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 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.
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The key players influencing the 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.
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
Middle East Leisure Boats Market – By Country
Rest of Middle East
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Reason To Buy
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