A leisure boat is a recreational boat used for tourism and pleasure. These boats can have luxurious cabins and accommodation amenities. Leisure boats include sailboats, runabouts, towboats, jet boats, cabin cruisers, and watercrafts.
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Rise in disposable income of consumers is increasing spending on tourism, which in turn is boosting the leisure boat market. Increasing interest in water recreation and rising participation in water activities across the globe are expected to drive the leisure boat market during the forecast period. The trend of owning vacation homes and accommodations on the banks of a waterbody is propelling the demand for leisure boats. Rising demand for luxury is anticipated to drive the leisure boat market.
Leisure boats are equipped with features such as digital dashboards, joystick controls, and digital throttles. This is increasing confidence among novice and improving first-time sales, which in turn is driving the market. Adoption of advanced technologies has made boat operations easier, thus gaining consumer confidence and allowing to experience recreational activity. Leisure boats are extensively utilized in Europe. The region has 27,000 Km of inland waterways and 70,000 Km of coastline. According to the European Boating Industry, more than 36 million people in Europe are boaters. Environment, terrain, and affordability of the Europe region drive the leisure boat market in the region. Countries such as Thailand, Malaysia, Singapore and the Philippines in Asia Pacific are witnessing an increase in tourism, especially along their tropical coastlines. This is anticipated to propel the leisure boat market in Asia Pacific.
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Leisure boats are expensive and thus, have a niche market in developing countries. The global leisure boat market can be segmented based on boat type, technology, and region. In terms of boat type, the leisure boat market can be divided into outboard boats, inboard boats, sterndrive boats, sail boats, personal watercrafts, and others. Outboard leisure boats have more room for outdoor activities, are easy to maintain, upgrade, and are inexpensive. The outboard boats segment accounts for a large share of the market, as these boats can be customized for multiple engines.
Based on technology, the leisure boat market can be segregated into engine & engine controls, IoT technologies and electronics, equipment, and others. Rise in digitalization has increased the need for various sensors such as voltage meters, temperature and motion sensors, and water detection sensors. The IoT technologies and electronics segment is projected to expand at a considerable pace during the forecast period.
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