DUBLIN–(BUSINESS WIRE)–The global leisure boat market is expected to grow from $38.04 billion in 2021 to $40.61 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The leisure boat market is expected to reach $49.22 billion in 2026 at a CAGR of 4.9%.
The main types of leisure boats are yachts, sailboats, personal watercraft, inflatables and other types. The yacht refers to a vessel having sails and occasionally an engine, used for leisure or competitive sailing. The size of yacht ranges from small to large, and it is widely used for recreational activities. The leisure boats use various power sources such as engine-powered, sail-powered, and human-powered. The types of materials used in the manufacturing of leisure boats include aluminum, fiberglass, steel, and other materials. They are used for fishing, transportation, sports, travel and tourism, and other applications.
North America was the largest region in the leisure boat market in 2021. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure boat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing tourism sector is expected to propel the growth of the leisure boat market. Tourism is a social, cultural and economic phenomenon that involves individuals traveling to nations or locations beyond their typical surroundings for personal or business/professional reasons. The rapid growth in tourism over the past decade is due to increased disposable income, access to various locations, the urge to explore, and others.
Leisure boats aids the tourism industry by carrying passengers to their desired travel destination and providing a luxurious experience to the tourists. For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the increased tourism is expected to boost demand for leisure boats during the forecast period.
Technological advancement is a key trend gaining popularity in the leisure boat market. In the leisure boat sector, artificial intelligence is being widely used to optimize routes, lower emissions, and reduce instances of human mistakes through the use of highly developed AI systems.
For instance, in December 2020, Buffalo Automation, a U.S.-based start-up that specializes in artificial intelligence and creates autonomous navigation technology for water taxis, leisure boats and commercial ships, launched Greycraft Water Taxi. It is the first completely autonomous, AI-driven robotaxi that can transport passengers. The system uses AI, neural networks, and thermal imaging technologies to detect even the most minor obstacles and safety concerns, issuing important alerts and assisting in securely navigating around them. It is a stable, secure, and safe mode of transportation.
For more information, review the “Leisure Boat Global Market Report 2022” report at ResearchAndMarkets.com.