Global Leisure Boats Market to Reach $44.5 Billion by 2026

Leisure boats are recreational boats intended for recreation, pleasure and tourism activity. The global market for these boats is bolstered by increasing disposable income and expansion of the tourism industry across emerging economies. The market is gaining from increasing participation in competitive and recreational boating activity coupled with technological advances and introduction of connected boats. First-time boaters and lifelong enthusiasts are expected to continue driving demand for leisure boat market. Demand is also boosted by consumer attention on luxury options and the ongoing trend to own accommodations and vacation homes near water-bodies. The introduction of leisure boats with advanced features such as digital dashboards, digital throttles and joystick controls is driving first-time sales.

Amid the COVID-19 crisis, the global market for Leisure Boats estimated at US$35 Billion in the year 2020, is projected to reach a revised size of US$44.5 Billion by 2026, growing at a CAGR of 4% over the analysis period. Motorized/Power Boats, one of the segments analyzed in the report, is projected to record 4.9% CAGR and reach US$28.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Motorized Boats segment is readjusted to a revised 2.6% CAGR for the next 7-year period. Non-motorized boats enjoy high acceptance among customers in different income and age groups owing to their easy availability and diverse options in terms of sizes and shapes. Growth in the segment is supported by affordable price points and increasing use of canoes and kayaks in adventurous water sports.

The U.S. Market is Estimated at $15.1 Billion in 2021, While China is Forecast to Reach $4.3 Billion by 2026

The Leisure Boats market in the U.S. is estimated at US$15.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2026 trailing a CAGR of 5.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR. Leisure boast are finding increasing acceptance across countries or regions with vast coastlines and waterways. Growth in the US market is led by increasing acceptance of recreational watercraft and growing popularity of various marine recreational activities such as cruising and boating. Factors such as affordability, terrain and environment are playing a vital role in driving the European market. Rising disposable income and spending on recreational activities presents immense growth opportunities in Asia-Pacific region.