Smart Boats Market Predicted to Garner USD 73.5 Billion By 2032| CAGR of 7.1%
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Market Overview
Published Via 11Press : The smart boats market is an emerging sector that is quickly gaining ground due to rising consumer demand for advanced technology in recreational boating. Smart boats feature various advanced technologies like automation, sensors, GPS monitoring and remote monitoring that improve boating experience while increasing safety and efficiency.
In 2022, the global smart boats market size was estimated to be USD 37.5 billion; between 2023-2032 it is projected to experience compound annual compounded annual growth at a compound annual compounding rate of 7.1%.
The growth of the smart boats market can be attributed to multiple factors, including increased adoption of Internet of Things and smart technologies in marine applications, growing demand for autonomous and semi-autonomous vessels, as well as recreational boating becoming an increasingly popular pastime.
North America is projected to hold the largest share of the smart boats market, followed by Europe and Asia-Pacific. The United States stands out as an especially lucrative market due to high disposable income levels among consumers and rising recreational boating activity rates. Europe is another notable market, with Italy, France, and the UK contributing heavily towards market expansion.
Key players in the smart boats market include Brunswick Corporation, Garmin Ltd., Navico Holding AS, Suzuki Motor Corporation and Yamaha Motor Corporation. Each company aims to develop innovative technologies while expanding their product offerings to meet consumer demands.
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Key Takeaways
- The smart boat market is anticipated to experience compound annual compound growth of 4.6% between 2022-2032.
- IoT and smart technologies, rising demand for autonomous and semi-autonomous boats, and an increase in recreational boating activities are the primary factors fueling growth of the smart boat market.
- North America is expected to dominate the smart boats market, followed by Europe and Asia-Pacific. Key players in this sector include Brunswick Corporation, Garmin Ltd., Navico Holding AS, Suzuki Motor Corporation and Yamaha Motor Corporation.
Regional Analysis
- North America is projected to represent the majority of smart boat sales due to high disposable income levels and growing recreational boating enthusiasts within this region.
- Europe is also an influential market for smart boats, with countries like Italy, France and the UK playing key roles in driving growth of this sector.
- Asia-Pacific is expected to experience significant growth in its smart boat market due to an increasing interest in recreational boating and increased adoption of smart technologies in marine operations in this region.
- Latin America, Middle East and Africa should also experience growth in their smart boat markets despite still being at their initial stages of development.
Drivers
- The expanding adoption of IoT and smart technologies within marine industries is fuelling growth of the smart boats market. Rising demand for autonomous and semi-autonomous boats equipped with smart technologies is another significant driver.
- As recreational boating becomes more and more popular among high-net-worth individuals, demand for smart boats has skyrocketed. Thanks to advances in battery technology and electric propulsion systems, these eco-friendly vessels have become more efficient and economical than ever.
- Rising safety concerns among boaters have driven adoption of smart technologies like remote monitoring and automated safety features.
Restraints
- High costs associated with smart boats equipped with advanced technologies could impede adoption among budget-minded consumers, and an underappreciation for smart technologies among boaters may further slow growth of this market.
- Regulatory obstacles relating to smart boats in different regions could impede market expansion, while limited infrastructure for charging and maintaining these boats could further hamper their progress in certain regions.
- Technical challenges associated with smart technologies can pose a unique set of hurdles for boat manufacturers when it comes to development and implementation.
Opportunities
- With increased consumer demand for luxury and comfort recreational boating comes an opportunity for manufacturers to develop and offer cutting-edge features in smart boats.
- An increasing focus on sustainable boating practices is fuelling an upsurge in demand for smart electric and hybrid boats, creating an opportunity for manufacturers to offer more eco-friendly options.
- As more water sports such as wakeboarding, waterskiing and tubing become popular, manufacturers can leverage the surge in interest in these activities to create smart boats tailored specifically for these activities.
- Emergence of new markets such as Asia-Pacific and Latin America where smart boat sales are still in their early stages offers manufacturers an opportunity to expand their presence and enter these emerging markets.
Challenges
- The high cost associated with advanced smart technologies could hamper their adoption by price-sensitive consumers and prove difficult for manufacturers.
- Technical complications related to smart technologies can pose challenges for manufacturers when it comes to product development and implementation, potentially impacting time to market for new offerings.
- Awareness and understanding of smart technologies among boaters may hinder adoption of intelligent boats, creating a formidable hurdle for manufacturers in terms of marketing their product effectively.
- Manufacturers looking to expand internationally may face challenges when trying to navigate different regulations governing smart boats across different regions.
- Limited infrastructure for charging and maintaining smart boats may prove challenging for manufacturers, potentially hindering adoption of electric and hybrid smart boats in certain regions.
Recent Developments
- In April 2021, Garmin announced the launch of its new GPSMAP Plus series, which includes advanced features such as built-in Wi-Fi, ActiveCaptain compatibility, and smart notifications, designed specifically for marine enthusiasts and boaters.
- In February 2021, Brunswick Corporation announced the launch of its new advanced technology platform called NAUTIC-ON, which provides remote boat monitoring and control capabilities to boat owners.
- In December 2020, Navico Holding AS announced the acquisition of Naviop, an Italian company that develops advanced marine electronics and software solutions for the recreational boating industry.
- In November 2020, Yamaha Motor Corporation announced the launch of its new product line of electric boats, which includes two electric boat models equipped with smart technologies such as remote monitoring and battery management systems.
Key Market Segments
Based on Boat Type
- Unpowered Boats
- Inboard Boats
- Outboard Boats
- Personal Watercrafts
Based on Power
- Sail Propelled Boats
- Engine Powered Boats
- Battery Powered Boats
- Solar Boats
Based on Raw Material
- Wood
- GRP
- Aluminium
- Steel
- Other Materials
Based on Application
- Fishing
- Water Sports
- Sailing
- Military Applications
- Other applications
Top Key Players
- Brunswick Corporation
- Groupe Beneteau
- Azimut Benetti Group
- Sunseeker International Ltd
- Lund Boats
- Tracker Boats
- Ranger Boats
- Hobie Cat Company
- Marin Product Corporation
- Bennington Marin LLC
- Other Key Players
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 37.5 Bn |
| Revenue forecast by 2032 | USD 74.5 Bn |
| Growth Rate | CAGR Of 7.1% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
FAQs
Q: What are smart boats?
A: Smart boats are boats that are equipped with various smart technologies such as automation, sensors, GPS, and remote monitoring, which enhance the boating experience while also improving safety and efficiency.
Q: What is driving the growth of the smart boats market?
A: The growth of the smart boats market is driven by factors such as the increasing adoption of IoT and smart technologies in the marine industry, the rising demand for autonomous and semi-autonomous boats, and the growing popularity of recreational boating.
Q: Who are the key players in the smart boats market?
A: Key players in the smart boats market include Brunswick Corporation, Garmin Ltd., Navico Holding AS, Suzuki Motor Corporation, and Yamaha Motor Corporation.
Q: What are the major challenges facing the smart boats market?
A: The major challenges facing the smart boats market include high costs associated with advanced smart technologies, technical complexities associated with smart technologies, lack of awareness and understanding of smart technologies among boaters, regulatory challenges, and limited infrastructure for electric charging and maintenance of smart boats.
Q: What are the major opportunities for the smart boats market?
A: Major opportunities for the smart boats market include growing demand for luxury and comfort in recreational boating, increasing focus on sustainable boating practices, rising popularity of water sports, and emergence of new markets such as Asia-Pacific and Latin America.
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