(MENAFN- Ameliorate Digital Consultancy)
The leisure boats market is estimated to procure steady growth driven by anticipated developments in the global tourism sector and increase in number of tourist activities. The COVID-19 pandemic has triggered several restrictions on international and domestic trade, leading to a decline in the sale of leisure boats. Despite this, it is estimated that the industry may rise substantially given to the gradual leniency in lockdown regulations.
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Increasing focus on the integration of advanced technologies such as sensors, IoT, and automated control systems into cruiser boats is another factor expected to propel leisure boats businesses. Considering potential rise in demand, several leisure boat manufacturers are developing new products. For example, in 2020, leader in towboat sales, Malibu Boats announced the release of its new Wakesetter 23 LSV, its advanced towboat consisting of a new design, cutting-edge features and enhanced performance. Given to such advancements, Global Market Insights, Inc., reports that the leisure boats market is estimated to register around USD 42 billion by 2026.
Based on product, the leisure boats industry is divided into cruiser, catamaran, bowrider, sailboat, yacht, and pontoon. Of these, the bowrider leisure boats segment is likely to grow over the forecast timeframe owing to increased usage of bowrider boats, as well as the availability of these boats in an extensive range of options, right from 18 to 35 feet. Bowrider boats are also available in hybrid fish-and-ski models.
In terms of propulsion system, the market is bifurcated into gasoline, sail drive, diesel, and electric/hybrid. The gasoline segment is projected to experience steady progress in the upcoming years owing to lower price of gasoline boats, compared to hybrid and diesel boats. Gasoline leisure boats have less wear and tear of engine parts and require less maintenance than their diesel counterparts. Additionally, gasoline has a higher power to weight ratio than diesel. However, diesel leisure boats are also in steady demand, credited to their fuel-efficiency.
Geographically speaking, North America and Europe leisure boats markets are projected to log considerable market share on account of rising adoption of leisure boats in pleasure and recreational boating activities, and presence of leading industry players.
On a global scale, the leisure boats market comprises of companies such as Azimut Yachts, Brunswick Corporation, Malibu Boats, Inc., Bavaria Yachtbau GmbH, Marine Products Corporation, and MasterCraft. These firms are working on various business strategies including partnerships and new product launches, among others.
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In 2021, Brunswick Corporation announced an increase in its production capacity at three of the firm's global boat manufacturing facilities, in order to meet robust consumer demand and to help in refilling the low field inventory levels.
Partial Chapter of the Table of Content
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.1 Definitions
1.1.2 Methodology and forecast parameters
1.2 Data Sources
1.2.1 Secondary
1.2.2 Primary
Chapter 2 Executive Summary
2.1 Leisure boats industry 360° synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Propulsion system trends
2.1.5 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on leisure boats industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Integration of advanced technologies in pleasure boats
3.6.1.2 Proliferation of boat clubs in North America
3.6.1.3 Increasing participation in pleasure boating activities in Europe
3.6.1.4 Growing tourism sector Asia Pacific
3.6.1.5 Rapid development of boating industry in Latin America and MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 Increasing number of accidents
3.6.2.2 High initial investments in leisure boats
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
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