Industry analysts confidentially predict that the global leisure boats market is expected to reach a valuation of US$78.4 billion by 2032, with sales growing at a moderate CAGR of 5.8% from 2022 to 2032. The market is driven by a number of factors, including the rising adoption of technologically advanced tools like IoT by market manufacturers, the growing popularity of electric boats, and the increasing demand for experience-based events and tourism.
The Dubai International Boat Show, one of the world’s largest and most prestigious boat shows, plays a significant role in driving the growth of the leisure boats market in the Middle East and North Africa (MENA) region. The show attracts a wide range of exhibitors and visitors from around the globe, providing a platform for new product launches, networking opportunities, and business transactions.
The event, which is set to mark its landmark 30th edition in 2024, is also a major showcase for innovative technologies in the leisure boats industry. In recent years, the show has featured a number of new technologies, such as IoT-based boat monitoring systems, electric boats, and self-driving boats. These technologies are making leisure boating more accessible, convenient, and enjoyable for consumers.
Environmental concerns
The growing popularity of electric boats is another key factor driving the growth of the leisure boats market. Electric boats are more environmentally friendly and quieter than gasoline-powered boats, making them an appealing option for consumers who are concerned about the environment.
The increasing demand for experience-based events and tourism is also fuelling the growth of the leisure boats market. Consumers are increasingly looking for ways to spend their time and money on experiences that they will remember for a lifetime. Chartering or renting a boat is a great way to experience the beauty of the outdoors and create lasting memories with family and friends.
Overall, the leisure boats market is expected to continue to grow in the coming years, driven by a number of factors, including the rising adoption of new technologies, the growing popularity of electric boats, and the increasing demand for experience-based events and tourism. After three decades in the industry, Dubai International Boat Show continues to play a key role in driving the growth of the market in the MENA region.
Read the report in full at Future Market Insights.
