{"id":521637,"date":"2020-12-08T11:04:01","date_gmt":"2020-12-08T11:04:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=521637"},"modified":"2020-12-08T11:04:01","modified_gmt":"2020-12-08T11:04:01","slug":"leisure-boat-market-is-projected-to-grow-5527-billion-with-cagr-of-above-41-by-2027-grand-view-research-inc","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/leisure-boat-market-is-projected-to-grow-5527-billion-with-cagr-of-above-41-by-2027-grand-view-research-inc_521637.html","title":{"rendered":"Leisure Boat Market is Projected to Grow $55.27 Billion With CAGR of Above 4.1% by 2027 | Grand View Research, Inc."},"content":{"rendered":"
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Grand View Research, Inc. – Market Research And Consulting.<\/div>\n<\/div>\n<\/div>\n
According to report published by Grand View Research, The global leisure boat market size was valued at USD 39.75 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2020 to 2027. <\/div>\n

The global leisure boat market<\/a> size is expected to reach USD 55.27 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.1% from 2020 to 2027. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market. Although the ongoing Covid-19 pandemic has proved to be a major hindrance for the market, the gradual re-opening of the economies and upliftment of restrictions are paving the way to bring the market back on track. Besides, the growing urge among masses to involve in leisure activities in the post-lockdown period further presents bright opportunities for the market over the forecast period.<\/p>\n

The tourism industry has changed drastically over the last few years with the increasing popularity of marine and coastal tourism activities. The world economy is witnessing healthy growth and markets, such as the U.S., are witnessing growth in the per-capita income of the individuals, which, in turn, has resulted in a rise in the disposable income of consumers. Moreover, there has been a rise in the number of High Net Worth Individuals (HNWIs), which is expected to drive consumers to spend more on leisure activities, thus boosting demand for recreational boats.<\/p>\n

The increasing number of boat shows and water sporting events are attracting a large number of boaters worldwide. The leading manufacturers are sponsoring boat shows and events, which, in turn, is enhancing the popularity of leisure boats. North America is poised to remain the most prominent region in terms of revenue generation during the forecast period. The rising demand for recreational watercraft is driven by factors such as improving economic conditions and the rising disposable income of consumers in the region. The U.S. is anticipated to witness significant growth over the forecast period. Demand in the country is majorly driven by factors such as the increasing number of high net worth individuals and the growing popularity of water sports and fishing activities. <\/p>\n

To Know More About Leisure Boat Market, Access Sample Report @ <\/strong>https:\/\/www.grandviewresearch.com\/industry-analysis\/global-leisure-boat-market\/request\/rs1<\/a><\/p>\n

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Measures taken by various governments to promote tourism activities in their countries are also boosting the market growth. Countries with rich natural resources, such as vast coastlines and large inland water bodies, are undertaking initiatives to promote recreational boating activities to increase their tourism business. Countries such as the U.S. have a vast coastline, a highly developed infrastructure, and a large population that participates in leisure boating activities, thus opening new growth opportunities for the market. Additionally, the French government is encouraging yacht manufacturers by providing them support in various forms, thus enabling them to invest in expanding their yacht maintenance and construction capacities.<\/p>\n

Leisure Boat Market Report Highlights<\/strong><\/p>\n