What Are The Top Emerging Trends To Boost the Leisure Boat 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.

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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.