The used leisure boats are expected to gain prominent growth rate during the forecast period
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.
Leisure Boats Market to 2027 - Middle East Analysis and Forecast by Type and Application. In terms of revenue, 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%. The rising demand for Leisure boats in the Middle East has attracted various manufacturers to the region, resulting in the production of numerous modern leisure boats. This has not only spurred up the market for new boats but also increased the market value for used boats. Increase in the market value of the used boats is mainly because of the rapidly urbanizing population, which has been increasingly showing investment interest in leisure activities.
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.
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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