The latest market report published by Credence Research, Inc. is “Global Leisure and Defense Power Boats Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2030”. The Global Leisure and Defense Power Boats Market generated revenue of around USD 24165.2 million in 2022 and is projected to grow a CAGR of over 5.9% during the forecast period from 2023 to 2030 to reach around USD 36096.25 million in 2030.
A powerboat, or a speedboat or motorboat, is powered by an engine. A leisure power boat is a recreational yacht with luxurious cabins and accommodations mainly intended for non-commercial use. On the other hand, defense power boats are patrolling boats originally intended for police and defense teams for tasks such as search and rescue operations, border protection, coastal defense, and immigration law enforcement. The defense power boats can also be used for anti-piracy, anti-smuggling, immigration law enforcement, and fisheries checks. One of the primary factors driving the global market development of leisure powerboats is the increasing disposable income of the working population and the thriving tourism industry. Besides, young people’s increasing popularity of water sports such as surfing, scuba diving, parasailing, and others drives up demand for leisure power boats worldwide. While higher patrolling activities, as well as tasks such as search and rescue, border protection, and coastal defense, are driving the expansion of the defense powerboat market. However, expensive initial investments and leisure boat expenses will restrain the global leisure and defense power boat market in the coming years.
The global leisure and defense power boats market is bifurcated into Propulsion, Boat Size, Engine, Horsepower, Application, and Geography. The market is categorized into inboard & sterndrive boats, outboard boats, and sailboats based on propulsion. Based on boat size, the global market is segmented into 21 ft. to 35 ft., up to 20 ft., and 36 ft. to 50 ft. The market is divided into diesel, electric, and solar based on the engine. Based on horsepower, the market is classified into 250 hp to 500 hp, up to 250 hp, and above 500 hp. Based on application, the global market is divided into leisure, fishing, transportation, sports, travel & tourism, defense, military, police patrol, and others. The market is segmented based on geography: Europe, Asia Pacific, North America, Latin America, the Middle East, and Africa.
North America dominated the global leisure and defense power boats market in 2022. The region’s rising demand for leisure water sports and government support for the recreational boat industry catalyze market development. Increasing water sports activities and fishing competitions create lucrative growth opportunities for the regional market. A shift in boat usage patterns from long vacations to short day trips and weekends also adds to the rising demand for leisure boats in the United States and Canada.
The Leisure and Defense Power Boats Market major players analysis is a comprehensive report that provides an in-depth examination of the key companies operating within this rapidly growing industry. This exhaustive study delves into every aspect of these firms, from their product portfolios to their financial performance, competitive landscape, and market positioning. With its rich data and insights, the report offers invaluable guidance for investors seeking to capitalize on opportunities within this dynamic sector.
Serval Growth Factor :
- One of the main global factors driving growth in the leisure and defense power boats market is the increasing popularity of water-based activities such as recreational boating, water sports, and fishing. As more people seek out these activities, demand for power boats has increased, leading to growth in the industry.
- Another factor contributing to the growth of the market is the increasing availability of affordable and technologically advanced power boats. This has made power boating more accessible to a wider range of consumers, leading to increased demand.
- In addition, the defense power boats market has seen growth due to increased government spending on naval and coast guard vessels, driven by concerns over maritime security and the need to combat piracy and other illegal activities at sea.
- Regionally, the growth of the leisure and defense power boats market has been driven by factors such as the availability of suitable waterways for recreational boating, the popularity of boating culture in certain regions, and the presence of strong manufacturing and distribution networks.
- Overall, the leisure and defense power boats market is expected to continue to grow in the coming years, driven by increasing demand for water-based activities and the availability of technologically advanced and affordable power boats.
Why to Buy This Report-
- The report offers a quantitative and qualitative analysis of the global leisure and defense power boats market by segments, drivers, current trends, restraints, challenges, opportunities, and market dynamics with the historical period from 2018–2021, base year–2022, and forecast period 2023–2030.
- The report gives insights into the competitive landscape, including how key players in the market are operating globally, regionally, and at the country levels.
- The report contains an extensive analysis of the global leisure and defense power boats market segmentation by propulsion, boat size, engine, horsepower, and application, which can assist stakeholders in better understanding market dynamics and identifying potential growth opportunities.
- The report offers business insights into technological advancements, research and development activities, and product innovations in the leisure and defense power boats market.
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