By The Bowman Extra
According to a recent report by Reports and Data, the global Leisure Boat Market had a size of USD 38.61 Billion in 2022 and is expected to grow at a revenue CAGR of 7% during the forecast period. The development of modern leisure boats equipped with advanced technology such as GPS navigation, entertainment systems and underwater cameras has become increasingly popular, especially in the tourism industry, due to the desire for adventure and exploration on the water. The emergence of eco-friendly propulsion systems and fuel-efficient engines for recreational boats has also contributed to the increasing popularity of ecotourism.
The growing range of water sports, including wakeboarding, water skiing, and wake surfing, has also fueled demand for recreational boats. The emergence of peer-to-peer boat-sharing services has led to significant growth in the recreational boat industry, as people can rent boats from individual boat owners through online booking and payment systems, benefiting both boat owners and renters.
The growth in watersports mirrors a soaring interest in outdoor recreation as a whole, which is overly encouraging news for entrepreneurs stepping foot into RV and boat storage. Based on data from numerous resources, attraction to enjoying the outdoor industry continues to fuel consumer desire to purchase recreational vehicles; however, many of this avid outdoor enthusiasts face a growing dilemma across the nation: where to park recreational vehicles when they lack garage or yard space, and possibly worse, their HOA prohibits parking oversized campers and boats on the property.
The global leisure boat market has established various categories based on factors such as boat type, size, propulsion method, and intended user. The increasing demand for leisure boats equipped with the latest facilities and technology is expected to lead to significant revenue growth in the new leisure boat segment, which comprises boats that are sold brand new by manufacturers or dealers.
The North American market is expected to hold the largest share of revenue in the projected period due to the presence of numerous reputable recreational boat manufacturers and the high demand for boating activities among millennials and baby boomers for leisure.
Driving Factors of the Leisure Boat Market
- Technological advancements such as GPS navigation, entertainment systems and underwater cameras has become increasingly popular, especially in the tourism industry.
- Eco-friendly propulsion systems has resulted in the emergence of eco-friendly propulsion systems and fuel-efficient engines for recreational boats.
- Growing range of water sports, from boating to wakeboarding, water skiing and wake surfing.
- Peer-to-peer boat-sharing services.
- Increasing desire for adventure and exploration on the water.
- High-disposable income levels in certain regions.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports and consulting, with a focus to locate, target and analyze consumer behavior shifts across demographics and industries, to guide strategic business decisions. To access The Bowman Report, visit https://www.reportsanddata.com/report-detail/leisure-boat-market
