Favourable economic indicators, evolving consumer preferences and technological advances are contributing to the sailboat market’s steady expansion, or so says Research and Markets. It’s issued its latest report, Sailboat Global Market Report 2024, which describes an ‘uptick in eco-conscious materials and the advancement of navigation through artificial intelligence,’ signalling a transformative phase in the sailboat market.

The company says that the market (defined as sales of cruising sailboat, daysailer, motorsailer, racer-cruiser, racing sailboats and sailing dinghies) has grown steadily in recent years and is expected to grow from $6.25 billion in 2023 to $6.44 billion in 2024 (at a compound annual growth rate (CAGR) of 3 per cent).

In 2028, the report posits, the market will be worth $7.41 billion. This is attributed to rising government support, rapid urbanisation, a growing population, an increasing number of water sporting events and boat shows (like Boatlife pictured above), the growing influence of social media, and a rise in the number of high-net-worth individuals showing interest in boating. It also builds on the robust economic growth in emerging markets, an increase in disposable income, a rise in spending on recreational activities, and an uptick in leisure trips. North America was the largest region in the sailboat market in 2023.

Optimistic outlook for marine market 2024

The optimistic outlook for future growth in marine activities is contributing to the demand for sailboats, both for commercial and leisure purposes.

The rising number of water sporting events and boat shows is set to propel the growth of the sailboat market. Events such as sailing regattas, races, and championships provide a prominent platform for showcasing sailboats to a broad and engaged audience.

According to the Watersports Participation Survey, approximately 13.2 million adults participated in boating activities in 2022, marking a 3 per cent increase from the 2021 figure of 12.8 million participants. Out of this total, over 10 million individuals engaged in boating activities at least once or twice during the year, while approximately 3.2 million participated more regularly, three times or more. Thus, the growing prominence of water sporting events and boat shows is expected to be a driving force behind the global sailboat market, says the report.

Trends in marine market 2024

Product innovation is a major theme. The industry is witnessing the integration of new technologies, such as adopting a form-follows-function approach, to enhance operational performance and safety features of sailboats. The report highlights Aeolos Composites, a UAE-based high-performance yacht designer and producer, which launched the Aeolos P30 in January 2022 (that incorporated a twin rudder system and a single rudder system in its design, specifically catering to sailing in strong winds).

Key trends expected during the forecast period include the use of artificial intelligence for advanced navigation, new product developments aimed at achieving higher performance in strong winds, strategic collaborations and acquisitions to enhance product portfolios, the development of solar- and wind-powered boats, and a focus on integrating sustainable materials in boat manufacturing.

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