Marine Leisure Market Outlook
The global marine leisure market was estimated at USD 31,570.0 Million in 2021 and is anticipated to reach USD 1,12,627.0 Million by 2030, expanding at a CAGR of 15.4% during the forecast period.
Marine leisure is a broad term that encompasses the water sports industry. This industry provides products and equipment for consumers to participate in water sports. Water sport activities are conducted on the water, in the water, and under water. These activities include surfing, sailing, kayaking, swimming, diving, and others. Water sport activities attract a large number of tourists. Governments of various countries are encouraging tourism.
Moreover, they are encouraging educational institutions to include tourism studies in the curriculum. This is expected to encourage students to learn various skills required in the water sports industry. Many companies provide water sports activities to attract tourists. Moreover, increasing tourism has raised awareness among the population about the importance of coastal tourism among people and its impact on coastal communities in lieu with physical, socio-economic, and cultural environments has led to sustainable tourism.
Tourism plays a major role in boosting the global economy. It generates billions of dollars in income and creates millions of job opportunities for people around the world. Many communities, particularly in developing nations, are engaged in tourism. As a result, the tourism sector has expanded from seaside resorts to mountain resorts, and from small towns to large metropolises. These factors are increasing the demand for leisure activities conducted by the tourism sector.
Exploration of unexplored locations
Adventure tourism includes the exploration of exotic sites, visiting isolated areas, and travelling to offbeat destinations. It includes physical activities, exchange of cultural values, and framing a close relationship with nature. Furthermore, rising interest among youth to explore unexplored areas, increasing demand for adventure sports, and affordable travel packages are influencing the demand for marine leisure.
Impact of climate on tourism
Climate is a major factor in travel planning and curating travel experiences, as it affects all tourist sites and businesses to some extent. The connection between climate and tourism is complicated and multifaceted, as climate is both an essential resource and a significant limiting element. A substantial majority (81%) of the 66 national tourism and meteorological organizations surveyed internationally stated that weather and climate were important factors that affected tourism in various countries. Climate is one of the primary elements influencing international tourist flows.
The growing economy is increasing the disposable income of people. Hence, a large number of individuals are spending on travel and tourism. Tourism is significantly influenced by disposable income. The variety of options has been created due to rise of adventurous and environmentally friendly travel. This indicates that increasing disposable income levels and arranging some holiday welfare programmes, will encourage residents to invest in travel spending, and helping tourist industry to expand the economic growth.
Tourism is expected to put a significant strain on limited local resources, such as energy, food, land, and water. According to the Third Assessment of Europe's Environment (EEA, 2003), the impact of tourism on people and the environment at destinations are substantially influenced by concentration in space and time. Tourism and recreational facilities make extensive use of water and land, which causes loss of biodiversity, degradation of natural resources, and pollution.
Marine Leisure Market Dynamics
Market Driver- Increasing International Tourism Around the World
Tourism occurs across national boundaries is international tourism. Tourism has become a popular global leisure activity as a result of globalization. The World Tourism Organization defines tourists as those who visit and stay in places outside their typical surroundings for leisure, business, or other objectives for less than a year.
Tourism, which is at the sea side or beach side offers various activities through which people can explore the natures goodness with different essence and thrilling views. The sea provides plenty of opportunities for water sports. Beaches offer adults or children water activities, such as paragliding, scuba diving, snorkeling, water surfing, kayaking, and swimming. This, in turn, increases their demand across the globe, and thus the market.
Market Driver- Sustainable Coastal Tourism
Coastal and marine tourism is heavily dependent on the condition of coastal and marine ecosystems to attract visitors. By incorporating new economic opportunities for local communities, restoring the natural environment, and renewing culture and heritage, and resilient coastal and marine tourism sector can improve the sustainable coastal tourism for local communities.
Focusing on tourism policies, planning, product development, and marketing can attract international and domestic visitors who want to engage with the towns and destinations they visit and contribute to the local environment, economy, and community regeneration. Such factors are responsible increasing tourism activities, resulting in various health beneficial activities around the sea side or beaches.
Market Driver-Health Beneficial Recreational Activities
Recreational and leisure activities assist in achieving a suitable balance in the life. This creates a sense of satisfaction in life, and unnecessary anxieties and stress. This, in turn, aids a person's performance and achievement. Participation in recreational or leisure-time activities improves a person's confidence, memory, emotional, mental stability, optimism, great decision-making skills, and independence.
Communities that participate in sports and leisure form strong social relationships, are safe places, and their residents are generally healthier and happier than communities where physical activity is not prioritized. Sport and recreation help make communities strong, healthy, happy, and safe.
Market Driver- Ease of Convenience
Travelers have a habit of obtaining arrangements on their own, rather than using an outside source. A traveler searches for relevant information on the internet and validates it with other users looking for advice. Digital accessibility of the destination, mobility at the visitor's convenience, and communication between the destination make it an ideal choice for the travelers.
Apps, connectivity, and digital models have increased customer demand for one-click goods purchases and service consumption. Digitalization and artificial intelligence (AI) enable a destination to become a smart destination. This provides superior understanding of a tourist’s journey before, during, and after the trip.
Market Restraint- Biodiversity Loss
Tourism can reduce biodiversity in a variety of ways, such as competing for habitat and environmental resources with wildlife or offering paths for the introduction of alien species. Pollution, human interference, and the ill effects of climate changes disrupt the delicate coastal habitat, which supports a wide range of plants and animals. Many activities are performed on the water surface, while tourism leads to water pollution, which further hampers water sources.
Market Restraint- Price Variation in Tourism Activities
The cost for each tourism activity is likely to increase with period of time, as tourism increases. For example, travel is widely viewed as a sign of success in India. The status provided by travel differs based on the location. Travel within Asia is the first threshold; out-of-region travel, notably to North America, Europe, is costly. Not all can afford the travelling cost, thus restraining the market.
Market Opportunity- Government Initiatives
The government of India is offering free loans to the Ministry of Micro, Small and Medium Enterprises (MSMEs) to assist it in dealing with the crisis and reviving the economy, particularly the tourism sector. The Sagarmala Programme is a government initiative that focuses on the development of coastal communities through marine sector-related activities such as fisheries, maritime tourism, and skill development.
Other initiatives examined under the Sagarmala Programme include cruise tourism development and lighthouse tourism. Many of the projects have been identified in collaboration with the Ministry of Tourism and tourism development departments of maritime state governments to promote tourism in maritime states under Sagarmala.
Scope of Marine Leisure Market Report
The report on the global marine leisure market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Marine Leisure Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2015 and 2020
Activity Type (Sailing, Surfing & Wind Surfing, White-water Rafting, Kayaking, Scuba-Diving, Snorkeling, and Others), End User (Oversea Tourist, Domestic Tourist, and Local Residential Population for Sports & Recreation)
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
Lake Lure Adventure Company, GRG'S ADVENTURE KAYAKING, American Canoe Adventures, Adventure North Wales, CONTOOCOOK RIVER CANOE COMPANY, Jak Water Sports, Lost Earth Adventures, Adventure Unbound, Neptune's cherai water sports, Adventure Tours UK, Peconic Water Sports LLC, Paddle Asia Co., Ltd, and River Runners Incorporated.
Marine Leisure Market Segmental Outlook
Based on activity type, the global marine leisure market is segmented into sailing, surfing & wind surfing, white-water rafting, kayaking, scuba-diving, snorkeling, and others. The sailing segment is expected to expand at a significant CAGR during the forecast period. Sailing is a sport activity, which improves flexibility and agility. Pulling lines, moving around, and staying stable on a moving boat help to enhance the hand-eye coordination and motor abilities.
The snorkeling segment is expected to have a substantial market share in 2030. Snorkeling is an underwater activity, which provides a view of marine life underwater. It is an easy activity. The surfing & windsurfing segment held a substantial market share in 2021. Windsurfing is a wind-powered water activity that combines sailing and surfing. Surfing and windsurfing are different from each other; however, both activities aid in health management.
The white-water rafting segment is expected to expand at a significant CAGR during the forecast period. White-water rafting is risky, as it is involves rough waves. White-water rafting is highly popular among people. Many countries have rapids and plunge through river tunnels, canyons, rainforests, and river tunnels, which are suitable for white-water rafting. The price of white-water rafting varies with the destination. In India, the prices are high, due to long routes and greenery in the surroundings.
The kayaking segment is expected to hold a substantial market share in 2030. Kayaking is a sports activity, which is conducted on the surface water. Kayaks provide high access, due to their ability to operate in shallow water, along the coastline.
The scuba-diving segment held significant market share in 2021. Scuba-diving is popular among people, as it improves the emotional and physical health of people. One of the main advantages of participating in scuba-diving is meeting different people, socializing, and exploring various hobbies, which makes scuba-diving an ideal choice in the tourism sector. Being in salt water for extended periods of time leads to dehydration, causing people to drink a lot of water after the dive. This aids in hydration of the body.
The other segment is expanding at a significant CAGR in the market. This segment includes recreational fishing, water skiing, canoeing, and yachting. Such activities provide health benefits, mental peace, and relaxation.
On the basis of End User, On the basis of end-users, the global marine leisure market is segmented into oversea tourist, domestic tourist, and local residential population for sports & recreation. The oversea tourist segment is projected to expand at a significant CAGR during the forecast period, owing to the increase in tourism for experiencing cultures and traditions, and promoting adventure activities in different countries.
The domestic tourism segment accounted for significant share of the market in 2021, as the young generation is increasing interest in activities such as sailing, surfing, and swimming. Furthermore, domestic tourism is convenient, easy, and requires less documents to deal with.
The local residential population for sports an recreations segment is expected to expand at a substantial during the forecast period due to an increase in local social events, which is incorporated with watersport activities for recreational and leisure.
Marine Leisure Market Regional Outlook
Based on regions, the market is separated into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific held a significant share of the market during the forecast period. The market in Asia Pacific is projected to expand at a substantial CAGR during the forecast period, owing to the increasing demand for marine leisure activities and tourism in the region.
North America accounted for a significant share of the market in 2021, due to increasing interest of the young generation in activities such as sailing, surfing, and swimming in the region. The market in Europe is anticipated to expand at a significant CAGR during the forecast period. Countries such as Croatia, Greece, France, and the UK have high tourism, which is boosting the demand for marine leisure activities.
The market in Latin America is projected to expand at a substantial CAGR during the forecast period, due to the presence of long coastlines in Brazil, Mexico, and Argentina and availability of water sports activities is expected to attract a large number of domestic and international tourists and rising disposable income. The market in the Middle East & Africa is expected to hold significant market share in 2030 due to improving infrastructure and rising investments to promote water sports activities in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Marine Leisure Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Marine Leisure Market Performance
By Activity Type
- Surfing & Wind Surfing
- White-water Rafting
By End User
- Oversea Tourist
- Domestic Tourist
- Local Residential Population for Sports & Recreation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Lake Lure Adventure Company
- GRG'S ADVENTURE KAYAKING
- American Canoe Adventures
- Adventure North Wales
- CONTOOCOOK RIVER CANOE COMPANY
- Jak Water Sports
- Lost Earth Adventures
- Adventure Unbound
- Neptune's cherai water sports
- Adventure Tours UK
- Peconic Water Sports LLC
- Paddle Asia Co., Ltd
- River Runners Incorporated
Service provider operating in the global marine leisure market include Lake Lure Adventure Company, GRG'S ADVENTURE KAYAKING, American Canoe Adventures, Adventure North Wales, CONTOOCOOK RIVER CANOE COMPANY, Jak Water Sports, Lost Earth Adventures, Adventure Unbound, Neptune's cherai water sports, Adventure Tours UK, Peconic Water Sports LLC, Paddle Asia Co., Ltd, and River Runners Incorporated. Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the marine leisure market.