New York, USA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aluminum fishing boat market is expected to generate a revenue of $1,811.7 million by 2026, expeditiously growing at a CAGR of 6.8% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figure Pre and Post the COVID-19 Pandemic
According to the report, the aluminum fishing boat market is predicted to grow at a CAGR of 6.8% during the forecast period, while it was anticipated to be 7.3% in the pre-pandemic scenario from 2019-2026. This decline is majorly due to the stoppage of freshwater boating activities across the globe during the pandemic, owing to the imposition of lockdowns in many countries. Stringent restrictions imposed by the government on the import and export of fish & fish products is further expected to impede the growth of the market during the forecast period.
Factors Influencing the Market Size Pre and Post the COVID-19 Outbreak
According to the report, real-time aluminum fishing boat market size has substantially decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $982.5 million in 2020, while it was estimated to be $1,228.1 million in the pre-pandemic scenario. The pandemic has adversely impacted the shellfish and fresh fish supply chain, owing to the closure of numerous food service sectors around the globe like restaurants, hotels, catering services, and so on. In addition, the usage of aluminum fishing boat is seldomly used in the saltwater, due to its high risk of corrosion. This factor is further expected to restrain the growth of the market during the forecast period.
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Post Pandemic Insight
As per the report, the global aluminum fishing boat market is predicted to recover by 3rd/4th quarter of 2022. However, increasing importance of seafood consumption among people around the globe is expected to create ample opportunities for the growth of the market in the coming years. In addition, reopening of hotels and restaurants and increasing prevalence of freshwater boating activities after the end of pandemic stress are anticipated to further bolster the growth of the market during the forecast period.
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Key Players of the Market
The major players of the aluminum fishing boat market include
- Yamaha Motor Company Ltd
- Smoker Craft Inc.
- Correct Craft
- Telwater
- Brunswick Corporation
- BRP Inc
- White River Marine Group, and many more.
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in May 2019, Bombardier Recreational Products (BRP), a Canada-Based aluminum fishing boat company, acquired Telwater, an Australian aluminum boat and trailer maker, in order to strategize, transform, and maximize its presence in the marine industry.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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