Aluminum Fishing Boat Market Expected to Generate $2,491.8 Million and Grow at 7.44% CAGR During the 2021 to 2030 Forecast Period [245-Pages] | Research Dive
Aluminum fishing boat market is expected to grow by 2030 due to increasing engagement in outdoor activities like fishing. Deep-v boat sub-segment to be dominant. Market in the Asia-Pacific region predicted to witness better growth opportunities.
NEW YORK, July 27, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Aluminum Fishing Boat Market by Boat Type (Bass Boat, Multi-species Boat, Deep-V Boat, and Others), Size (<14 Feet, 14-16 Feet, and >16 Feet), Engine Type (<200 HP, 200-300 HP, and >300 HP), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030".
According to the report, the global aluminum fishing boat market is estimated to generate a revenue of $2,491.8 million by 2030, growing at a CAGR of 7.44% during the forecast period 2021-2030.
Dynamics of the Aluminum Fishing Boat Market
Drivers: Children's increasing engagement in outdoor activities like fishing and people's growing desire to reconnect with nature are the prime factors expected to drive the growth of the global aluminum fishing boat market during the forecast period.
Opportunities: The advancements in the aluminum fishing boats like lifetime hull warranty, better strength, longevity, enhanced durability, etc. by key market players is the major factor anticipated to create abundant growth opportunities for the global aluminum fishing boat market by 2030. Additionally, aluminum boats offer 10 times the shear strength compared to fiberglass boats, thus further boosting the market growth by 2030.
Restraints: Corrosion in aluminum boats is the main factor to hinder the market growth.
Covid-19 Impact on the Aluminum Fishing Boat Market
The onset of the disastrous coronavirus pandemic has had a negative impact on the global aluminum fishing boat market due to the significant drop in the demand for recreational activities. Moreover, travel restrictions and social distancing norms also reduced the attractiveness of fishing as a sport among people. Additionally, strict import-export bans also led to the lack of raw materials required to make aluminum fishing boats like motor, hull, etc., thus further hindering the market growth amid the catastrophic stress.
Segments of the Aluminum Fishing Boat Market
The report has segmented the aluminum fishing boat market into multiple segments based on boat type, size, engine type, and regional analysis.
- By boat type, the deep-v boat sub-segment is predicted to have a dominant market share during the analysis timeframe due to its high popularity among fishermen. Deep-v aluminum boats function properly in choppy weather and can easily go further offshores. Moreover, these boats are easier to control even at slow speeds and have a pointed bow that slices forward to offer a fantastic ride experience even in turbulent waves. These factors are projected to bolster the sub-segment's growth by 2030.
- By size, the 14-16 feet sub-segment is estimated to hold a significant market share during the analysis years. This growth rate is attributed to the capability of these medium-sized boats to sail in harsh waters and their durability. Moreover, 14-16 feet long boats are stronger, lighter, and can easily accommodate multiple persons. Additionally, these boats are affordable than fiberglass ones, thus propelling the sub-segment's growth by 2030.
- By engine type, the <200 HP sub-segment of the global aluminum fishing boat market is anticipated to have the highest growth rate during the forecast period since these boats offer a fuel-saving choice for small-scale fishing along with excellent maneuverability. <200 HP boats are usually used for recreational activities since they're durable, comfortable, and can withstand harsh weathers. These factors are expected to augment the sub-segment's growth by 2030.
- By region, the aluminum fishing boat market in the Asia-Pacific region is predicted to have the fastest growth rate during the analysis years. Fishing is a hobby as well as a celebrated sport in Japan that significantly contributes to the country's commercial fishing industry. Additionally, India's extensive coastline, which stretches for approximately 8,000 km, contributes to more than 10% of the world's fish biodiversity. These factors are projected to uplift the market growth in the Asia-Pacific region by 2030.
Key Aluminum Fishing Boat Market Players
Some key players of the aluminum fishing boat market include
- Yamaha Motor Co., Ltd.
- Brunswick Corporation
- BRP
- Correct Craft
- Smoker Craft Inc.
- White River Marine Group
- UMS Boats
- MirroCraft
- Legend Boats
- Bennington Pontoon Boats among others.
These key players are undertaking various strategies, such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire here before buying the full report
For example, in December 2021, Yamaha Motor Co. Ltd., a Japanese motorcycles manufacturer, announced its acquisition of Siren Marine Inc., a US-based industry leader that offers marine IoT products, to uplift the development of connected boat and IoT to support the marine industry.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Aluminum Fishing Boat Market:
- Global Aluminum Fishing Boat Market to Generate $2,491.8 Million in the 2021–2030 Timeframe Due to Increased Engagement in Fishing
- Why Aluminum Fishing Boats are the Preferred Choice of Piscators?
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