"Assisting You in Establishing Data Driven Brands"
Boats are widely used in sports and adventurous activities. Increasing adventurous activities, coupled with increasing spending of the global population for pleasurable experiences, drives the global boat market. Boats are also increasingly used in the transportation purposes of various goods. Increasing global import-export trade drives the demand for commercial boat market. Evolving various categories of raw materials and applications of the boats drive the boat market. Rapid introduction of technology in boats such as AI, wireless technology, GSSN navigation system, Big Data, and cybersecurity enhanced the functionality of boats and drove the global boat market. For instance, as of November 2019, US Navy labs investigate innovative Non-Lethal boat stopping technology that limits or removes the ability of the propulsion system to provide trust to a boat, in a reversible manner. Increasing the necessities of the military defense systems helps to drive the boat market for military applications.
Newer fashionable boat designs, including various arts, colors, shapes, and rising comfort levels, attract the peoples to sail the boats and this helps to flourish the global market. The new entrants in the global boat market make the overall global boat industry attractive to invest and do the business. Increasing disposable incomes of the global populations also flourish the growth of the market. Driverless motorboats and virtual reality are the emerging trends in the global boat market.
Increasing demand for the tourism industry, coupled with rising government spending on the tourism sector, flourishes the boat market, and act as a key driver for the global boat market. The attractive tourism sector fuels demand of the local as well as international boat sailors and attract them to visit the tourist spots. Apart from this, flourishing e-commerce businesses across the globe helps boat sellers to target and sell boats online; this fuels the growth of the global boat market. Cost-effective and higher-margin boat designs attract boat manufacturers to enter into the boat market. The rising number of boat manufacturers helps to meet the supply for boats and helps to grow the global boat market.
However, alternative product facilities such as surfing pads, ropeways are expected to hinder the global boat market as peoples are expected to prefer other such product facilities at tourist spots.
Key Market Driver -
Rising tourism industry increases demand for the utilization of boats and is expected to drive the global boat market.
Key Market Restraint -
Increasing demand for alternative products to the boats is expected to hinder the growth of global boat market.
Key players involved in the global boat market are Brunswick Corporation, Groupe Beneteau, Azimut Benetti Group, Sunseeker International Ltd., Lund Boats, Tracker Boats, Ranger Boats, Hobie Cat Company, Marin Product Corporation, Bennington Marin LLC. Etc.
The global boat market is segmented by boat type, by power, by raw material, by application, and by geography.
By boat type, boat market is segmented into unpowered boats, inboards boats, outboards boats, and personal watercraft. Outboard boat segment is expected to own a major share of the global boat market owing to its lesser maintenance cost as compared to inboard boats and personal watercraft and more deck area with better engine accessibility and varied range power of engines that can be attached to the boat.
Based on the power, the boat market is segmented into sail propelled boats, engine powered boats, battery-powered boats, and solar boats. Engine-powered boat segment is expected to hold the major share of the boat market because these types of boats are faster and they can be operated in any environmental conditions and hence are widely adopted. However, Battery operated boats are expected to grow due to the increasing adoption of battery-operated vehicles for their lesser impact of environmental pollution as compared to non-conventional fuelled vehicles.
Based on the raw material, the boat market is segmented into the wood, GRP (Glass Reinforced Plastic and fiberglass), Aluminium, steel, and others such as plywood and Ferro cement. Boats made up of GRP material is expected to hold the major share of the boat market owing to its lesser cost and weight. Additionally, it avoids the uses of wood material boats as wood boats are made up by cutting the trees that negatively impacts the environment.
By application, the boat market is segmented into fishing, water sports, sailing, military applications, and others such as patrol, excursion boats, etc. The fishing application segment is expected to hold a major share of the global boat market owing to the increasing fishing activities. According to the Food and Agriculture Organisation of the United States, the Northwest Pacific region continues to be a more productive fishing area with catches in 2016, 22.4 Billion tones slightly higher than in 2015.
By geography, the global boat market is segmented into North America, South America, Europe, Asia Pacific, Africa and the Middle East.
North America is expected to hold the major share of the global boat market owing to the large manufacturing base in a developed country such as the United States coupled with higher outboard activity especially fishing and surfing. According to the United States Coast Guard, total of 119,61,56,8 numbers of recreational vessels including motorboats and watercraft, are registered in the United States in 2017 which is 0.84% more as compared to the previous year 2016.
Europe region is expected to hold a considerable share of the global boat market owing to a large number of boat installation for the boating activities. According to the European Commission, in 2017, a total of 6 Million boats are kept in European waters for boating activities to generate revenue of USD 6.61 billion each year.
Whereas, the Asia Pacific region is expected to grow at a faster rate because of the increased spending of the population on the tourism and sports activities along with the abundance of water resources such as lakes, vast coastlines, and rivers.
To gain extensive insights into the market, Request for Customization
By Boat Type
By Raw Material
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry