Pune, India, March 29, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, small boat market size is expected to reach USD 57.78 billion by 2028, at a CAGR of 11.0%. The size of the global small boat market was USD 25.09 billion in 2020. According to our analysts, the increasing intensity of fishing activities around the world will be a major growth driver for this market.
Fisheries and aquaculture are essential primary sector activities for countries with extensive coastlines. Small boats are essential equipment that fishing communities must use to maintain their livelihoods. With the demand for fish products, such as fish oil, growing rapidly around the world, fishing activities have boomed in recent years.
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|Forecast Period 2021 to 2028 CAGR||11.0%|
|2028 value projection||$57.78 billion|
|Year of reference||2020|
|Market size in 2021||$26.89 billion|
|Historical data for||2016-2018|
|Number of pages||140|
|Segments Covered||Motorboat, sailboat, personal watercraft and others|
|Growth engines||Introduction of luxury yachts by boat builders to fuel market growth|
|Europe will register a promising CAGR; North America will show growth in the pound sterling|
By product type, the market has been divided into powerboats, sailboats, personal watercraft and others. The personal watercraft segment held a 11.3% market share in 2020, while the sailboat segment held a 6.6% market share in 2020.
Based on application type, this market has been segmented into yachting, fishing, defense and others. Based on geography, the market has been segregated into North America, Europe, Asia-Pacific, and Rest of the World.
Key Features of the Report
This report incorporates an in-depth analysis of the critical factors driving and restraining the market and contains actionable insights into the major market players and their strategies. Additionally, the report provides a comprehensive review of various market segments, along with an in-depth and intensive assessment of regional developments in the market.
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Introduction of luxury yachts by boat builders to fuel market growth
Small boats in the form of yachts are very popular among sailing enthusiasts, who want to navigate the seas while having a comfortable ride. As a result, many boat manufacturers have introduced small luxury boats to attract consumers. For example, MasterCraft Boat Holdings launched the AV40 luxury boat in 2020, designed in European fashion and equipped with a range of amenities, such as joystick steering, two folding sundecks and a large entertaining area. Likewise, boat builders are offering innovative boat products to meet the growing interest in water excursions. In 2020, for example, Bayliner reinvented its Trophy series and launched the T20CC and T22CC boats, offering entertainment space and fishing equipment. The growing popularity of these new boat concepts therefore broadens the reach of this market.
According to the Food and Agriculture Organization of the United Nations (FAO), the total number of fishing vessels worldwide was 4.6 million in 2018, up 2.8% from 2016. Of these, motor vessels accounted for 63% of the total fleet, or 2.9 million. . Furthermore, the fishing and aquaculture industry employed 59.5 million people in 2018. Thus, the expansion of fishing and fishing will accelerate the adoption of small-sized vessels by fish farmers and fish farmers. fishing enterprises over the next decade.
Europe will register a promising CAGR; North America will show growth in the pound sterling
Europe is expected to dominate the small craft market share over the forecast period owing to the robust maritime infrastructure in the region. Moreover, the growing popularity of recreational fishing activities will further enhance the growth of the regional market. The market size of the region stood at USD 5.16 billion in 2020.
In North America, the market will be mainly driven by the increasing investment by the US and Canadian governments in small boats for maritime defense and surveillance operations. On the other hand, the Asia-Pacific market is expected to witness dynamic expansion owing to the rapid development of the maritime tourism industry in South and Southeast Asia.
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Strategic partnerships will be the star of market competition
One of the most widely adopted strategies in this market by major players is the formation of tactical alliances. The collaborations aim to develop and deploy uniquely designed and engineered small boats that can serve a variety of purposes. Moreover, these offerings allow companies to broaden their business horizons through diversified portfolios and establish a strong foothold in the global market.
List of companies operating in the market:
- Crestliner inc.
- bavaria yacht building
- Yamaha Motor Corporation
- sun seeker
- Brunswick Society
- Beneteau Group
- Azimuth Benetti
- Marine Products Company
- Mastercraft Boat Company
- Malibu Boats Inc.
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- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Mergers, acquisitions and partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST analysis
- Supplier Landscape
- Global Small Boats Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – by Product Type
- Market Analysis, Outlook and Forecast – By Application Type
- Market Analysis, Outlook and Forecast – By Region
- North America Small Boats Market Analysis, Outlook and Forecast, 2017-2028
- Europe Small Boats Market Analysis, Outlook and Forecast, 2017-2028
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