tourists and the Gen-Z’s growing interest in boating.
The report states: ‘The market is also witnessing the trend of electric and hybrid boats due to growing environmental concerns. The market is expected to grow at a significant rate in the coming years, with key regions including Europe, North America, and Asia Pacific.’
Trade barriers, however, pose challenges to market growth.
Technavio is a global technology research and advisory company.
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