The leisure boat market will register a CAGR of over 4% by 2023

NEW YORK, April 2, 2019 /PRNewswire/ -- About this market
The increasing demand for outboard powerboats will be one of the key drivers in the market growth. While outboard powerboats have always held a significant portion of the market, their demand further rose in recent years. Many boat companies offer multiple outboard engines, which makes their use in larger boats requiring more power simpler. The preference for outboard powerboats during the forecast period is expected to rise due to the augmented benefits associated with them. Therefore, the demand for outboard powerboats will be a key volume driver for the global leisure boat market. Analysts have predicted that the leisure boat market will register a CAGR of over 4% by 2023.

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Market Overview
Technological integration in leisure boats
Technological integration in leisure boats is driving the growth of the market globally. Leisure boats are equipped with features such as digital dashboards, joystick controls, and digital throttles. The adoption of advanced technologies makes boat operations easy, thus gaining consumer confidence.
High total cost of ownership of leisure boats
The affording a leisure boat is economically not feasible for low- and mid-income families. Due to its expensive nature, the market for leisure boats is very niche in emerging economies as well. Therefore, the high total cost of ownership of leisure boats will be a key price challenge that might hinder the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the leisure boat market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

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