Leisure Boat Market Size Worth $57.92 Billion By 2028 | CAGR: 4.5% | Global and Regional Forecast | Grand View Research, Inc.
The global leisure boat market size is expected to reach USD 57.92 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.5% from 2021 to 2028. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market. Although the ongoing Covid-19 pandemic has proved to be a major hindrance for the market, the gradual re-opening of the economies and eased restrictions are paving the way to bring the market back on track. Besides, the growing urge among masses to involve in leisure activities in the post-lockdown period further presents bright opportunities for the market over the forecast period.
The tourism industry has changed
drastically over the last few years with the increasing popularity of marine
and coastal tourism activities. The world economy is witnessing healthy growth
and markets, such as the U.S., are witnessing growth in the per-capita income of
the individuals, which, in turn, has resulted in a rise in the disposable
income of consumers. A rise in the number of High-Net-Worth Individuals (HNWIs)
is expected to drive consumers to spend more on leisure activities, thus
boosting demand for recreational boats.
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The increasing number of boat shows and
water sporting events are attracting a large number of boaters worldwide. The
leading manufacturers are sponsoring boat shows and events, which, in turn, is
enhancing the popularity of leisure boats. North America is poised to remain
the most prominent region in terms of revenue generation during the forecast
period. The rising demand for recreational watercraft is driven by factors such
as improving economic conditions and the rising disposable income of consumers
in the region. The U.S. is anticipated to witness significant growth over the
forecast period. Demand in the country is majorly driven by factors such as the
increasing number of high-net-worth individuals and the growing popularity of
water sports and fishing activities.
Furthermore, there are changes taking place
in boat building, such as the adoption of IoT technology that enables appliances, physical
structures, vehicles, smartphones, wearable devices, and heavy equipment to be
connected, while facilitating an exchange of information through a single
network. The connected boat provides enhanced safety, security, and accuracy,
while also improving the efficiency of the boat by digitalizing and optimizing
various functions.
Measures taken by various governments to
promote tourism activities in their countries are also boosting the market
growth. Countries with rich natural resources, such as vast coastlines and
large inland water bodies, are undertaking initiatives to promote recreational
boating activities to increase their tourism business. Countries such as the
U.S. have a vast coastline, a highly developed infrastructure, and a large
population that participates in leisure boating activities, thus opening new
growth opportunities for the market. Additionally, the French government is
encouraging yacht manufacturers
by providing them support in various forms, thus enabling them to invest in
expanding their yacht maintenance and construction capacities.
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