The global Leisure Boat Market size is anticipated to reach
USD 51.37 billion by 2025, according to a new report by Grand View Research,
Inc., registering a CAGR of 4.3% during the forecast period.
The tourism industry has been changing
drastically in recent times with increasing popularity of marine and coastal
tourism activities. The world economy is experiencing a healthy growth and
markets such as U.S. are rapidly recovering from the 2008 economic crisis,
which, in turn, has resulted in a rise in consumer disposable income. There is also
an increase in number of High Net Worth Individuals (HNWIs) across the globe,
which has resulted in a surge in expenditure on leisure activities, thus
leading to a boost in demand for recreational boats.
Increasing number of boat shows and water
sporting events are attracting a large number of boaters. Top manufacturers are
sponsoring boat shows and events, which, in turn, is enhancing the popularity
of leisure boats. A large number of people are participating in luxury boating
activities, especially in European and North American countries, which is
expected to further boost the market in these regions.
A number of technological modifications are
taking place in boat building, such as adoption of IoT technology that enables
appliances, physical structures, vehicles, smartphones, wearable devices, and
heavy equipment to be connected to each other, while facilitating an exchange
of information through a single network. A connected boat provides enhanced
safety, security, and accuracy, while also improving efficiency by digitalizing
and optimizing various functions. Additionally, use of new boating building materials
and increase in R&D expenditure by boat manufacturers are driving the
growth of the leisure boat market.
Measures taken by various governments to
promote tourism activities in their countries are further boosting the market.
Countries with rich natural resources such as vast coastlines and large inland
water bodies are undertaking initiatives to promote recreational boating
activities. U.S. has a rather long coastline, in addition to highly developed
infrastructure and a large population that participates in leisure boating
activities. This opens up new growth opportunities for the leisure boat market.
The French government is encouraging yacht manufactures by providing them
support in various forms, thus enabling companies to invest in expanding their
yacht maintenance and construction capacities.
Growing popularity of marine tourism, rise
in number of government initiatives, and increasing sales of recreational boats
in developing economies such as India and China are expected to drive demand
over the forecast period. Measures taken by the Chinese government for
development of yachting as a recreational activity as well as development of
marinas in coastal regions have boosted the growth of the Chinese leisure boat
market.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/global-leisure-boat-market
https://www.grandviewresearch.com/industry-analysis/global-leisure-boat-market
Further key
findings from the report suggest:
- Leisure boats are projected to witness a strong demand owing to
changing economic situations and rise in consumer disposable income across
the world
- Sports yachts are expected to record a high demand in developed
countries owing to active participation of people in recreational boating
activities and marine sporting events
- Implementation of IoT technologies, GPS mapping, and smart sensors
in boats increases safety and security of the boat, which, in turn, is
expected to increase demand for recreational boats over the forecast
period
- Boat manufacturers are focusing on promotional activities and
boating events to attract more buyers in many developed as well as
developing countries
- In 2016, North America dominated the global market in terms of
revenue and was valued at USD 16.60 billion
- Key players in the market include Avon Marine; Azimut Benetti
S.p.A.; Baja Marine; Bavaria Yachtbau GmbH; Bombardier Recreational
Products (BRP) Inc.; Brunswick Corporation; and Chaparral Boats, Inc.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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