The global leisure boat market is expected to witness significant growth over the projected period owing to surges in demand for leisure boat and other recreational activities. The growth of recreational and tourism activities is on a rise owing to high promotion of tourist places. This consecutively is expected to impel market growth. The boating industry is considered to be a highly dynamic and competitive sector. It contributes largely to the overall tourism sector. The leisure boat market comprises trade & services providers and boat, engine, and equipment manufacturers. The market is driven by rising urban population and high net worth population. Globally improving economic conditions, improving disposable incomes, and escalating GDP levels are the key factors that have accelerated market growth. High participation in leisure boat activities is expected to drive market growth. In addition, a remarkable increase in inbound and domestic tourists has impelled growth in this market. The leisure boat market forms a small portion of the entire leisure activities market.
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The market can be classified on the basis of boat types. It comprises motorized and non-motorized boats. Further, it can be classified into powerboats and propulsion boats. Leisure boats can be categorized on the basis of accessories that comprise electronic and navigational accessories. Environmental issues and natural calamities pose as a major threat to the global leisure boat market. Environmental catastrophes such as droughts, floods, and extreme hot or cold conditions are the factors that hinder the market development. Lack of boat moorings and adoption of alternative recreational activities can adversely impact the market. Economic slowdown and global recession had a hard hitting impact on the market that resulted in a decline in demand for leisure boat activities.
High demand for recreational activities in the North American region is expected to impel market growth in this region. Higher disposable incomes among the population residing in the North American countries such as Canada and the U.S. has propelled the regional market growth. In the European region, countries such as France, Italy, Germany, and UK capitalize highly on tourism activities. With an aim to bolster the tourism sector, these countries have developed leisure boat centers. A rise in travel and sightseeing activities among this region has boosted the market expansion. Rising GDP levels and improving economic scenario in developing economies such as China and India in the Asia Pacific region are expected to propel growth in the leisure boat market in this region. Ample opportunities have been created for leisure boat market in this region owing to a multi-year decline in fuel prices.
Key market players predominating the global leisure boat market include Bombardier Recreational Products, Caterpillar Incorporated, Catalina Yachts, Crownline Boats, Cummins Incorporated, Honda Motors Company, Kawasaki Heavy Industries, and Yamaha Motor.
Leisure Boat Market
Information Source: Grand View Research