The Asia Pacific Leisure Boat Market would witness market growth of 5.9% CAGR during the forecast period (2023-2030).
With the rise in popularity of marine and coastal tourism activities over the past few years, the tourism industry has undergone significant change. The economy is expanding steadily, and businesses in certain countries are observing increases in per-capita income, which has increased consumer disposable income.
Additionally, the number of high-net-worth individuals (HNWIs) has increased, which is predicted to encourage consumers to spend more on leisure activities and thus enhance demand for boats for leisure purposes. Non-motorized leisure boats offer low-impact workouts that appeal to people concerned about their health. These boats don't have engines or motors; instead, they use human force, like paddling, rowing, or sailing, to move forward. They provide a more relaxing and peaceful experience, enabling individuals to exercise, experience things at a slower pace on the water, and engage with nature.
With their emphasis on physical activity, tranquility, and a closer connection to nature, non-motorized leisure boats offer a unique and alluring boating experience for enthusiasts of all ages. Kayaks, canoes, and other non-motorized boats for leisure can be classified into various groups. Marine tourism’s development has been aided by the initiatives undertaken by the governments of many nations. In the upcoming years, the tourism industry will benefit from initiatives like boosting investments, building infrastructure, and altering rules & regulations. Across the region, outboard boats and yachts are widely used by boaters for recreational activities, and this trend is expected to continue during the forecast period.
The Asia Pacific region is expected to experience significant growth in the recreation and entertainment sector. Due to a substantial number of youthful customers, an increasing emphasis on the spreading popularity of Western sports leagues & clubs in Asia, and other factors, interest in water sporting events & activities continue to rise throughout the Asia Pacific region. The demand is anticipated to increase as more people in the region participate in leisure activities like boating and cruising.
The China market dominated the Asia Pacific Leisure Boat Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,861.5 Million by 2030. The Japan market is registering a CAGR of 5.2% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.5% during (2023 - 2030).
Based on Product, the market is segmented into Motorized (Yacht, Personal Watercraft, Outboard Boats, and Others), and Non-Motorized. Based on Type, the market is segmented into Used, and New. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Leisure Boat Market is Projected to reach USD 61.7 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Bombardier Recreational Products (BRP) Inc., Brunswick Corporation, Marine Products Corporation (Chaparral Boats, Inc.), Ferretti S.p.A., Avon Marina, Azimut Benetti Group, Fountain Powerboats Group (Iconic Marine Group), Bavaria Yachtbau, Farr Yacht Design Ltd. and Sunseeker International (Wanda Group).
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