Pune, India -- (SBWIRE) -- 03/30/2019 -- The rising demand for Leisure boats in the Middle East has attracted various manufacturers to the region, resulting in the production of numerous modern leisure boats. This has not only spurred up the market for new boats but also increased the market value for used boats. Increase in the market value of the used boats is mainly because of the rapidly urbanizing population, which has been increasingly showing investment interest in leisure activities.
The tenure for used leisure boats can be considered to be anything from half a year to decades old. More often the used boats are more preferred than the new one, mainly because these boats are available readily with less cost as compared to new boats. Moreover, as the used boats have already experienced a major portion of the depreciation, their depreciation based upon the make year, model and market is estimated to remain nearly 3-4% in the later years. The above-mentioned factor is significantly fueling the demand for used leisure boats in the Middle East. In the year 2017 the used boats accounted for nearly 70% of the registered units, and by 2027 they forecasted to account for approximately 68.4% of the total leisure boats registered in the Middle Eastern province.
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The key players influencing the market are, Gulf Craft, AL Shaali Marine, AL Hareb Marine, AL Fajer Marine, Al Seer Marine Supplies & Equipment Company, Ribcraft Middle East, Ocean Boats, Al Suwaidi Marine, Al Marakeb Manufacturing Boats Est, Instinct Marine.
For the used leisure boats market, the traction has always remained more grounded towards well-maintained boats that have their records in place. The used leisure boats are mostly bought by the rental boat service providers, tourism and travel companies for providing leisure services. Boosting tourism in the Middle Eastern region along with transforming living styles influenced by improvising social trends is expected to have a significant impact on the used leisure boats market.
Some of the major events in this region include the Dubai Industrial Strategy 2030, which has an objective to develop Dubai as a global destination and platform for overseas companies looking for sustainability and growth. The initiative is expected to promote an expansion of Dubai's yacht and boats manufacturing activities to accomplish domestic demand.
The leisure boats market has been segmented on the basis of type and application. On the basis of type, the leisure boats market has been bifurcated into new leisure boats and used leisure boats. Further, the applications of these leisure boats include in the sailboats, runabouts, jet boats, cabin cruiser, and watercraft. The analysis of the Middle East region is conducted by considering various countries including, Kuwait, UAE, Oman, and Qatar. In the past couple of years, the region has emerged as a foremost center for leisure boating and is a flourishing market for boats and yachts. This region is comprised of high net-worth individuals who have a relatively higher propensity to spend on leisure and luxury. Moreover, the Marine infrastructure expansion and development of tourism are probable to pave new opportunities in the leisure boat market.
The overall leisure boats market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the leisure boats market. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the leisure boats market.
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