New York, USA, Nov. 04, 2020 (GLOBE NEWSWIRE) -- According to a recent report published by Research Dive, the global aluminum fishing boat market is predicted to generate market revenue of $1,811.7 million by 2026, from a substantial market size of $1,069.7 million in 2018 and grow with a CAGR of 6.8% in the estimated forecast period. The report states that the COVID-19 pandemic has negatively affected the market conditions and the recovery is estimated to be in Q2/Q3 of 2022.
The market report constitutes of deep perceptions and effects of COVID-19 pandemic on the current and future situation of this market industry worldwide. These perceptions are acquired by analyzing necessary market features such as size and scope of the market, drivers, newest trends, limitations, advances, and the view of regional markets in the pandemic crises.
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Factors Affecting the CAGR Figures in Pre and Post Covid-19 Pandemic
The aluminum fishing boat market was predicted to witness CAGR of 7.3% before the coronavirus crises but the reports of 2020 suggests a decline in CAGR. The post Covid-19 pandemic predict CAGR of 6.8% as of in 2020. The Covid-19 disease lead to the closure of international market pertaining to fish and fish products and this affected the aluminum fishing boat market. This is the major reason for market decline during the pandemic.
Factors Impacting the Market Size in Pre and Post Covid-19 Pandemic
The aluminum fishing boat market is estimated to decline with a market size of $982.5 million in 2020. The market estimates before the Covid-19 crises stand with a market size of $1,228.1 million. The fall of the market is attributed to closing of international markets of fishes, disruptions in transportation, and shutting of hotels dealing with sea food delicacies. These are major reasons considered for the market decline.
Market Scenario in the Post Covid-19 Period
The aluminum fishing boat market is anticipated to grow after the coronavirus outbreak due to awareness in people about consuming sea food. Moreover, rise in use of freshwater fishing boats is predicted to augment the aluminum production in the post pandemic situation. Apart from this, aluminum fishing boats are corrosion resistant, cost effective, and has strength. These factors cause a shift in people’s perception about using freshwater fishing boats rather than saltwater ones. All of the above stated factors are projected to enhance the market growth in the post Covid-19 pandemic world.
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Top Key Market Players of Aluminum Fishing Boat Market are-
- Mercury Boats
- CrestlinerNautischeUnie
- Lund Boats
- UMS Tuna Boats
- Yamaha Motor Company
- Correct Craft
- White River Marine Group
- Telwater
- Brunswick Corporation
- Smoker Craft Inc.
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