Global Smart Boats Market By Boat Type (Unpowered Boats, Inboard Boats, Outboard Boats, and Personal Watercrafts), By Power, By Raw Material, By Application (Fishing, Water Sports, Sailing, Military Applications, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 99949
- Number of Pages: 271
- Format:
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Report Overview
The Global Smart Boats Market size is expected to be worth around USD 73.20 Billion by 2032, From USD 40.3 Billion by 2023, with growth at a CAGR of 7.10% during the forecast period from 2023 to 2032.
The smart boats market utilizes advanced technologies and innovative solutions to enhance boat functionality, efficiency, and safety. This includes the integration of sensors, software, and communication systems that permit remote monitoring and control of vessel operations. Smart boats have become increasingly popular due to the demand for efficient and sustainable solutions in marine operations.
Equipped with features such as autonomous navigation, real-time engine performance monitoring, and predictive maintenance systems owners and operators can optimize their operations and reduce downtime.
Driving Factors
Advancements in technology: The smart boat industry has expanded and gotten cheaper thanks to the quick progress of technology. This has led to the creation of smart boats with sophisticated features, such as autonomous navigation, remote monitoring, and control.
Growing demand for recreational activities: The demand for intelligent boats is being driven by the rise in the appeal of water sports and leisure pursuits like sailing, fishing, and cruising. These pursuits are made more enjoyable and accessible by smart boats’ improved safety, navigation, and communication features.
Rising concerns over safety and security: Smart boats have become more and more popular due to their safety and security features, such as collision avoidance, tracking systems, and emergency reaction capabilities. These attributes help reduce risks while ensuring both crew members’ and customers’ safety.
Government initiatives: Governments from around the world are investing in smart boats for a range of uses, such as environmental monitoring, maritime surveillance, and search and rescue missions. This has spurred research and development efforts and provided businesses in this market with access to capital.
Restraining Factors
High Cost: Smart boats tend to have a higher price point than traditional models due to the advanced technology and features they provide. This high price point may limit market demand, particularly among price-sensitive consumers.
Limited Consumer Awareness: Unfortunately, awareness of smart boats among consumers remains low. Many are not yet informed of the advanced features and advantages these boats provide, making it challenging for manufacturers to effectively market these products.
Growth Opportunities
Increasing demand for electric and hybrid boats: There is a rising desire for electric and hybrid boats, which offer lower emissions and better fuel efficiency, as environmental concerns continue to rise. Manufacturers now have the chance to create and sell eco-friendly smart vessels.
Expansion of Recreational Boating Industry: The explosive growth in recreational boating has created new market opportunities for manufacturers of smart boats. As more people take an interest in water sports activities, demand for smart boats is expected to increase significantly.
Advances in Autonomous Navigation Technology: Rapid advancements in autonomous navigation technology are creating new possibilities for intelligent vessels with autonomy, including transportation, business shipping, and marine study.
Development of New Applications: Beyond recreational boating, smart boats have a host of other uses – such as maritime security, environmental monitoring, and search and recovery missions. Manufacturers can take advantage of these new applications to broaden their customer base and diversify their product lineup.
Latest Trends
Increased Adoption of Electric and Hybrid Propulsion Systems: With an ever-increasing demand for eco-friendly smart boats, more companies are turning towards electric and hybrid propulsion systems. These solutions offer reduced emissions, lower operating expenses, and improved fuel efficiency.
Integration of Advanced Technology: Smart boats are becoming more technologically advanced, featuring features like autonomous navigation, remote monitoring, and control. This integration is improving safety and convenience on board while making them more appealing to consumers.
Growing Adoption of Sharing Economy: The sharing economy is taking off in the smart boat market, with companies providing rental services that enable consumers to rent them on demand. This trend makes smart boats more accessible and affordable for those who may not have enough funds to buy one outright.
By Boat Type Analysis
Based on boat type, the market for smart boats is divided into unpowered boats, inboard boats, outboard boats, and personal watercraft. From these segments, the unpowered boats segment is dominant in the market. These are boats that are not powered by a motor and rely on oars, sails, or other non-motorized methods of propulsion. Examples include rowboats, canoes, and kayaks.
While unpowered boats may not be as popular as motorized boats for some applications, they are still widely used for recreation, fishing, and other activities. The next significant segment is inboard boats, these are boats with engines that are mounted within the hull of the vessel and are typically used for larger boats and yachts. Inboard engines offer several advantages over outboard engines, including better fuel efficiency and more consistent performance.
By Power Analysis
Based on power used for boats the market is divided into sail-propelled boats, engine-powered boats, battery-powered boats, and solar boats. The engine-powered boat segment is the most lucrative among all the types of boats. These boats use internal combustion engines or electric motors to power the vessel. This includes boats with inboard or outboard engines, as well as hybrid engines that combine both types of power.
Sail-propelled boats use the wind to propel them forward and are popular for recreational sailing and racing. Smart sailboats can be equipped with advanced navigation and communication systems to enhance performance and safety. Battery-powered boats use rechargeable batteries to power electric motors, providing a quiet and emission-free ride. Solar boats are equipped with solar panels that capture energy from the sun to power electric motors or recharge batteries.
By Raw Material Analysis
The raw material used for building a boat is of different types including wood, GRP, aluminum, steel, and other materials. Of these raw materials, the most used material is wood. Wood is a classic material used in boat construction that provides an aged aesthetic. It’s commonly used to construct high-end sailboats and yachts, though requires more upkeep to prevent rot or degradation.
Aluminum is lightweight and corrosion-resistant, often employed on commercial vessels as well as smaller recreational crafts due to its durability and low upkeep requirements. Fiberglass has become popular as a hull material due to its strength, cost-effectiveness, and ease of molding into complex shapes or features – perfect for boats with unique shapes or features.
By Application Analysis
Based on applications the market for smart boats is divided into fishing, water sports, sailing, military applications, and other applications. Smart boats are becoming more and more commonplace in the fishing industry, as they come equipped with cutting-edge technologies that improve efficiency and safety while fishing. Furthermore, smart boats can also be utilized for water sports like wakeboarding, waterskiing, and tubing – providing additional opportunities to maximize fun on land! These boats may be equipped with advanced wake-shaping systems, ballast tanks, and speed control devices to create ideal conditions for these activities.
Smart boats are becoming more and more commonplace in the sailing industry, as they can be equipped with sophisticated navigation and communication systems that enhance safety and performance. Smart sailboats may feature integrated wind and weather sensors, GPS mapping, and autopilot systems to aid sailors in navigating safely and efficiently. Mart boats have also been widely employed in military and defense applications like coastal surveillance or patrol vessels.
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
COVID-19 Impact Analysis
The COVID-19 pandemic has had a mixed impact on the smart boats market. While initial outbreaks in early 2020 caused temporary slowdowns in production and supply chain disruptions, the sector has since recovered and is expected to experience growth over the coming years. Due to the pandemic, demand for recreational boating – including smart boats – has seen an uptick as people seek safe ways to enjoy leisure activities during this crisis. Due to economic uncertainty, many consumers have been hesitant to purchase a smart boat outright. Therefore, boat-sharing services have become increasingly popular during the pandemic.
The pandemic has also fueled a trend toward remote monitoring and control of smart boats, as consumers seek to minimize in-person interactions while maximizing safety. Smart boat manufacturers are responding by building advanced safety features into their products. Though the pandemic has presented challenges for the smart boats market, it also created new prospects for growth and innovation. As we emerge from this crisis, demand for eco-friendly and technologically advanced watercraft is expected to continue rising.
Regional Analysis
North America leads the global smart boat market with a 41% share. North America’s surge in recreational boating and a large number of makers make it one of the leading markets for this product type. Europe also plays an important role here, ranking among major producers and users of such vessels. As recreational boating activities increase globally and demand for environmentally friendly watercraft grows in countries like China, Japan, and Australia – Asia-Pacific is currently witnessing phenomenal growth within this space.
Other regions such as South America, the Middle East, and Africa are witnessing an uptick in demand for smart boats due to factors like rising disposable incomes, burgeoning tourism industries, and an emphasis on eco-friendly transportation. As this market continues to expand globally, regional differences in demand and consumer preferences will likely encourage product innovation and diversification.
Key Regions and Countries
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Modern innovations in smart boats increase efficiency, safety, and enjoyment while boating. As more boat owners become interested in using cutting-edge technology to improve their boating experience, the market for smart boats is anticipated to expand considerably over the next few years.
Numerous smart boat goods are available from rival businesses, including GPS navigation systems, autopilot systems, vessel monitoring systems, and smart boat engines. Among the industry’s top companies, Garmin, Navico, and Brunswick Corporation hold sizable market shares in both North America and Europe.
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
Recent Developments
- In 2022: Autonomous boats, which use AI-driven technology to navigate waters and avoid obstacles, are becoming more in demand. As more boaters seek ways to enhance their boating experiences with cutting-edge technology, this trend is expected to continue in the years ahead.
- In 2021: The use of AR technology in smart boats is becoming more and more prevalent. Yamaha Motor Co.Ltd. recently unveiled their brand-new augmented reality-based boat navigation system that utilizes a head-mounted monitor to display real-time information about the environment. Listed below are some of the most prominent smart boats industry players.
Report Scope:
Report Features Description Market Value (2022) USD 37.5 Bn Forecast Revenue (2032) USD 71 Bn CAGR (2023-2032) 7.1% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Boat Type- (Unpowered Boats, Inboard Boats, Outboard Boats, and Personal Watercrafts); By Power- (Sail Propelled Boats, Engine Powered Boats, Battery Powered Boats and Solar Boats); By Raw Material- (Wood, GRP, Aluminium, Steel, and Other Materials); By Application- (Fishing, Water Sports, Sailing, Military Applications, and other applications) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape 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, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the Smart Boats Market Size in the Year 2023?The Global Smart Boats Market size was USD 40.3 Billion by 2023, with growth at a CAGR of 7.10%.
What is the CAGR of Smart Boats Market Estimated During the Forecast Period?The Global Smart Boats Market size is expected to be worth around USD 73.20 Billion by 2032, From USD 40.3 Billion by 2023, with growth at a CAGR of 7.10% during the forecast period from 2023 to 2032.
What is the Smart Boats Market Size Estimated During the Forecast Period 2023-2032?The Global Smart Boats Market size is expected to be worth around USD 73.20 Billion by 2032, during the forecast period.
- 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
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