Selbyville, Delaware, Jan. 13, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the leisure boats market which estimates the market valuation for leisure boats will cross US$ 42 billion by 2026. The market is anticipated to witness a high growth rate owing to the rising tourism sector across the globe. Increasing number of tourist activities has led to a steady increase in the demand for leisure boats in the global market.
The leisure boats industry is facing numerous challenges due to the escalating spread of COVID-19 pandemic across the world. Government restrictions on domestic and international trade have led to a gradual decline in the sale of leisure boats in the market. However, the market size is expected to witness a steady growth by 2021 owing to the gradual leniency in lockdown restrictions imposed by various governments.
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Bowrider leisure boats will showcase significant growth potential during the forecast period. The growth is attributed to the enhanced adoption of bowrider boats in the market. The availability of bowrider boats in a wide range of options from 18 to 35 feet will enhance their representation in the industry. The availability of bowrider boats in hybrid fish-and-ski models will contribute to their growing market share.
The gasoline segment will witness a steady growth over the forecast timeline. Gasoline leisure boats require less maintenance and wear and tear of the engine parts compared to their diesel counterparts. Gasoline has more power to weight ratio than diesel. These boats are priced significantly lower than diesel and hybrid boats, thereby accounting for the steady growth.
The Asia Pacific leisure boats market is anticipated to witness a sizable growth owing to the rapid increase in the demand for these boats in countries including Japan, India, and China. Increasing government spending in import and export activities is driving the demand for leisure boats in the region. According to the data published by India Brand Equity Foundation (IBEF), by July 2020, the total import to India accounted for USD 127.76 billion and exports accounted for USD 141.82 billion.
Players active in the leisure boats market are Malibu Boats Inc., Boatrax, Azimut Yachts, Marine Products Corporation, Ferretti S.p.A., and Bénéteau Group. In response to the growing market demand, technology providers are focusing on launching new products in the market for integration with leisure boats. For instance, in October 2018, Boatrax introduced new IoT-enabled boat-monitoring solutions.
Some major findings in the leisure boats market report include:
- Growing emphasis on the integration of advanced technologies including IoT, sensors, and automated control systems into the cruiser boats is driving the industry size growth
- Diesel leisure boats will witness a steady growth rate owing to their efficiency and abundant availability, accelerating the market growth
- Presence of several leading market players coupled with the increasing adoption of these boats in recreational and pleasure boating activities is augmenting the leisure boats market share in North America and Europe
- Key players operating in the leisure boats market include Malibu Boats Inc., Azimut Yachts, Marine Products Corporation, Brunswick Corporation, MasterCraft, and Bavaria Yachtbau GmbH
- Major strategies adopted by the market players include new product launches and strategic partnerships with other industry players to enhance their market share
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Partial chapters of report table of contents (TOC):
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
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.