Austin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The Leisure Boat Market Share was recorded at USD 44.3 Bn in 2023 and is expected to reach USD 69.32 Bn by 2032, thereby growing at a CAGR of 5.1% in the forecast period of 2024-2032. This growth is partly due to many factors, such as increased disposable income, increase in participation in water-related activities, and also the increasing preference of friendly eco-friendly options.
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Outdoor and recreational activities have continued to gain grounds, especially after the pandemic.
Increasing demand for experiences rather than possessions, and boating has become one of the most rewarding leisure activities in America. The National Marine Manufacturers Association revealed that about 54% of American households own a boat or intend to purchase it within the next five years, and interest in recreational boating is exceptionally high. In addition, an increase in participation in such water sports as wakeboarding and jet skiing has further increased its customer base and therefore, more business opportunities for manufacturers and retailers.
The second reason is the trend toward making a shift to eco-friendly and energy-efficient boats that are induced by conscious consumers. Electric and hybrid propulsion systems are gaining popularity among conscious consumers of the environment. For instance, compared to a traditional boat, electric boats do not emit carbon and, hence, can be an ideal option for those who are willing to minimize the disturbance caused to the environment. Government incentives, regulation of clean energy solutions, and others further foster this trend by making the market of green leisure boats more expansive.
Segment Analysis
Segments in the leisure boat market include boat type, material, and end-use. When breaking it down by boat type, it includes yachts, sailboats, powerboats, and personal watercraft. Powerboats, which include motorboats and speedboats, are the most popular, encompassing about 45 % of all leisure boat sales. Their versatility as well as easiness in use make them highly versatile, suitable for a number of recreation activities, including fishing or watersports.
Yachts are increasingly becoming popular, especially among the high-end buyers. They comprise approximately 30% of market share and symbolize the dream of luxury and prestige. Demand for yachts has been spiking over the last couple of years with an above 20% growth rate in sales per year, mirroring the rising interest in luxury leisure experiences. Sailboats account for only 15% market share, although a very niche segment; it appeals to many passionate sailors and enthusiasts for more traditional boat experience. The personal watercraft, of which jet skis account for a predominant portion, is the smallest portion of 10%, catering to the thrill-seekers or short-term recreational enthusiast.
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North America Regional Insights| U.S. Metrics highlighting Future outlook
Experience Significant demand variability overall driven by geographies, climate and population density Southeast is biggest market accounting for about 35% of overall sales. It is known for numerous lakes, rivers, and coastlines. The other strong states that represent a significant number of boat owners and culture of boating are Florida and Texas.
Northeast area comes in as second at about 25% of the total, as there is great possession of Great Lakes as well as Atlantic coast. The West and Midwest regions represent about 20% and 15% of the market. Coasts are excellent along the West; a prime sailing community is there. The Midwest has many freshwater lakes, which helps keep a healthy boating industry.
Recent News and Developments
Several manufacturers are heavily investing in research and development to produce electric and hybrid boats. This is driven by very fast-growing consumer demand for green options. For instance, Brunswick Corporation and MasterCraft are taking the lead in developing electric propulsion systems, with intentions of launching fully electric models by 2025.
Moreover, further government incentives and grants for promoting outdoor recreation are likely to provide a boost to the growth of leisure boats. These initiatives lead people to take up boating as an exciting leisure activity, which in turn, boosts the number of people becoming boat owners more often.
Key Takeaways
- Opportunities for the U.S. Leisure Boat Market Abound Opportunities exist for the U.S. leisure boat market mainly because consumers are changing their preferences, technology is advancing, and there is more emphasis on sustainability.
- It is in the segmentation analysis that powerboats and yachts are at the top, and regional fluctuations in sales reveal the Southeast as a hotbed for sales in the boating area.
- Resurgence in boat sales and the ongoing introduction of electric and hybrid models signal a watershed era in industry transformation.
- As consumers prefer experiences over owning goods and engage in environmentally friendly solutions, the demand in leisure boat markets will keep going up and be on pace.
- Leisure boat market put well for an excellent future in the years to come. A strong emphasis on innovation and sustainability would characterize it.
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- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
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5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
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