The Latin America, Middle East and Africa Leisure Boat Market would witness market growth of 9.2% CAGR during the forecast period (2023-2030).
The market is expected to expand during the projected period due to adequate boat infrastructure and the rising popularity of water sports & other water activities worldwide. The leisurely boat market is expanding due to rising living standards, peoples' preferences for comfort and elegance, and the growing popularity of vacation places near water bodies. Also, different measures are being done by the government and private organizations to promote recreational boating and the development of marine & coastal tourism.
One of the most popular recreational activities among customers around the region is leisure boating, which is rising quickly. The HNWI population is anticipated to increase over the projection period. As these customers generally can afford recreational boat activities, large expenditures are anticipated to enter the market in the upcoming years.
The development of peer-to-peer boat-sharing services has considerably aided in the growth of the market. Anyone who declines to spend money on boat ownership might use these platforms to find affordable alternatives. By renting out their boats to individuals, boat owners can earn extra money through the service. The peer-to-peer boat-sharing industry is increasing due to the growing popularity of digital platforms for registration and payment processes, which significantly benefits the expansion of the market.
By 2030, Saudi Arabia expects to accommodate more than 100 million tourists yearly, according to the International Trade Administration. To accomplish this, it has carried out many regulations, such as establishing an electronic visa system for residents of 49 nations, opening its UNESCO World Heritage Sites, constructing resorts along its Red Sea coast, and launching a cruise line. The Ministry of Tourism will launch the new Tourism Development Fund in 2020 with a $4 billion initial investment. The Ministry added that it will actively collaborate with investors in the manufacturing sector to take advantage of new growth prospects in the next years as tourism moves into a post-COVID pandemic recovery phase. The market is anticipated to witness significant growth due to the booming tourism sector across LAMEA region.
The Brazil market dominated the LAMEA Leisure Boat Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,172.2 Million by 2030. The Argentina market is showcasing a CAGR of 9.8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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).
By Product
By Type
By Country
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
