A leisure boat is also known as pleasure craft or recreational boat that is designed for and capable of moving in water with a maximum length of up to 24 meters, and is meant to be used for recreational or leisure activities only, and is not utilized in any type of business or moneymaking venture. The pleasure craft may also be used as a temporary residence for the owner, and often is equipped with amenities that are like those that are found in a home, albeit on a smaller scale. The very craft could be motorized or non-motorized depending upon the boat type.
North America accounts for the largest share in the global recreational boating market. In North America, the US holds the largest share of recreational boat market. Around 37% of the total population of the US participates in recreational boating on annual basis. Italy, UK, Germany and France are some of the major recreational boating markets in European region. The share of recreational boating market is expected to grow at higher rate in Europe region as compared to North America. This industry was hit hard during global recession as demand in major markets such as the US and Europe suffered a negative impact during economic slowdown. However, with improved economy with GDP projected to grow, an improving housing market, a stronger job market, increasing consumer confidence and a multi-year low on fuel prices have bolstered leisure boat market outlook for coming years.
Increasing GDP levels, increasing volumes of both inbound and domestic tourists coupled with rise in disposable incomes, improving adult participation in recreational boating activities, increasing high net worth population and increasing urban population are the factors driving the leisure boat industry. Despite the existence of various growth drivers, there are certain challenges faced by the industry including environmental concerns, impacts of adverse weather conditions like floods, drought, unreasonably hot or cold weather, shortage of boat moorings and contention from other leisure activity sources which can potentially hinder the growth of the industry.
The report, “Global Leisure Boat Market” prudently analyzes the development of the respective market, with a focus on regions including the US, UK, Italy and Croatia. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The leisure boat industry is predominated by a handful of players including Beneteau SA, Brunswick Corporation and Marine Products Corporation contending and vying for capturing market share. The profiles of these leading players are also included in the report along with their key financials and strategies for growth.
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