Pune, India, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global leisure boat market is set to gain momentum from its increasing usage for pleasure, water-sporting, and tourism. Fortune Business Insights™ presented this information in an upcoming report, titled, “Leisure Boat Market Size, Share & Industry Analysis, By Boat Type (Motorized [Yachts, Personal watercraft, Outboard Boats], Non-Motorized [Kayaks, Canoes, Others]) and Regional Forecast 2020-2027.” The report further mentions that watercraft, canoes, kayaks, cruises, outboard, and yachts are some of the popular types of leisure boats.
The outbreak of COVID-19 is affected by a wide range of industries negatively. It has disrupted supply chains because of the complete shutdown of warehouses and factories across the globe. Also, transportation of raw materials to manufacture a certain type of automobile is becoming difficult under the current circumstances. We are providing elaborate information about the effects of this pandemic on every market.
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Our skilled research analysts have collected information from end-user facilities, Alliance of Automobile Manufacturers, International Organization of Motor Vehicle Manufacturers (OICA), and Automotive Aftermarket Suppliers Association (AASA) to provide the supply chain and value chain analysis. At the same time, they have conducted Porter’s analysis to offer detailed information about the bargaining power of every link in the value chain. The report also contains recent industry developments, such as joint ventures, new product launches, collaborations, and acquisitions to focus on the vital investment zones.
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Drivers & Restraints-
Rising Disposable Incomes of People to Boost Growth
The increasing disposable incomes and the rising expenditure on tourism are anticipated to bolster the leisure boat market growth in the coming years. Besides, the surging craze of various water sports, the presence of good infrastructure of boats, and technological advancements would propel the demand for leisure boats. At the same time, the trend of living in water body vacation homes, a rapid shift toward comfort, and high standard of living of the masses are set to contribute to this growth. Governments and private agencies of several countries are also taking initiatives to develop marine and coastal tourism, as well as promote leisure boating. However, these boats often cause water pollution, which, in turn, may obstruct growth.
Increasing Installation of Safety Features in Boats to Favor Growth in Europe
Regionally, Europe is likely to retain its leading position by procuring the highest leisure boat market share in the upcoming years. Italy, Spain, and Germany would contribute to this growth because of the increasing demand for leisure boats in these countries. Besides, the installation of unique safety features in these boats would help people to experience adventurous water sports in this region.
In North America, the increasing fishing activities and popularity of water sports would accelerate growth. Coupled with this, the high demand for recreational boating experience and robust economic growth would augment regional growth. Asia Pacific, on the other hand, is projected to grow substantially fueled by the increasing number of government initiatives for broadening coastal tourism.
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Key Companies Focus on Introducing Innovative Concepts amid COVID-19 Pandemic
The global market for leisure boats houses numerous reputed organizations that are mainly aiming to cater to the high demand from customers globally. They are either launching new conceptual boats amid the COVID-19 pandemic or engaging in strategic collaborations to intensify competition.
Below is one of the latest industry developments:
December 2020: Some of the residents of the Philippine capital have started a new concept where they can watch movies in front of a giant screen sitting in socially distanced gondolas. It is occurring at the Venice Grand Canal-themed mall situated in Manila. People may sit two in a boat, with around 10 guests per screening. All the boats are kept meters apart from each other.
List of leisure boat manufacturers operating in the global market:
- Sunseeker International Limited
- Catalina Yachts
- Bavaria Yachtbau
- Marine Product Corporation
- Ranger Boats
- Ranger Boats
- Brunswick, Mahindra Odyssea
- Godfrey Pontoon Group
- Hobie Cat Company
- Bennington Marine LLC
- Azimut Benetti
- Tracker Boats
- Ferretti Group
- Other prominent companies
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