Smart Boats Market to Experience Robust Growth at a CAGR of 7.1% during 2022-2032, According to Market.us Report

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Technology is playing a critical role in the smart boats industry, and the growth of sensors, artificial intelligence, and connectivity are expected to have a significant impact on its development.

New York, April 18, 2023 (GLOBE NEWSWIRE) — The global Smart Boats Market size was valued to be worth USD 37.5 billion in 2022. From 2023 to 2032, it is estimated to reach USD 73.2 billion growing at a CAGR of 7.1%. Smart boats, also referred to as autonomous or self-driving boats, are watercraft that navigate and operate without manual input. These vessels are equipped with various cameras, sensors, and GPS technology which enables them to make intelligent decisions and adjust course accordingly. Smart boats have various applications such as water sports, sailing, fishing, cargo transportation, surveillance, and recreational activities; they have the potential to revolutionize marine transportation by reducing human error risks, improving efficiency levels, and cutting costs. Nonetheless, there remain concerns about safety standards, job security risks, and possible job impacts within this sector.

Smart Boats Market

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Key Takeaway:

  • By boat type, in 2022, the Smart Boats Market was dominated by unpowered types of boats.
  • On the basis of power, Engine powered boats are the most lucrative among all the types of boats.
  • By the raw material, the wood segment is dominant because wood is a classic material used in boat construction that provides an aged aesthetic.
  • From applications, it is concluded that 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.
  • In 2022, North America dominated the market with the highest revenue share of 41%.
  • APAC is anticipated to have the highest CAGR among all the regions, owing to affordable prices, increasing tourism, as well as an increase in the use of advanced technologies.

Factors affecting the growth of the Smart Boats industry

There is a number of factors that can affect the growth of the smart boats industry. Some of them include:

  • Technological Advancements: The smart boats industry is heavily dependent on technology, and advances in sensors, artificial intelligence, and connectivity, that could significantly influence its growth. As new tools emerge it will become easier and more cost-effective to add smart features to boats which could ultimately lead to an increase in demand for such services.
  • Growing Interest in Boating: As more people take up boating as a hobby or leisure activity, the demand for smart boats is expected to increase. Smart boats offer numerous advantages like improved safety, greater convenience, and improved performance that may make them more appealing to boaters.
  • Economic Conditions: Economic conditions can have an impact on the growth of the smart boat industry. During times of prosperity, people may be more inclined to invest in luxury items like smart boats; conversely, during economic downturns, demand may decrease significantly.
  • Competition: The smart boat industry is becoming more and more competitive, with new players entering the market and established players expanding their offerings. While competition can drive innovation and result in improved products, it may make it more challenging for smaller firms to stay abreast of developments.
  • Government Regulations: Alterations in government regulations can have an impact on the growth of the smart boat industry. For instance, mandates mandating certain safety features or emissions standards could make smart boats more appealing to boaters.

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Global Smart Boats Market Trends

  • More people using electric and hybrid propulsion systems: More businesses are moving to electric and hybrid propulsion systems in response to the rising demand for eco-friendly smart boats. These solutions include lowered running costs, increased fuel efficiency, and decreased emissions.
  • Integrating Modern Technology: With capabilities like remote monitoring and control, autonomous navigation, and other cutting-edge technology, smart boats are getting more and more sophisticated. In addition to increasing consumer appeal, this integration enhances safety and convenience on board.

Market Growth

The market for smart boats is expected to grow at a significant rate over the coming years due to a number of factors. The growing popularity of recreational boating will fuel demand for boats that feature advanced technology. Smart boats offer various advantages, such as improved safety, convenience, and performance that may make them more appealing to boaters. Another factor fuelling the growth of the smart boats market is technological advances, which make it simpler and more affordable to add smart features to boats. Moreover, changes in government regulations and economic conditions may influence market development for smart boats. The market for smart boats is becoming more and more competitive, with new companies entering and established players expanding their offerings. This has resulted in increased innovation and an improvement of quality among smart boats available to consumers.

Regional Analysis

North America dominates the market for smart boats, With a 41% market share.  Due to the boom in recreational boating and the abundance of manufacturers in this region. North America is one of the top marketplaces for this product category. Europe is another dominant market for smart boats. Asia-Pacific is presently experiencing phenomenal growth in this sector as recreational boating activities become more popular and demand for environmentally friendly watercraft rises in nations like China, Japan, and Australia. With growing disposable incomes, booming tourism sectors, and a focus on eco-friendly transportation, the demand for smart boats is increasing in other regions, such as South America, the Middle East, and Africa. As this market continues to expand globally, regional differences in demand and consumer preferences will likely encourage product innovation and diversification.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 37.5 billion
Market Size (2032) USD 73.2 billion
CAGR (from 2023 to 2032) 7.1%
North America Revenue Share 41.0%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The smart boat market is being driven by several factors. There is a growing demand for technology-driven solutions that improve safety, comfort, and performance on boats, this is the major driver for this market. Boat owners are seeking ways to enhance their boating experience through the integration of smart features and systems. Furthermore, sustainability is becoming a more prominent concern with boating activities; smart boats can help meet these objectives by offering more efficient propulsion systems, cutting fuel consumption, and monitoring environmental factors like water quality and marine life better; all while increasing sustainability efforts.

Market Restraints

Though the smart boat market has many positive aspects, there are also significant obstacles preventing its expansion. Primarily the high cost of smart technology and systems, which may make them inaccessible to some boat owners, especially smaller vessels or those owned by individuals or families with limited budgets. Furthermore, boating industry regulations about safety, environmental protection, and privacy can be complex for manufacturers and owners to navigate when implementing new and emerging smart technologies.

Market Opportunities

The smart boat can enhance safety and security for boat owners and passengers, these vessels can be tracked and located using GPS technology – an invaluable asset during emergencies. The growing tourism sectors offer phenomenal opportunities to this market. Another potential opportunity in the smart boat market lies in their increased efficiency and cost-saving capabilities. Equipped with advanced monitoring systems, smart boats can optimize fuel consumption and cut maintenance expenses significantly – particularly beneficial to commercial users such as shipping companies or fishing fleets which will save considerable amounts of money over time.

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Report Segmentation of the Smart Boats Market

Boat Type Insight

Unpowered boats, inboard boats, motor boats, and personal watercraft make up the different categories of boats in the market for smart boats. The industry leader in this segment is unpowered boats. These are boats that are propelled by oars, sails, or other non-motorized means rather than an engine. Rowboats, paddles, and kayaks are some examples. Unpowered boats are still extensively used for recreation, fishing, and other activities even though they may not be as common as motorized boats in some situations. The next important market category is inboard boats, which are larger boats and yachts that have their engines mounted inside the hull of the boat.

Power Insight

The market is segmented into sail-propelled boats, engine-powered boats, battery-powered boats, and solar-powered boats based on the type of electricity used for boats. Of all boat kinds, boats with engines are the most profitable. These vessels are propelled by internal combustion engines or electric motors. Boats with inboard, outboard, or hybrid engines that combine the two kinds of power are included. Sail-propelled boats, which are well-liked for both racing and leisure sailing, are propelled forward by the breeze. Advanced navigation and communication systems can be added to smart sailboats to improve efficiency and safety.

Raw Material Insight

Boats are constructed using a variety of raw materials, such as wood, GRP, aluminum, and steel. Wood is the primary element derived from these raw ingredients and gives off an aged appearance due to its age-old tradition. It is often employed in the construction of luxury ships and yachts; however, it requires additional upkeep to prevent rot or deterioration. Aluminium, with its lightweight and resistance to corrosion, is often used on smaller recreational boats as well as commercial vessels. Fiberglass has also become increasingly popular as a hull material due to its strength, affordability, and ease of molding complex shapes or features – making it perfect for boats with unique shapes or features.

Application Insight

The market for smart boats is segmented based on applications into fishing, sailing, water activities, military uses, and other uses. Thanks to their cutting-edge technology which enhances fishing efficiency and safety, smart boats are becoming more commonplace in the fishing business. Smart boats can also be utilized for water activities like wakeboarding, water skiing, and tubing – giving you even more chances to have an exciting on-land adventures. For optimal conditions for these activities, boats may have advanced wake-shaping systems, ballast tanks, and speed control equipment. In the sailing industry, “smart boats” are becoming more and more commonplace as they can be outfitted with advanced navigation and communication systems that enhance performance and safety.

Recent Development of the Smart Boats Market

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.

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Market Segmentation

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

By Geography

  • 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

Competitive Landscape

The market for smart boats is expected to grow significantly over the next few years as more boat owners express an interest in utilizing cutting-edge technology to enhance their sailing experience. Numerous smart boat products, such as GPS navigation systems, autopilot systems, vessel surveillance systems, and smart boat engines are offered by competitor companies. Garmin, Navico, and Brunswick Corporation are among the top firms in the sector and command substantial market shares in both North America and Europe.

Some of the major players include:

  • 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
  • Navico
  • Brunswick Corporation
  • Other Key Players

Related Reports:

  • Global Recreational Boat Market was valued at USD 33.6 Billion and is expected to reach USD 58.8 billion between 2023 and 2032, this market is estimated to register a CAGR of 5.9%.
  • The market for electric ships was valued at USD 8.01 billion in 2021 and is expected to reach USD 26.53 billion, increasing at a CAGR of 11.5 % from 2021 to 2032.
  • The marine composites market was worth USD 4,300 million in 2021, and it is expected to grow at a 5.2% CAGR between 2023 and 2032.
  • Yacht Market was valued at USD 9.7 Billion this market is expected to reach USD 16.8 billion registering the highest CAGR of 5.8% during the forecast period of 2023 to 2032.

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