North America Marine Vessels Market: By Product Type(Sailing vessels, Powered vessels), By Size (Below 16 feet, 16 – 26 feet, and > 26 feet), By Application (Sports, Leisure, Transport, and Others), and Country (the USA, Canada, and Mexico)

North America Marine Vessels Market size was volume at 309.4 thousand units in 2023 and is poised to grow at a CAGR of 3.1% from 2024-2030.  The North American Marine Vessels market encompasses a wide range of boats and ships used for various purposes, including recreational, and commercial activities. This market includes different types of vessels such as yachts, motorboats, sailboats, fishing boats, and cargo ships.

The country is surrounded by water bodies and the presence of several water bodies makes it a suitable place for this market to thrive. Growing recreational boating and an increase in interest in water-based sports, Economic growth and stability which leads to higher disposable incomes, Technological advancements, and the development of suitable port infrastructure are acting as the main drivers of the market. COVID-19 acted as a barrier during the period of lockdown, later during the period of post-lockdown the market boomed to its 15-year high. This is because of the rise in recreational activities which included marine-based activities also the disposable income hoarded during the period of lockdown.

Moreover, high ownership costs don’t let everyone own a marine vessel, the image of it being a presence of luxury adds up to the moderation. Also, the environmental concerns of the vessels to make it comply with the regulations make manufacturing much harder. Additionally, the availability of choices in leisure activities makes its contribution to the restraints. Even then, the seasonal nature of the marine-based activities adds up to the restraints. To surpass all the moderations, manufacturers invest in eco-friendly technologies, and rental or charter services for boats act as the opportunity for the market players.

Technological advancement leading to comfortableness and making the vessels comply with emission control regulations sums up the opportunities for the market. Advanced hull designs which provide much more aerodynamic efficiency, advanced propulsion or fuel injection systems for high fuel efficiency, and hybrid propulsion systems are the recent trends in this market. Electrifying the vessels using advanced lithium-ion batteries, and the introduction of hydrogen-propelled vessels are not a thing of the future anymore, they are the recent advancements and current top trends in the industry. Lastly, climate change and its recent activism moments, strict environmental regulations on high-emission vessels, recent economic downturns of the country, and supply chain disruptions for the sourcing of raw materials are the threads of this market.

North America Marine Vessels Market Key Developments:

• In July 2024, The world’s first hydrogen-powered commercial passenger ferry - 70-foot catamaran called the MV Sea Change, will start operating on San Francisco Bay as part of plans to phase out diesel-powered vessels and reduce planet-warming carbon emissions. It has capacity of 75 people and as of now runs free in a small route in a pilot program.
• In November 2022, Boatsetter, the leading marketplace for boat rentals and Suntex Marina Investors, LLC, the premier owner and operator of best-in-class marina properties, today announced a partnership to provide boat owners in the Boatsetter program with access to slips at select Suntex Marinas. Suntex has 70 locations and more than twenty thousand existing slips across an ever-growing portfolio of locations. This groundbreaking partnership will allow more boat owners to earn extra income to offset the costs of owning and maintaining a boat via Boatsetter’s sharing platform.