The new leisure boat segment is anticipated to witness considerable growth over the forecast period. Moreover, the use of wireless technology and smartphones allows the boat owner to track, monitor, and control the boats effectively. All interactions are confidential. Furthermore, the growing participation of people in recreational and competitive boating activities worldwide is estimated to provide an upthrust to market growth. Learn about the most imporant issues facing boaters. There are now web searchable databases for information, parts, owner groups, blogs, all things that will propel the ��� Design an exclusive study to serve your research needs. This report has a service guarantee. Fullfillers, ( Traget market, Customer Character) age 30-50.The Surging demand for recreational boats in various countries, including the U.K., France, Germany, Italy, and Spain, is estimated to propel the growth of the regional market. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. online dashboard trial. Annual U.S. sales of boats, marine products and services are estimated to total $42 billion in 2019. This statistic shows the number of people participating in sailing in ��� What America���s changing demographics mean for boating >> Scuttlebutt Sailing ��� the strength of the North American market and U.S. economy led to higher ticket prices and yields for Caribbean cruises. The motorized segment is further divided into personal watercraft, outboard boats, yacht, and others. General information on demographic characteristics of Yukon���s population. The monitoring equipment segment is divided into boat and yacht monitoring solutions, IoT sensors, telematics solutions, and others. The entire supply chain was disrupted in the first two quarters of 2020 with several manufacturing plants closed and businesses experiencing labor shortage. ��� The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. In the years that followed, this sailing yacht market declined rapidly. Additionally, Asia Pacific countries such as China and Australia are witnessing new growth opportunities in the market owing to the increasing per capita income of people in these countries. Request discounts available for Start-Ups & Universities. The used leisure boat segment accounted for over 76.0% share of the global revenue in 2019. Outboard boats and yachts are widely used by boaters for personal boating activities across the world and the trend is expected to continue over the forecast period. Luxury Yacht Market Outlook - 2025 The luxury yacht market size was valued at $5,703.4 million in 2017 and is expected to reach $10,205.7 million by 2025, registering a CAGR of 7.8% from 2018 to 2025. In a bid to strengthen their position in the market, manufacturers adopt strategies, including new portfolio expansion and strategic partnerships and collaborations. This consequently led to significant waiting time for new customers as manufacturers were focused on ensuring the product deliveries of pending orders. b. I have another great article on how to Another prominent factor for the large share of used boats is the lower prices of these boats as compared to new boats. North America dominated the market in terms of revenue and accounted for more than 46.0% share of the global revenue in 2019. The increased connectivity further ensures the safety of boaters over long voyages. Population and migration Size, age, sex and geographic distribution of the UK population, and changes in the UK population and the factors driving these changes. Moreover, these boats are available in a variety of shapes and sizes, thereby increasing their adoption among people of various age and income groups. The COVID-19 also had an impact on the exports and imports leading to the shortage of equipment and sub-assemblies required for boat building. The resurgence in the economy post economic recession, coupled with the availability of affordable credit in the regional market, is resulting in the higher number of boat sales in the region. The monitoring equipment segment is anticipated to expand at a CAGR of 6.2% over the forecast period. Report Attribute Details Market size value in 2020 USD 348.95 billion Revenue forecast in 2025 USD 517.48 billion Growth Rate CAGR of 8.1% from 2019 to 2025 Base year for estimation 2018 Historical data 2015 - 2017 Forecast Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. This website is secure and your personal details are safe. Moreover, the integration of such technologies aids owners to improve boat safety and security, thereby increasing their inclination toward surfing into deep waters. And although the market for new sailboats has lagged since its heyday in the 1960s, ��� All of these demographics reflect basic qualities that can be used to determine the market segment to which your target audience, whether businesses or people, best belongs. They can better understand the prospective market, and use advertising personalization to ensure the needs of the targeted group are fulfilled: This customer segmentation method is one of the most commonly used because it���s easy to acquire through census data, analytics software, consumer insights, and more. Growing marine and coastal tourism has significantly attracted tourists from numerous countries across Europe and North America. The use of smartphone apps with IoT facilitates the overall control of the boat through predictive maintenance, emergency alerts, and notifications. The emergence of smart connected devices and IoT technology is expected to fuel the growth of the monitoring equipment segment over the forecast period. The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. However, the gradual movement toward re-opening the economies, coupled with the prolonged restrictions on the movement of people, has resulted in developing an urge among the individuals to indulge themselves in recreational activities. The global leisure boat market size was valued at USD 39.75 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2020 to 2027. See the impact that boating has on your state's economy. The measures taken by the governments of various countries for the development of marine tourism have boosted the growth of the market. The growth of the market in the country can be attributed to the abundance of water resources, such as vast coastline, inland lakes, and rivers. We can use this data to predict the future better. US Sailing Membership Demographics (as of 2010): Total Membership: 42,000 individuals. The global sailing jackets market size was valued at USD 119.2 million in 2018 and is projected to expand at a CAGR of 6.7% during the forecast period. Market research, extensive data and market statistics on the power boat industry, marine drives, boat building, boat manufacturers, boat dealers, marinas, related industries, boating and boaters. From the overall North American market, the U.S. alone held a share of 59.3% in 2019 owing to the rising boat sales in Florida, California, and New York. The U.S. is witnessing the increasing popularity of marine recreational activities, including boating and cruising. Explore purchase options. The industry in several countries, like the U.S., has formed an association that deals with issues, such as competition and unwanted behaviors, within the industry. The European market is expected to expand at the highest CAGR over the forecast period. We never share your personal data. Find industry analysis, statistics, trends, data and forecasts on Ski & Snowboard Resorts in the US from IBISWorld. Avail customized purchase options to meet your exact research needs. Moreover, measures taken by the Government of China to promote yachting as a leisure activity are estimated to trigger the demand for recreational watercraft in the country. with a North American focus. The U.S. recreational boating market size valued at over USD 20 billion in 2017 and is estimated to exhibit approx. For instance, in July 2020, Azimut Benetti Group announced the launch of a new yacht model under the Magellano collection. Initiatives such as increasing investments in the tourism industry, developing infrastructure, and changing regulations are expected to have a positive impact on the tourism industry in the coming years. 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