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The global small boats market size is anticipated to reach USD 56,199.1 million by the end of 2027 on account of the increasing number of pleasure activities on water bodies such as water sports, events, and others. As per a recent report by Fortune Business Insights titled, “Small Boats Market Size, Share & COVID-19 Impact Analysis, By Product (Sail Boat, Powered Boat, Personal Watercraft Boat, and Others), By Application Type (Pleasure, Fishing, Defense and others), and Regional Forecast, 2020-2027,” this market value stood at USD 18,653.5 million in 2019 and is likely to rise at a CAGR of 14.8% during the forecast period, 2020 to 2027.
Mercury Marine Signed an Agreement with Frydenbø to Establish their Boat Brand
There is a rising interest of consumers in water sports activities such as fishing, sailing, and others. This interest is encouraging companies to develop innovative and advanced small boats to suit the owner’s requirements and enhance their experience. In June 2020, Mercury Marine signed an agreement with Frydenbø with an aim to expand and establish its brand. The company plans to achieve growth in established markets and believes that with Frydenbø‘s association, it can expand its customer base and create immense growth opportunities in the forthcoming years.
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Advent of Yacht Monitoring Solutions to Add Impetus to Growth
The increasing number of offshore activities such as waterskiing and waterboarding is propelling the global small boats market growth. This, coupled with the rising expenditure on leisure and recreational activities, will also add impetus to the growth of the market. Additionally, the increasing number of water sports activities and increasing population of high net worth individuals will also aid in expansion of the market in the coming years.
On the flipside, high cost of small boats and their high maintenance cost may pose major hindrance to the growth of the market in the forthcoming years. This, coupled with the increasing level of water pollution may also hamper growth in the coming years.
Despite this, the advent of yacht monitoring solutions and the imposition of innovative garbage trucks are expected to help create lucrative growth opportunities for the market in the coming years.
Fragmented Nature of Market will Intensify Market Competition
The competitive landscape of the market is highly fragmented on account of the presence of many players. The key emphasis of the players is to diversify their portfolio and gain a competitive edge in the market. The other players are engaging in new product launches for holding a significant share in the market competition.
List of Key Players in the Small Boat Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD million) & Volume (Units)
By Application Type