For the first time, the European boating market has exceeded North America’s in terms of dollar value. According to a just-released global recreational boating industry analysis by Lucintel, a surge in demand for big luxury cruisers and megayachts in Europe has driven growth there. In terms of units sold in 2007 though, North America still had an edge over Europe.

The Lucintel report covers all watercraft, from megayachts to dinghies. It estimated the total value of the global recreational boat market during 2007 to be $25 billion, and predicted that by 2013 the global demand would reach $38.3 billion.

According to Lucintel, future growth will be driven not by North America but by Europe and the Asia-Pacific region. Its predictions were backed up by Groupe Beneteau’s 2008 forecast. The expected growth in sales revenue is 9.7% overall, with a 6-percent% increase in revenue from sailboat sales and 10-percent from powerboats.

Another example of the strength of the European market was this year’s Dusseldorf boat show, which drew a gate of 279,000. Click here for a photo gallery from the show.