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Global Leisure Boat Market to Grow at a CAGR of 5.1% During the Forecast Period of 2022-2027, Aided by the Rising Tourism Industry

According to a new report by EMR titled, ‘Global Leisure Boat Market Report and Forecast 2022-2027’, the market attained a value of over USD 39.2 billion in 2021. The industry is further expected to grow at a CAGR of 5.1% in the forecast period of 2022-2027 to reach a value of more than USD 52.80 billion by 2027.

The global leisure boat industry is being driven by the growing tourism industry and the rising marine activities worldwide. The heightened demand for motorised leisure boats is anticipated to bolster the market growth in the forecast period. This can be associated with inflating consumer disposable incomes and improved living standards. In addition, the rising interest in recreational fishing is also encouraging consumers to invest in leisure boats, which is projected to aid the market growth. Furthermore, the rapid technological advancements are also estimated to propel the industry growth in the forecast period.

The growing demand for leisure boats in the tourism industry leads to increased investments by the leading market players in the rapid expansion of their manufacturing capacities. This is estimated to significantly catalyse the industry growth in the forecast period. For example, in December 2021, Brunswick Corporation (NYSE: BC) announced the expansion of its Reynosa manufacturing facility with 150,000 square feet to the existent facility, which is expected to help increase its boat manufacturing capability by 60%. Furthermore, another leisure boat manufacturer, Malibu Boats, Inc. (NASDAQ: MBUU), in a press release dated January 2021, announced the completion of the acquisition process of Maverick Boat Group, Inc., which is expected to help boost the company’s boat manufacturing and distribution capabilities. Such developments are expected to significantly impact the growth of the leisure boat industry in the forecast period.

Market Breakup by Type and Region:

  • The market is divided, based on type, into new leisure boats, used leisure boats, and monitoring equipment. The new leisure boat segment can be categorised into motorised and non-motorised. At the same time, the used leisure boat segment can be divided into motorised/powerboat and non-motorised boats. At the same time, the monitoring equipment segment can be distributed into boat and yacht monitoring solutions, IoT sensors, telematics solutions, and others.
  • The regional markets for leisure boats can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for leisure boats is driven by the rising travelling and tourism activities worldwide.
  • The increased investments in the boating industry have significantly contributed to the market expansion.
  • Heightened adoption of technological solutions is also aiding the industry's growth.
  • The inflating disposable incomes and improved living standards are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for leisure boats for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types and major regions of leisure boats.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global leisure boat market are Azimut Yachts Montenegro, Baja Marine, Bavaria Yachtbau GmbH, Ferretti Group, Brunswick Corporation, and Fountain Powerboats, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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