The global leisure boat market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
The recreational boating industry has been growing consistently in the US over the last seven years with growth primarily stemming from the marinas and charter services operating in the US. Customers in the US with low-level and mid-level annual income are shifting from the concept of boat ownership to boating experiences, as owning and maintaining a leisure boat is extremely expensive. Europe is also witnessing an increase in cumulative revenues of charter and marina services. With increasing consumer shift toward marinas, the demand for leisure boats is expected to increase during the forecast period.
As per Technavio, the promotion of leisure boating in emerging countries in leisure boats will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global leisure boat market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global leisure boat market: Growing number of initiatives by government and organizations for promoting leisure boating in emerging countries
Leisure boats are still one of the niche products of developing economies owing to their expensive nature. However, various governments in emerging countries are taking initiatives to promote marine tourism in their respective regions. For instance, the Maritime India Summit 2016 (MIS 2016) was a maiden flagship initiative of the Ministry of Shipping in India. This initiative was undertaken to focus on the development of coastal and marine tourism along the 7,500-kilometer coastline across the country, which has pristine beaches, waterfronts, and island territories. Similarly, the Middle East Yacht Conference, held in 2018, came up with several initiatives to promote leisure boating and charters in the region. Such initiatives from various emerging countries will be a key trend in the global leisure boat market during the forecast period.
Modern leisure boats are equipped with digital features such as digital dashboards, joystick controls, and digital throttles to simplify the operation of a boat, thereby, increasing confidence among beginners and improve first-time sales. The recent technological upgradations in the leisure boat industry are expected to reduce accidents caused by improper handling. Overall, the technological integration in leisure boats will be a major volume driver for the market, says a senior research analyst at Technavio.
Global leisure boat market: Segmentation analysis
This market research report segments the global leisure boat market by product (leisure boat accessories, leisure boat motors, and leisure boat building) and geographic regions (APAC, Europe, MEA, North America, and South America).
The leisure boat accessories segment held the largest leisure boat market share in 2018. The leisure boat accessories segment includes the revenue generated from the sales of leisure boat accessories such as remote controls, GPS systems, digital throttles, digital dashboards, fishing equipment, marine batteries, safety equipment, special apparel, seating, and storage parts.
The North America region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The dominant share of this region can be attributed to recent technological innovations such as the adoption of remote controls and digital dashboards in leisure boats. The US and Canada are the two major markets for leisure boats in North America.
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- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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