Leisure Boat Market Size to Grow by USD 30.01 billion | 59% of Market Growth to Originate from North America| Technavio – QNT Press Release

NEW YORK, May 13, 2022 /PRNewswire/ — The Leisure Boat Market size is expected to increase by 30.01 billion from 2020 to 2025. The growth momentum of the market will accelerate at a CAGR of 8.46 %, according to a recent market study by Technavio. The market growth will be driven by factors such as increasing customer engagement in marinas and recreational boating activities. However, the high total cost of ownership of leisure boats may challenge market growth.

Segmentation by Product (In-Scope/Out-of-Scope)

  • In-Scope:
    • Leisure boat accessories: The market vendors should focus on grabbing business opportunities from the leisure boat accessories segment under the product category, as it accounted for the largest market growth in the base year. The demand for leisure boat accessories will be fueled by factors such as the growth of new boats and used boat sales
  • Out-of-Scope:
    • Leisure boat motors
    • Leisure boat building

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Moreover, the report also provides Value Chain Analysis which helps companies gain a competitive advantage in the market. The Leisure Boat Market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

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Regional Analysis

By geography, the market has been segmented into North America, EuropeAPAC, South Americaand MEA. North America will have the highest market share growth during the forecast period. Recent technological innovations such as the adoption of remote controls and digital dashboards in leisure boats will drive the leisure boat market growth in North America during the forecast period.

Vendor Insights

The leisure boat market is fragmented, and the vendors are deploying growth strategies such as product extensions, technological innovations, and strategic M&A to compete in the market. AB Volvo, Azimut Benetti SpA, Bavaria Yachtbau GmbH, BENETEAU SA, Bombardier Recreational Products Inc. , Brunswick Corp., Chaparral Boats Inc., FERRETTI SpA, Iconic Marine Group, and Yamaha Motor Co. Ltd., among others, are some of the major vendors in the market. The key offerings of a few of these vendors are listed below :

  • AB Volvo – The company offers diesel engines for leisure boats. The company also offers a wide range of leisure boat accessories such as digital displays, joystick controls, and auto pilot, among others.
  • Azimut Benetti SpA – The company offers luxury yachts under Azimut Yachts brand and luxury megayachts under Benett brands.
  • Bavaria Yachtbau GmbH – The company offers BAVARIA Motor Boats and BAVARIA Sailing Yachts.

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Learn More about Key Driver & Challenge of the Market-

  • Leisure Boat Market Driver:
    • Increasing customer engagement in marinas and recreational boating activities:

The US and Europe are the largest markets for recreational boating. The marinas and charter services that operate in the US account for a significant portion of this growth. The demand for leisure boats is expected to rise during the forecast period, owing to a growing consumer shift toward marinas. Furthermore, the increasing adoption of recreational boating activities in adventure tourism will propel the growth of the global leisure boat market.

  • Leisure Boat Market Challenge:
    • High total cost of ownership of leisure boats:

The increase in the average retail selling price has a significant impact on the volume of leisure boat sales. In addition, there are numerous other costs associated with leisure boats, such as slip rental, insurance, maintenance, cleaning, and a state boating license. Hence, low- and middle-income families are unable to afford leisure boats.

Find additional information about various other market Drivers & Challenges mentioned in our sample report.

Full story available on Benzinga.com

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