The Global Leisure Boat Market Growth, COVID-19 impact and Forecast (2021-2025)
Global leisure boat market is segmented based on boat type as new leisure boat, used leisure boat and monitoring equipment; based on power source as human powered, sail powered and engine powered; based on geography as APAC, Europe, North America, and ROW.
Introduction
A pleasure craft (or leisure boat) is a boat which is used for personal, family, and sometimes sportsmanlike recreation. Increasing number of boat shows and water sporting events are drawing a large number of boaters.
Top manufacturers are sponsoring boat shows and events, which has strengthened the popularity of leisure boats. Also, recreational boating market players are focusing on incorporating various marine technologies in these pleasure crafts.
Basically, leisure boat is a large motorboat with a cabin and plumbing and other amenities required for living on board. Characteristically, such watercrafts are motorized and find use in holidays on a river, lake, canal or waterway. Leisure boating includes many activities such as boat racing, sailing, campaigning, fishing and other water sports game.
Table of Contents
Market Overview
The Global leisure boat market is expected to grow to $50.59 billion by 2025 at CAGR of 4.1%.
Market trends display a high growth potential for leisure boats due to the rising inclination of consumers toward spending leisure time with friends and family in pleasure boating activities.
North America dominates the global leisure boat market due to high disposable income and high demand for water recreational activities in the U.S. and Canada.
The COVID-19 also had an impact on the exports and imports leading to the shortage of equipment and sub-assemblies required for boat building.
Key Trends
Initiatives by government and organizations for promoting leisure boating in emerging countries is one of the key trends expected to gain traction in the market.
Efforts from the Government of India towards the development of coastal and marine tourism and the Middle East Yacht Conference that was aimed at the collaboration between GCC countries for promoting and facilitating yacht visits and charter opportunities in the region are some of the government initiatives contributing towards driving recreational boating activities.
Key Market Players
The global specialty vehicle market is dominated by global vendors like Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yacht and Brunswick Corporation
Growth Drivers and Challenges
Increasing customer engagement in marinas and recreational boating activities is one of the critical factors that will drive the leisure boat market growth in the coming years.
With the growth of the recreational boating industry in the US and Europe, the demand for leisure boats is expected to increase during the next few years.
Additionally, customers are increasingly shifting from the concept of boat ownership to boating experiences, as owning and maintaining leisure boats is quite expensive. This will have a positive impact on the sales of leisure boats in the next few years.
The growth of this market is constrained by challenges such as environmental issues, adverse weather conditions, and regulatory impact.
The COVID-19 has taken a toll on the tourism sector worldwide, with complete restrictions imposed on international travel. The entire supply chain was disrupted in the first two quarters of 2020, with several manufacturing plants closed and businesses experiencing a labor shortage.
Along with the sales of boats, the revenue generated through services also took a hit as small third-party vendors had to shun their businesses due to the financial crisis arising out of lockdown restrictions. However, the gradual movement toward re-opening the economies, coupled with the prolonged restrictions on the movement of people, has resulted in developing an urge among the individuals to indulge themselves in recreational activities.