LONDON--(BUSINESS WIRE)--The new leisure boat market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increasing customer engagement in marinas and recreational boating activities,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the leisure boat market size to grow by $ 30.01 bn during the period 2021-2025.
Leisure Boat Market Segment Highlights for 2020
- The leisure boat market is expected to post a year-over-year growth rate of 8.11%.
- Based on the product, the leisure boat accessories segment saw maximum growth in 2020. The demand for accessories such as seat covers, traction mats, dry bags, and cases will increase with the growth of personal watercraft (PWC) sales.
- The demand for leisure boat accessories will also be fueled by the growth of new boats and used boat sales.
Regional Analysis
- 59% of the growth will originate from the North America region.
- Recent technological innovations such as the adoption of remote controls and digital dashboards in leisure boats will facilitate the leisure boat market growth in North America over the forecast period.
- The US and Canada are the key markets for leisure boats in North America. Market growth in this region will be faster than the growth of the market in Europe.
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Notes:
- The leisure boat market size is expected to accelerate at a CAGR of over 8% during the forecast period.
- The leisure boat market is segmented by product (Leisure boat accessories, Leisure boat motors, and Leisure boat building) and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AB Volvo, Azimut Benetti SpA, Bavaria Yachtbau GmbH, BENETEAU SA, Bombardier Recreational Products Inc., Brunswick Corp., Chaparral Boats Inc., FERRETTI SpA, Iconic Marine Group, and Yamaha Motor Co. Ltd.
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