According to a new report published by Transparency Market Research, the leisure boat market will record significant growth owing to the rise in disposable income of consumers, which is increasing spending on tourism. The report titled, “Leisure Boat Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026,” anticipates that the global market will grow remarkably during the forecast period.
A leisure boat is a recreational boat used for tourism and pleasure. These boats can have luxurious cabins and accommodation amenities. Leisure boats include sailboats, runabouts, towboats, jet boats, cabin cruisers, and watercrafts. TMR reports that the growing interest in water recreation and rising participation in water activities across the globe are expected to drive the leisure boat market during the forecast period. The trend of owning vacation homes and accommodations on the banks of a waterbody is propelling the demand for leisure boats.
Increasing demand for luxury is anticipated to drive the leisure boat market, according to TMR. Leisure boats are equipped with features such as digital dashboards, joystick controls, and digital throttles. This is increasing confidence among novice and improving first-time sales, which in turn is driving the market. Adoption of advanced technologies has made boat operations easier, thus gaining consumer confidence and allowing to experience recreational activity. Leisure boats are extensively utilized in Europe. The region has 27,000 Km of inland waterways and 70,000 Km of coastline.
According to the European Boating Industry, more than 36 million people in Europe are boaters. Environment, terrain, and affordability of the Europe region drive the leisure boat market in the region. Countries such as Thailand, Malaysia, Singapore and the Philippines in Asia Pacific are witnessing an increase in tourism, especially along their tropical coastlines. This is anticipated to propel the leisure boat market in Asia Pacific.
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