Growth in Disposable Income Favours Tourism and Travel Industry
Furthermore, according to the International Air Transport Association, it is anticipated that there will be 4 billion travelers globally in 2024, i.e. 103% of the 2019 total. Similarly, according to World Travel and Tourism Council, WTTC, in 2023, the Travel & Tourism sector contributed 9.1% to the global GDP; an increase of 23.2% from 2022 and only 4.1% below the 2019 level. International visitor spending registered a 33.1% jump in 2023 but remained 14.4% below the 2019 total. Factors such as changes in lifestyle, enhanced tourism promotion, and increased accessibility to transportation alternatives, all encourage the travel and tourism industry to prosper, promoting the expansion of the leisure powerboat market. As tourism expands rapidly, wealthier individuals seek eco-tourism initiatives contributing to the popularity of leisure boating. Moreover, governments of many countries try to gain traction with tourists all over the world by investing in marina development and docking facilities.
In addition, the rise of digital platforms for booking and sharing boating experiences is reshaping the market landscape. Online platforms make it easier for consumers to access rental options, reducing the barriers to entry for new boaters. The sharing economy model enables individuals to experience boating without the costs and responsibilities of ownership, thereby appealing to a broader audience. Furthermore, educational initiatives and community programs are emerging to promote boating skills and safety awareness, attracting more participants to the sport. As these initiatives gain momentum, they create a more informed and engaged consumer base, which is likely to further boost demand for leisure power boats. The overall synergy between rising disposable incomes, changing consumer behaviors, and targeted investments by governments in infrastructure suggests a robust future for the leisure powerboat market.
Technological Innovations Drives the Leisure Power Boat Market
Rental and sharing models have the potential to bring significant growth to manufacturers in the emerging market of leisure power boats. As the younger generation focuses more on experiences rather than owning things, boat rental and charter businesses can prosper. Companies can establish platforms for peer-to-peer boat sharing, making boating more accessible to a broader audience. Boat usage subscriptions offer consumers flexibility by reducing the necessity of ownership while still allowing access to leisure boats. This model has the ability to draw in individuals who are unsure about buying a boat. Businesses have the opportunity to offer individualized boating adventures like guided tours, eco-tours, or wellness retreats on boats to appeal to customers seeking exceptional experiences instead of conventional boating pursuits. Providing services for events like corporate retreats, weddings, or private gatherings aboard boats can appeal to clientele seeking memorable experiences, therefore increasing the demand for recreational boats.
Recent Trends in the Leisure Power Boat Industry:
- Major players expanding their business online, with the rise of e-commerce.
- Growing popularity of power boats for water sports.
- Acceptance of electric power boats as sustainable practices gain attraction.
- Rising reception in travel, and hospitality industry.
- Increased demand for adventure tourism and experiential leisure.
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Regulatory Frameworks Might Hinder the Leisure Boat Market
Furthermore, noise pollution caused by motorized boats can be a major problem, particularly in protected nature reserves that are closely monitored by regulations. One such instance is the NPS, National Park Service (U.S.A.), which implements policies for noise management and preserving acoustic resources. Any motorized equipment or machinery producing noise levels above 60 decibels on the A-weighted scale at a distance of 50 feet is prohibited. The use of UAS, Unmanned Aerial Systems, for recreational activities is prohibited in national parks, except for certain administrative and research activities. These rules meant to decrease noise pollution can result in changes in boat design, like creating quieter engines and hulls, which in turn raise manufacturing expenses. All of these rules mandate that boaters must acquire licenses or certifications in order to use power boats, which may restrict access for possible customers. This could impact the total market size, especially for younger or inexperienced boaters who might deter by the licensing procedure.
Novel Developments and Strategic Partnerships in the Leisure Power Boat Market
Similarly, in January 2023, Frydenbø Marine and SES-X Marine Technologies announced that they had jointly established a new electric leisure boat company to design and build next-generation long-range electric boats for the recreational market. Similarly, in February 2023, Raymarine, a global marine electronics leader, and Avikus, an autonomous boat navigation provider, announced the signing of a multi-year exclusivity business partnership agreement (EPA) at the 2023 Discover Boating Miami International Boat Show to develop and launch of the world’s first autonomous leisure boat solution, the Raymarine x Avikus NeuBoat. In addition, they would develop and launch a full product family of autonomous leisure boat systems designed for different boat sizes, types, and uses.
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Recreational Activities in North America Propel the Leisure Power Boat Market
Europe is a significant and diverse market for recreational power boats, experiencing high demand in countries such as Italy, France, and Germany. Due to the European Union's strict environmental regulations, there is a growing focus on eco-friendly boating options, influenced by consumer awareness of environmental concerns. The region has a robust luxury yacht sector, featuring key players such as Bavaria Yachtbau GmbH and HanseYachts AG.
The Asia-Pacific region is emerging as an important market for recreational power boats, fueled by increasing disposable incomes and an expanding middle class, especially in countries such as China, Australia, and Japan. The younger generation is becoming increasingly interested in water sports and recreational boating. However, the level of knowledge and involvement in boating is still growing, and regulations differ greatly among countries in the area. Certain nations have put in place strict safety and environmental rules, while others are in the process of establishing their own frameworks. The rise in urbanization and tourism in coastal regions results in an increased demand for recreational boating. Businesses can take advantage of this opportunity by providing inexpensive boating choices and advertising water sports events.
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Regions | Countries |
---|---|
North America | United States, Canada |
Latin America | Brazil, Mexico, Argentina, Rest of Latin America |
Europe | Germany, United Kingdom, France, Italy, Spain, Benelux, Nordic Region, Russia, Poland, Rest of Europe |
Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, ASEAN, Rest of Asia Pacific |
Middle East and Africa | GCC Countries, South Africa, Turkey, North Africa Countries, East Africa Countries, Rest of MEA |
Leisure Power Boat Market Research Report Covers In-depth Analysis on:
- Leisure power boat market detailed segments and segment-wise market breakdown
- Leisure power boat market dynamics (recent industry trends, drivers, restraints, growth potential, opportunities in leisure power boat industry)
- Current, historical and forthcoming 10 years market valuation in terms of leisure power boat market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Leisure power boat market demand analysis
- Leisure power boat market pricing analysis over forecast period (by key segment and by region)
- Leisure power boat market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in leisure power boat market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in leisure power boat market
- Leisure power boat market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on leisure power boat market forecast by countries
- Mergers and acquisitions in leisure power boat market
- Essential information to enhance market position
- Robust research methodology