The global leisure boat market has been forecast to hit a value of $48 billion in 2014, rising from 2012's value of $43.3 billion, with major markets such as the US, France and Italy accounting for 90% of the sector.
Leisure boats, also known as recreational boats or pleasure crafts refer to any boat, designed primarily for the benefit and recreation of the owner, with maximum length of up to 24 meters and not used for commercial activities.
With the increasing wealth, coupled with the rising intention of spending on the leisure items, in order to have a break from the normal busy schedules, the demand of the leisure boats had undergone significant increase since 2007.
The increasing number of baby boomers, rising household incomes, growing world economies, and rising employment rates are few of the factors which are expected to drive the growth of the industry.
Industry players are now expanding their reach to the emerging markets, realising the growth potential in these areas. The well developed boating infrastructure in these markets is attracting many industry leaders. Hence, the industry is expected to see significant growth in near future.
The United States and Europe represent the principle regions within the leisure boat industry and control a significant portion on global revenue. Though these markets are on verge of maturity, a good growth potential still lies in these markets.
While the United States holds the largest share in motorboat segment, Europe is a clear leader in the sailing boat segment. However, in terms of imports and exports of leisure boats, different regions hold different positions.
The major challenges faced by the industry include the negative impacts of leisure boats on the environment, impacts of the adverse weather conditions, like floods, drought, unreasonably hot or cold weather, and stiff competition from all other leisure activities.
Apart from these, one major challenge for the leisure boat market is to reduce the number of casualties or accidents occurring from the use of recreational boats.
For more information on the global leisure boat market, see the latest research: Global Leisure Boat Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.