The market is characterised by high competition due to presence of a large number of companies. Increasing spending on R&D activities by major players is paving way for technologically superior products. There is also a rise in the number of boating events hosted by companies. As a result of these factors, the market is likely to witness increased competition.
Seattle, WA -- (SBWIRE) -- 10/22/2019 -- Booming tourism sector and rising disposable income of citizens in emerging economies, such as Brazil and China, are some of the key trends escalating market growth. Furthermore, growing participation of people in recreational and competitive boating activities across the globe is estimated to provide an upthrust to the market. Besides this, increasing advancements in technologies are projected to boost the growth of the market over the coming years.
The market consists of manufacturers, engine manufacturers, trade & service providers, and equipment manufacturers. The market is experiencing significant technological changes. Use of IoT and smart sensors in boat building is enhancing the safety of the product. Additionally, modifications in materials used for building the product are making boats affordable for consumers.
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The market holds immense potential, owing to combination of numerous factors such as increasing investments and research activities undertaken by prominent players of the industry to develop and upgrade products. Additionally, rising awareness of benefits of adopting advanced technologies is further contributing to the growth of the market.
Recreational boating activities are gaining popularity among tourists owing to increasing number of boating events and trade shows taking place in different parts of the world. Marine and coastal tourism has emerged as a significant tourist attraction among citizens in developing countries, especially in the European and North American regions. Additionally, Asia Pacific countries such as China and Australia are witnessing new growth opportunities in the market.
The European leisure boat market is expected to post the highest CAGR over the forecast period. North America is poised to be the most prominent region in terms of revenue during the forecast period. Heightened demand for recreational watercraft is driven by factors such as improving economic conditions and rising disposable income of consumers. Asia Pacific is anticipated to witness a significant growth rate over the forecast period owing to major steps taken by governments for development of tourism activities. The China market is likely to exhibit the highest CAGR over the forecast period.
Key players operating in the market include Avon Marine; Azimut Benetti S.p.A.; Baja Marine; Bavaria Yachtbau GmbH; Bombardier Recreational Products (BRP) Inc.; Brunswick Corporation; Farr Yacht Design, Ltd., Groupe Beneteau, KINGBAY Yacht, Sunbird, Hansheng Yacht, Marine Products Corporation, PRINCESS
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