New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Small Boats Global Market Report 2023" - https://www.reportlinker.com/p06480065/?utm_source=GNW
, Porter Inc., Grady-White Boats Inc., Bavaria Yachtbau GmbH, Azimut Benetti S.p.A., Sea Ray Boats Inc., S2 Yachts Inc., Seabring Marine Industries Inc., and Correct Craft Inc.
The global small boats market is expected to grow from $31.20 billion in 2022 to $35.16 billion in 2023 at a compound annual growth rate (CAGR) of 12.70%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $55.60 billion in 2027 at a CAGR of 12.14%.
The small boat market consists of sales of jon boats, skiffs, dinghies, inflatable boats, aluminum fishing boats, pontoon boats, car-toppers, canoes, kayaks, and jet boats.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A small boat is a watercraft that is designed to be used on inland or coastal waters and is small enough to be carried or towed by a vehicle.The exact size range can vary depending on the region and the type of boat, but generally, small boats are less than 26 feet (8 meters) in length.
It is used for recreation purposes, fishing, duck hunting, sports, and business.
Asia-Pacific was the largest region in the small boats market in 2022. The regions covered in the small boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main types of small boats are powered boats, sailboats, personal watercraft, and others.A powered boat, also known as a motorboat or powerboat, is a type of boat that is propelled by an engine or motor, typically gasoline or diesel and it is used for recreational activities such as fishing, water sports, and cruising.
These materials used in these boats are fiberglass, metal, wood, inflatable, and others. These boats are used for pleasure, fishing, defense, and others applications.
The rapid growth of fishing activities is expected to propel the growth of the small boat market going forward.Fishing activities refer to the act of catching fish or other aquatic animals for food, sport, or commercial purposes.
Small boats are ideal for fishing in shallow waters, and are often more affordable and easier to operate and maintain than larger vessels.For instance, in 2021, Marine Management Organization, a UK-based non-departmental public body of the Department for environment, food, and rural affairs, UK ships landed 652 thousand tons of sea fish worth £921 million ($1 billion) as compared to 2020, an increase of 5% and 11% in quantity and value respectively.
Therefore, the rapid growth of fishing activities is driving the growth of the small boat market.
Technological advancements are a key trend gaining popularity in the small boat market.Companies operating in the small boat market are adopting new technologies, such as the Internet of Things (IoT), to sustain their position in the market.
For instance, in August 2022, Radian IoT Inc., a US-based big data company, launched the Radian M2 device and the SaaS platform equipped with IoT technology for remote monitoring of boats. The device uses IoT technology to transmit the data to a mobile device or a cloud-based platform, allowing boat owners and operators to monitor their vessels remotely and make informed decisions about navigation, maintenance, and other aspects of boat operation to improve safety, efficiency, and performance. Additionally, SaaS platform allows users to view this data in real-time, and access historical data and analytics.
In January 2021, Malibu Boats, a US-based boat company acquired Maverick for $150 million.The acquisition expands Malibu’s product offerings and provides a significant opportunity to increase its presence in the fishing and outboard boat markets.
Maverick Boat Group is a U.S-based manufacturer of center console fishing boats.
The countries covered in the small boats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The small boats market research report is one of a series of new reports that provides small boats market statistics, including small boats industry global market size, regional shares, competitors with a small boats market share, detailed small boats market segments, market trends and opportunities, and any further data you may need to thrive in the small boats industry. This small boats market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06480065/?utm_source=GNW
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