Leisure Boat Market Research | Top Trends and Industry Analysis
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| Leisure boats market |
Leisure boats are intended for personal and recreational
use. The global leisure boat market comprises establishments primarily engaged
in the manufacturing of leisure boats, motors, and accessories. As per the
latest market research report published by Technavio, the global leisure boat
market size
will grow by USD 13.49 billion. Get the free sample report below for the
detailed information.
The emissions from leisure boats constitute one of the
major environmental challenges faced by the industry. AB Volvo, an internal
combustion engine manufacturer based in Sweden, unveiled the hybrid marine
propulsion concept in June 2018 to address this issue. The system enables a
boat engine to operate both electric and diesel modes. The company has revealed
the details of the hybrid-powered Inboard Performance System (IPS) concept.
The
hybrid variant, which is expected to be introduced in the coming years, will
allow boats to operate in low- and zero-emissions zones. The hybrid
configuration will also bring additional benefits, including lower noise,
vibrations, and running costs.
Increasing
customer engagement in marinas and recreational boating activities is one of
the key factors that will drive leisure boat market growth in the coming years.
With the growth of the recreational boating industry in the US and Europe, the
demand for leisure boats is expected to increase during the next few years.
Additionally, customers are increasingly shifting from the concept of boat
ownership to boating experiences as owning and maintaining leisure boats is
quite expensive. This will have a positive impact on the sales of leisure boats
in the next few years.
Initiatives
by government and organizations for promoting leisure boating in emerging
countries is one of the key trends expected to gain traction in the market.
Efforts from the government of India towards the development of coastal and
marine tourism and the Middle East Yacht Conference that was aimed at the
collaboration between GCC countries for promoting and facilitating yacht visits
and charter opportunities in the region are some of the government initiatives
towards driving recreational boating activities.
This will subsequently drive leisure boat market growth
at a CAGR of over 4% during the forecast period. To know the complete and
in-depth analysis and forecast of this market get the complete report by
clicking the link below.
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