Leisure Boat Market Size is projected to reach USD 64.71 Billion by 2030, growing at a CAGR of 4.7%: Straits Research
, 2022-08-03 12:30:00,
The global leisure boat market size was valued at USD 42,803 million in 2021. It is expected to expand at a CAGR of 4.7% to reach USD 64,713 million during the forecast period (2022–2030). By 2030, North America will hold the largest share of USD 28,367 million, growing at a CAGR of 4.2%. North America is home to a significant number of both large and small boat manufacturers.
New York, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) — A leisure boat is a leisure activity marine vessel primarily used for pleasure and tourism. Sailboats, runabouts, towboats, cabin cruisers, jet boats, and watercraft are popularly motorized or non-motorized recreational boats. People commonly utilize them for boating, sailing, fishing, and campaigning. Since boating allows individuals to enjoy themselves while maintaining a social distance, it has become one of the most popular forms of recreation in various regions and countries, increasing the number of people purchasing boats.
The luxurious and spacious cabins of the leisure boat are constructed from premium materials such as wood, plastic, aluminium, and coated fabrics. In addition, it features advanced propulsion systems and a variety of amenities for overnight guests. Adults’ growing interest in boating and rising discretionary income are two factors that have contributed to recreational boating’s significant rise in popularity. These factors encourage a broader range of recreational participation, including recreational boating.
The rapid expansion of the tourism industry and the introduction of technologies such as the internet of things and intelligent connected devices are driving the growth of the leisure boat market. Due to the low and affordable prices of various recreational boats, boating has become an increasingly popular pastime. The increasing number of people with significant wealth has led to a rise in money spent on leisure activities. In addition, the expansion of trade shows and boating events and the increase in the number of people participating in these events have significantly contributed to the market’s growth.
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Growing Popularity of Connected Boats and Increased Spending on Leisure Activities to Drive the Market for Leisure Boats
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