The global leisure boats market is anticipated to reach a valuation of US$ 78.4 Billion by 2032, with sales growing at a moderate CAGR of 5.8% from 2022 to 2032. Valued at US$ 42.6 Billion in 2021, the target market will likely reach an estimated US$ 44.6 Billion by the end of 2022.
Europe benefits from having a coastline spanning over 70,000 km and 37,000 km of inland waterways. It makes up around 25.1% of the demand for leisure boats worldwide. Based on information provided by the International Council of Marine Industry Associations, the boating sector in Europe employs approximately 280,000 people and has over 32,000 enterprises. Leisure boat activities are enjoyed by about 48 million people in Europe, and this industry is predicted to develop at a compound annual growth rate (CAGR) of 5.8% until it reaches a projected market value of US $19.6 billion by 2032.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-15653
Rising adoption of technologically advanced tools like IoT by market manufacturers coupled with growing popularity of electric boats will propel the growth of the leisure boats market during the forecast period.
Moreover, integration of technologically advanced tools by market manufacturers is predicted to amplify the demand. More and more consumers are opting for boats that are able o harness the Internet-of-Things (IoT) technology. IoT technology is intensifying market demand in numerous ways including enhancing the connectivity of entertainment systems in boats, which is crucial in leisure crafts.
Application of IoT technology provides safety and security benefits which is expected to be a primary growth driver of the target market. With the help of these IoT systems, a boat owner can the boat’s overall condition from remote locations. A boat owner can utilize IoT to gain knowledge of battery levels, possible leaks or water entering the boat through water detectors and bilge alarms, possible intrusions, and smoke alarms.
IoT technology also provides option of connecting directly to the marina a boat may be docked at, so as to take action even when owners are unreachable or away at remote locations. All of these considerations, in addition to many others, fuel the growth of the leisure boats market during the forecast period.
Request customization and get a tailored experience that meets your specific business needs:
https://www.futuremarketinsights.com/customization-available/rep-gb-15653
“Integration of IoT technology, growing popularity of electric boats, and a heightened demand for used boats will likely propel the global growth of the leisure boats market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising demand for electric boats will strengthen market prospects.
- Europe’s leisure boat market will grow at a CAGR of 5.8%, reaching a value of US$ 19.6 Bn by 2032.
- The leisure boat market in the United States will be a major contributor to market growth by generating an opportunity of US$ 26.3 Bn during the assessment period.
- The diesel propulsion system will gain popularity and register a CAGR of 5.3% during the forecast period.
Competitive Landscape
Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products Inc., Brunswick Corporation, Chaparral Boats Inc., Catalina Yachts, Farr Yacht Design, Ltd., Ferretti S.P.A., Fountain Powerboats, Inc., Groupe Beneteau, Sunseeker International Limited, Malibu Boats, Marine Product Corporation, MasterCraft Boat Company, Polaris Inc., and Ranger Boats among others are some of the major players in the leisure boats market profiled in the full version of the report.
Leading market players are concentrating on integrating new and advanced technologies into their products. These firms are keen on joint ventures, partnerships, and collaborations to gain a competitive advantage.
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-15653
Key Segments Covered in Leisure Boats Industry Survey
Leisure Boats Market by Type:
- New Leisure Boat
- Motorized/Power Boats
- Non-motorized Boats
- Used Leisure Boat
- Motorized/Power Boats
- Non-motorized Boats
- Equipment
- Boat and Yacht Monitoring Solutions
- IoT Sensors
- Telematics Solutions
- Other Equipment
Leisure Boats Market by Propulsion System:
- Diesel
- Gas
- Electric / Hybrid
- Sail Drive
Leisure Boats Market by Region:
- North America Leisure Boats Market
- Europe Leisure Boats Market
- Asia Pacific Leisure Boats Market
- Middle East & Africa Leisure Boats Market
- Latin America Leisure Boats Market
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube