Leisure boats are intended forpersonal and recreational use. The global leisure boat market comprisesestablishments primarily engaged in the manufacturing of leisure boats, motors,and accessories. As per the latest market research report published byTechnavio, the global leisure boatmarket size will grow by USD 13.49 billion. Get thefree sample report below for the detailed information.
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The emissions from leisure boats constitute one of themajor environmental challenges faced by the industry. AB Volvo, an internalcombustion engine manufacturer based in Sweden, unveiled the hybrid marinepropulsion concept in June 2018 to address this issue. The system enables aboat engine to operate both electric and diesel modes. The company has revealedthe details of the hybrid-powered Inboard Performance System (IPS) concept.
The hybrid variant, which is expected to be introducedin the coming years, will allow boats to operate in low- and zero-emissionszones. The hybrid configuration will also bring additional benefits, includinglower noise, vibrations, and running costs.
Increasing customer engagement in marinas andrecreational boating activities is one of the key factors that will driveleisure boat market growth in the coming years. With the growth of therecreational boating industry in the US and Europe, the demand for leisureboats is expected to increase during the next few years. Additionally,customers are increasingly shifting from the concept of boat ownership toboating 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 fewyears.
Initiatives by government and organizations forpromoting leisure boating in emerging countries is one of the key trendsexpected to gain traction in the market. Efforts from the government of Indiatowards the development of coastal and marine tourism and the Middle East YachtConference that was aimed at the collaboration between GCC countries forpromoting and facilitating yacht visits and charter opportunities in the regionare some of the government initiatives towards driving recreational boatingactivities. This will subsequently drive leisure boat market growth at a CAGRof over 4% during the forecast period. To know the complete and in-depthanalysis and forecast of this market get the complete report by clicking the linkbelow.
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