Increase in fishing activities in the developed countries and rise in research and development activities with adoption of smart and unique strategies drive the growth of the global aluminum fishing boat market.
PORTLAND, Ore., July 14, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Aluminum Fishing Boat Market by Boat Type (Bass Boat, Multi-species Boat, Deep-V Boat, Others), by Size (<14 Feet, 14-16 Feet, >16 Feet), by Engine Type (<200 HP, 200-300 HP, >300 HP): Global Opportunity Analysis and Industry Forecast, 2021-2030.”According to the report, the global aluminum fishing boat market generated $1.4 billion in 2021, and is estimated to reach $2.5 billion by 2030, witnessing a CAGR of 7.4% from 2022 to 2030.
Drivers, Restraints, and Opportunities
Increase in fishing activities in the developed countries and rise in research and development activities with adoption of smart and unique strategies drive the growth of the global aluminum fishing boat market. However, aluminum boats are prone to distortion and leakage, which, in turn, restrains the market growth. The developments in aluminum fishing boats that have a lifetime hull warranty create new opportunities in the coming years.
Covid-19 Scenario
- Many recreational activities such as water tourism and fishing were banned during the Covid-19 pandemic due to lockdown restrictions and social distancing measures implemented by governments of various countries. This, in turn, reduced the demand for aluminum fishing boats.
- Production activities, supply chain, and distribution activities were disrupted due to lockdown during the initial stages of the pandemic. This impacted the revenue of the aluminum fishing boats market negatively.
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The deep-V boat segment to maintain its lead position throughout the forecast period
Based on boat type, the deep-V boat segment contributed the highest share in 2021, accounting for nearly three-fourths of the global aluminum fishing boat market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to witness the largest CAGR of 7.7% from 2022 to 2030. This is due tothe efficiency provided by them, with which, it is possible to go into shallow seas and calm waters. The report also analyzes the segments including bass boat, multi-species boat, and others.
The 14–16 feet segment to maintain its lead position throughout the forecast period
Based on size, the 14–16 feet segmentcontributed the highest market share in 2021, accounting for nearly three-fifths of the global aluminum fishing boat market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 7.9% from 2022 to 2030. This is attributed tolightweight nature and the strength that enables them to carry multiple people.The report also analyzes the segments including<14 feet and >16 feet.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North Americaaccounted for the highest market share in terms of revenue in 2021, holding more than two-fifths of the global aluminum fishing boat market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to massive fishing activities at coastal regions and surge in aluminum boats for freshwater fishing.However, Asia-Pacific is estimated to register the fastest CAGR of 8.0% during the forecast period, owing torise in fishing and aquaculture industries along with recreational activities such as boating in the region.
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Leading Market Players
- Yamaha Motor Co., Ltd.
- Brunswick Corporation
- BRP
- Correct Craft
- Smoker Craft Inc.
- White River Marine Group
- UMS Boats
- MirroCraft
- Legend Boats
- Bennington Pontoon Boats
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