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Motorboats are defined as the vessels that are used as a mode of transportation as well as for recreational purposes operating from a motor engine. A motorboat which is also known asa speedboatis a boat that is powered by an engine.It is different from ship in terms of various factors such as size, construction & design, operational areas, cargo capacities, navigation technology, and others. Moreover, there are some motorboats,which are fitted with inboard engines, others have an outboard motor installed on the rear, containing the internal combustion engine, the gearbox, and the propeller in one portable unit.In terms of operational areas, motorboats are operable in smaller or restricted water areas and include ferrying and towing vessels, sail vessels, paddle vessels, and others.Boats are generally used for personal, leisure, sports activities, military use, and rescue operations. The motorboats are available in a large range of sizes and types. Motorboats can vary in proportion and manufacture methods with their intended purpose, available raw materials, or local traditions. The motorboats are primarily classified into unpowered or man-powered boats and are available in a large range of types and sizes.
COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include increase in marine tourism and rise in awareness about the benefits of adopting advanced technologies. However, attracting new families and youngsters to purchase a new boat and strict pollution norms for recreational boatsis anticipated to hamper the growth of the market. Furthermore, surge in demand for outboard boats and retrofitting and maintenance of boatsare expected to offer lucrative opportunities for the market.
Motorboat market trends are as follows:
Increase in marine tourism
Maritime and coastal tourism faces an upward trajectory across the world.There is an increase in the demand from motorboat for luxurious seats in their boatsto intensify and assure convenience to the passengers onboard. Moreover, the increase in demand for luxury has set new limits for manufacturers to work on with the increase in demand. This boosts the market growth.
Rise in awareness about the benefits of adopting advanced technologies
Advanced technologyfor autonomous driving systems has tremendously increased the demand for different products as the increase in casualties and accidents around the globe have educated the people about the benefits of these technologies. Hence, customers are ready to pay a high price for their comfort and safety while traveling. This is projected to boost the market growth
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Questions answered in the motorboat market research report:
Key Market Segments
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