Leisure Boats Market in Middle East Outlook to 2027 - Ribcraft Middle East, Ocean Boats, Al Suwaidi Marine, Gulf Craft, Al Shaali Marine, Al Hareb Marine, Al Fajer Marine, Al Seer Marine Supplies & Equipment Company, Al Marakeb Manufacturing Boats Est, In
High spending capability of the population and increasing waterfront projects would contribute to the growth of Leisure Boats market by 2027 with a CAGR of 4.9%.
The “Leisure Boats Market to 2027- by Type (New Leisure Boats and Used Leisure Boats); Application (Sailboats, Runabouts, Jet Boats, Cabin Cruiser, Watercrafts) – Middle East Analysis and Forecast”. The scope of study involves understanding on the factors responsible for this growth of Leisure Boats Market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant leisure boats players in the market and their key developments.
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Leisure Boats Market to 2027 – Middle East Analysis in terms of revenue, is expected to grow to US$ 2,947.1 million by 2027 from US$ 1,840.0 million in 2017, growing at a CAGR of 4.9%. By 2016 the marine industry in Middle Eastern had managed to defy the economic slowdown. The potential of the market to successfully survive the economic downturn was attributed to the robust customer loyalty, which backed for 70-80% of the force motivating the growth in this sector. These loyal customers are that fragment of the demography who generate the need for products that enhance their seafaring experiences. Such demands can range from luxurious yachts to water sports equipment. Expanding base of loyal clientele is the key factor, which is enforcing the Gulf/GCC based leisure boats manufactures to stick this market and enhance its growth opportunities by constant innovation.
The disposable income of population residing in the Gulf countries is high and is accepted to further increase during the forecast period. Certain Middle East countries comprise of highly affluent population, which makes the Middle East a significant market for luxury products. Also, the development of waterfront residential properties is boosting the demand for leisure boats. Countries including UAE, Oman, and Kuwait have waterfront residential projects underway. For instance, in 2017, IMKAN Properties LLC in Abu Dhabi revealed a US$ 540 Mn waterfront project on Reem Island.
The Leisure Boats market by Middle Eastern Region is segmented into for major countries and the rest of Middle East. Kuwait is expected to account for the largest share of the Middle East Leisure boats market in 2017, followed by UAE. Being two key countries in the Middle East the growth in UAE is contributed by several government-initiated marine projects and lifestyle transformation. The report profiles key players such Gulf Craft Inc., Al Shaali Marine, Al Hareb Marine, Al Fajer Marine Llc, Al Seer Marine Supplies & Equipment Company L.L.C, Ribcraft Middle East, Ocean Boats, Al Suwaidi Marine, Al Marakeb Manufacturing Boats Est, and Instinct Marine, among others.
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The report segments the Middle East Leisure Boats Market as follows:
1.1.1 Middle East Leisure Boats Market – By Type
• New Leisure Boats
• Used Leisure Boats
1.1.2 Middle East Leisure Boats Market – By Application
• Jet Boats
• Cabin Cruiser
1.1.3 Middle East Leisure Boats Market – By Country
• Rest of Middle East
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