A leisure boat is also known as pleasure craft or recreational boat that is designed for and capable of moving in water with a maximum length of up to 24 meters, and is meant to be used for recreational or leisure activities only, and is not utilized in any type of business or moneymaking venture. The pleasure craft may also be used as a temporary residence for the owner, and often is equipped with amenities that are like those that are found in a home, albeit on a smaller scale. The very craft could be motorized or non-motorized depending upon the boat type. Now days, several types of pleasure crafts are available with a broad range of variants.
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The leisure boat industry represents only a small fraction of the global leisure industry. The leisure boat industry was hit hard during global recession as demand in major overseas markets such as the US and Europe was impacted by economic slowdown. The United States and Europe are the principle regions for the leisure boat market, which collectively represent a significant share of the global leisure boat trade statistics. Though these markets are on the verge of maturity, there still lies a tremendous growth opportunity in these markets.
Specifically, in terms of adult participation, production units, and increased revenues, the leisure boat industry performed on a noteworthy scale over the past 10 years. In addition, factors like increasing participation in the boating activity, rising income and population of HNIs, ameliorating global economy, ardent tourism industry and increasing urban population are further fueling the growth of leisure boat industry. Despite the existence of various growth drivers, there are certain challenges faced by the industry including environmental concerns, impacts of adverse weather conditions like floods, drought, unreasonably hot or cold weather, shortage of boat moorings and contention from other leisure activity sources which can potentially hinder the growth of the industry.
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