Pune, India, March 29, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global small boats market size is projected to reach USD 57.78 billion by 2028, at a CAGR of 11.0%. The global Small Boats market size was USD 25.09 billion in 2020. According to our analysts, increasing intensity of fishing activities worldwide will be a major growth driver for this market.
Fishing and aquaculture are critical primary sector activities for nations with large coastlines. Small boats are essential equipment that fishing communities need to use to maintain their livelihoods. With the demand for fish-derived products, such as fish oil, rapidly rising worldwide, fishing activities have gained significant momentum in the past few years.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 11.0% |
| 2028 Value Projection | USD 57.78 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 26.89 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 140 |
| Segments covered | Powered Boat, Sail Boat, Personal Watercraft and Others |
| Growth Drivers | Introduction of Luxury Yachts by Boat Makers to Fuel Market Growth |
| Europe to Register Promising CAGR; North America to Display Sterling Growth |
Market Segments:
By product type, the market has been divided into powered boats, sailboats, personal watercraft, and others. The personal watercraft boat segment held a share of 11.3% in the market in 2020, while the sail boat segment held a market share of 6.6% in 2020.
Based on application type, this market has been segmented into pleasure, fishing, defense, and others. On the basis of geography, the market has been segregated into North America, Europe, Asia Pacific, and the Rest of the World.
Salient Features of the Report
This report incorporates an in-depth analysis of the critical factors driving and constraining the market and contains actionable insights into the key market players and their strategies. Further, the report supplies a comprehensive examination of the various market segments, along with an extensive and intensive evaluation of the regional developments in the market.
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Introduction of Luxury Yachts by Boat Makers to Fuel Market Growth
Small boats in the form of yachts are widely popular among sailing enthusiasts, who wish to cruise the seas as well as have a comfortable ride. As a result, many boat manufacturers have been introducing luxury small-size boats to attract consumers. For example, MasterCraft Boat Holdings launched the AV40 luxury boat in 2020, styled in European fashion and featuring a range of amenities, such as joystick piloting, twin fold-down terraces, and large entertainment space. Similarly, boat makers are coming up with innovative boat products to cater to the growing interest in water excursions. In 2020, for instance, Bayliner reimagined its Trophy series and launched the T20CC and T22CC boats, offering entertainment space and fishing amenities. The growing popularity of such novel boat concepts is, thus, widening the scope of this market.
According to the Food and Agriculture Organization (FAO), the total number of fishing vessels across the globe was 4.6 million in 2018, up 2.8% from 2016. Among these, motorized vessels accounted for 63% of the total fleet, standing at 2.9 million. Furthermore, the fishing and aquaculture industry employed 59.5 million people in 2018. Thus, the expansion of fishing and fisheries will speed up the adoption of small-size boats among fish farmers and fishing companies over the next decade.
Europe to Register Promising CAGR; North America to Display Sterling Growth
Europe is expected to lead the small boats market share during the forecast period owing to the robust maritime infrastructure in the region. Moreover, the booming popularity of leisure fishing activities will further bolster the regional market growth. The region’s market size stood at USD 5.16 billion in 2020.
In North America, the market will be principally driven by the increasing investments by the US and Canadian governments in small boats for defense and maritime surveillance operations. On the other hand, the market in Asia Pacific is anticipated to experience dynamic expansion due to the rapidly developing marine tourism industry in South and Southeast Asia.
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Strategic Partnerships to be the Marquee Feature of the Market Competition
One of the most widely adopted strategies in this market by key players is the forging of tactical alliances. The collaborations are aimed at developing and rolling out uniquely designed and engineered small boats that can serve a variety of purposes. Moreover, such offerings are allowing companies to broaden their business horizons through diversified portfolios and gain a strong foothold in the global marketplace.
List of the Companies Operating in the Market:
- Crestliner Inc.
- Bavaria Yachtbau
- Yamaha Motor Corporation
- Sunseeker
- Brunswick Corporation
- Group Beneteau
- Azimut Benetti
- Ferretti
- Marine Products Corporation
- Mastercraft Boat Company
- Malibu Boats Inc.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Small Boats Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Market Analysis, Insights and Forecast – By Application Type
- Market Analysis, Insights and Forecast – By Region
- North America Small Boats Market Analysis, Insights and Forecast, 2017-2028
- Europe Small Boats Market Analysis, Insights and Forecast, 2017-2028
Continued…
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