The global leisure boat market is anticipated to gain prominence over the forecast period owing to growing demand for recreational boat activities. Excessive promotion of tourist sports has globally accelerated the growth of tourism and recreational activities. This in turn is expected to drive the growth of leisure boat market. The boating industry is a very competitive and dynamic sector and contributes substantially to tourism activities thereby impelling economic growth. Leisure boat industry is made up of boat & engine manufacturers, trade & service providers, and equipment manufacturers. These boats are meant to be used for recreational purposes only and not for business ventures. A remarkable increase in the global urban population and increasing high net worth population are the key factors spurring the growth of leisure boat market. Improving global economic scenario and rise in GDP levels along with rising disposable incomes have resulted in high adult participation in leisure boating activities. Moreover, a sizeable increase in both domestic and inbound tourists has propelled market growth. Depending upon the boat type, the leisure boat can be motorized or non-motorized and can be equipped with facilities that are available at home on a smaller scale. This makes leisure boats a good option for temporary residence. The market comprises a fractional size of the entire global leisure market. A strong boost and high awareness among potential customers can impel growth in the market.
The leisure boat market covers two major types of boats namely, powerboats and propulsion boats. Sterndrive, outboard, inboard, personal watercrafts, jetboats, sailboats rowboats, kayaks, and canoes are the major types of boats under the powerboats and propulsion boats categories. Moreover, it offers navigational and electronic accessories that are extensively used with the boats for the ease and comfort of operation of the boats.
The leisure boat market faces the challenge of environmental issues and harsh weather conditions. Natural calamities such as droughts, floods, and extremely cold or hot weather are expected to pose as major challenge to the market. Use of alternative recreational or leisure activities and scarcity of boat moorings can adversely impact the market and hinder the expansion of the industry. The market is quite vulnerable to changing economic scenario. Any change in the prevailing economic condition tends to make a lasting impact on the market. In the past, economic slowdown and global recession had a hard hitting impact on the leisure boat market, which resulted in huge decline in the demand for recreational boat activities.
The leisure boat market is expected to witness surge in growth of the market owing to a high demand for recreational activities in the North American region. An increase in the disposable incomes of population residing in the North American countries such as the U.S. and Canada has further propelled the market growth in this region. In the European region, countries such as Italy, France, the UK, and Germany are home to some of the major leisure boating markets. A momentous rise in tourism, travel, and sightseeing activities in these countries is favoring the market development in this region. With improving economic conditions in the Asia Pacific region and GDP of developing economies such as India and China projected to grow, the market is expected to gain prominence in this region. A strong housing and job market accompanied with multi-year decline in fuel prices has created many opportunities for the market in this region.
Key vendors dominating the global leisure boat market are Beneteau SA, Bombardier Recreational Products, Brunswick Corporation, Catalina Yachts, Caterpillar Incorporated, Correct Craft, Crownline Boats, Cummins Incorporated, Fountain Powerboat Industries, Garmin Ltd., General Motors Company, Honda Motors Company, J&D acquisition, Johnson Outdoors, Kawasaki Heavy Industries, KCS International, Luhrs Marine Group, Malibu Boats, Marine Products Corporation, Nautic Global Group, Tracker Marine Group, Viking Yacht Company, Volvo AB, West Marine, and Yamaha Motor.
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