Leisure Boats Market to 2027 - Lead By Gulf Craft, AL Shaali Marine, Ocean Boats, Al Suwaidi Marine, Instinct Marine, AL Hareb Marine, Ribcraft Middle East

The rise in the popularity of several exciting and extreme destinations around the globe have significantly influenced the growth of leisure boats, and the trend is expected to persist in the coming years. The hastily increasing urban population and propelling buyer confidence in the yacht industry is yet another factor pushing the demand for leisure boats globally. Moreover, the Middle East is currently under the development stage of the market, and therefore all the government and other associated initiatives are expected to have a relatively higher influence on the leisure boats market.

The Middle East leisure boats market 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%.

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The key players influencing the Leisure Boats market are:

1. Gulf Craft Inc.
2. AL Shaali Marine
3. AL Hareb Marine
4. AL Fajer Marine LLC
5. Al Seer Marine Supplies & Equipment Company L.L.C
6. Ribcraft Middle East
7. Ocean Boats
8. Al Suwaidi Marine
9. Al Marakeb Manufacturing Boats Est
10. Instinct Marine

The tenure for used leisure boats can be considered to be anything from half a year to decades old. More often the used boats are more preferred than the new one, mainly because these boats are available readily with less cost as compared to new boats. Moreover, as the used boats have already experienced a major portion of the depreciation, their depreciation based upon the make year, model and market is estimated to remain nearly 3-4% in the later years. The above-mentioned factor is significantly fueling the demand for used leisure boats in the Middle East. In the year 2017 the used boats accounted for nearly 70% of the registered units, and by 2027 they forecasted to account for approximately 68.4% of the total leisure boats registered in the Middle Eastern province.

For the used leisure boats market, the traction has always remained more grounded towards well-maintained boats that have their records in place. The used leisure boats are mostly bought by the rental boat service providers, tourism and travel companies for providing leisure services. Boosting tourism in the Middle Eastern region along with transforming living styles influenced by improvising social trends is expected to have a significant impact on the used leisure boats market.

Some of the major events in this region include the Dubai Industrial Strategy 2030, which has an objective to develop Dubai as a global destination and platform for overseas companies looking for sustainability and growth. The initiative is expected to promote an expansion of Dubai’s yacht and boats manufacturing activities to accomplish domestic demand.

The leisure boats market has been segmented on the basis of type and application. On the basis of type, the leisure boats market has been bifurcated into new leisure boats and used leisure boats. Further, the applications of these leisure boats include in the sailboats, runabouts, jet boats, cabin cruiser, and watercraft. The analysis of the Middle East region is conducted by considering various countries including, Kuwait, UAE, Oman, and Qatar. In the past couple of years, the region has emerged as a foremost center for leisure boating and is a flourishing market for boats and yachts. This region is comprised of high net-worth individuals who have a relatively higher propensity to spend on leisure and luxury. Moreover, the Marine infrastructure expansion and development of tourism are probable to pave new opportunities in the leisure boat market.

The overall leisure boats market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the leisure boats market. It also provides the overview and forecast for the leisure boats market based on all the segmentation provided with respect to the Middle East region. Also, the primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the leisure boats market.

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The report segments the Middle East Leisure Boats Market as follows:

Middle East Leisure Boats Market - By Type
New Leisure Boats
Used Leisure Boats

Middle East Leisure Boats Market - By Application
Sailboats
Runabouts
Jet Boats
Cabin Cruiser
Watercrafts

Middle East Leisure Boats Market - By Country
UAE
Kuwait
Qatar
Oman
Rest of Middle East

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This release was published on openPR.