The leisure and defense power boats market size was valued at US$ 23,617.2 Mn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2020 to 2028
Reports and Insights has published a new report titled, “Leisure and Defense Power Boats Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Leisure and Defense Power Boats Market, By Propulsion (Outboard Boats, Inboard & Sterndrive Boats, Sailboats), By Boat Size (Up to 20 Ft., 21 Ft. to 35 Ft., 36 Ft. to 50 Ft.), By Engine (Diesel, Electric, Solar), By Horsepower (Up to 250 HP, 250 HP to 500 HP, Above 500 HP), By Application (Leisure (Fishing, Transportation, Sports, Travel & Tourism, Others), Defense (Military, Police Patrol, Rescue, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
In 2019, the global leisure and defense power boats market was valued at US$ 22,437.9 Mn and is estimated to reach at a value of US$ 23,617.2 Mn by the end of 2020, with a growth rate of 5.3%.
A powerboat, also commonly known as a speedboat or motorboat, can be understood as a boat which is powered by an engine. Some powerboats are integrated with inboard engines, whilst others have an outboard motor incorporated on the rear, comprising the gearbox, the internal combustion engine, and the propeller in a convenient unit.
A leisure power boat is a recreational boat, which includes lavish cabins and accommodation amenities, which is majorly developed for non-commercial use. People are likely to spend quality time with their family and friends on and off water activities in a social, and friendly environment. Whilst on the contrary, the defence power boats are basically patrolling boats, originally developed for police and defence teams for tasks like search and rescue operations, border protection, coastal defence, and immigration law-enforcement. In addition to that, the defence power boats also serves its utility in multiple border protection purposes, comprising anti-piracy, anti-smuggling, immigration law enforcement, and fisheries patrols.
The growing disposable income of the working population around the world as well as the thriving tourism industry is one of the primary factors that is propelling the market growth of leisure power boats across the world.
Moreover, the increasing attraction towards water sports, including surfing, scuba diving, parasailing, and many more among youngsters is further increasing the demand of leisure power boats worldwide. Whilst, the increased patrolling activities along with tasks like search and rescue operations, border protection, and coastal defence is majorly driving the growth of defence power boat market.
However, factors like high initial investments as well as high costs of leisure boats are still likely to hold back the global leisure and defense power boats market in the coming years.
Reports and Insights Study identifies some of the key participating players in the leisure and defense power boats market globally are Groupe Beneteau, Brunswick Corporation, Marine Products Corporation, Carnival Corporation & plc, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., MCBC Holdings, Inc., Malibu Boats, Inc., Grand Banks Yachts Ltd., Porter, Inc., Grady-White Boats, Inc., Maverick Boat Group, Inc., Correct Craft, Baja Marine, Pacific Asian Enterprises, Albemarle Boats, Yamaha Motors Co. Ltd., and Sunseeker International Limited, among others.
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