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The global small boats market size is projected to reach USD 57.78 billion by 2028 on account of the rising adoption of aluminum fishing boats among fishermen, states Fortune Business Insights™ in its report, titled “Small Boats Market Size, Share & COVID-19 Impact Analysis, By Product Type (Powered Boat, Sail Boat, Personal Watercraft and Others), By Application Type (Pleasure, Fishing, Defense and Others), and Regional Forecast, 2021-2028”. The report further estimates that the value of the global market stood at USD 25.09 billion in 2020 and the market is expected to register a CAGR of 11.0% from 2021 to 2028.
The COVID-19 pandemic has had a moderate impact on the market growth. The market grew at a low but positive rate of 4.1% in 2020 and attained a value of USD 26.89 billion in 2021. This was mainly because fishing was deemed essential by governments around the globe during the pandemic, thereby ensuring the deployment of variously sized boats across water bodies worldwide.
Frauscher Releases Its First All-Electric Sports Boat
In November 2019, the German boat maker, Frauscher, introduced the 740 Mirage, its first fully electric sports boat for boating enthusiasts. Powered by the Torqeedo Deep Blue 2400 100kW direct-drive motor, the electric small boat can reach a top speed of 27 knots, according to Frauscher. Engineered specifically for planning sports boats, the two lithium-ion Deep Blue batteries were developed by BMW for its i3 model. The Torqeedo version of these batteries contains tweaks that make them suitable for marine environments and come with a 9-year battery capacity warranty.
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Development of Autonomous Boats to Open New Growth Avenues for the Market
While autonomous technologies are gaining traction in the automotive industry, these technologies are also making inroads in the marine industry as well. Leading research organizations are engaged in the development of self-sailing vessels that can be commandeered remotely, if necessary. In October 2020, for example, the Massachusetts Institute of Technology (MIT) launched “roboats'', or autonomous small boats, in Amsterdam to transport small goods across the world’s “most watery city”. Developed using machine learning tools, these self-driving water vehicles can carry goods and people, as well as connect with other roboats through virtual platforms. Similar efforts are being taken by various startups to create autonomous boats and vessels. For instance, Israel-based Orca AI has been developing an AI-based collision avoidance system to facilitate the safe navigation of ships in congested waters. These innovations are rapidly broadening the horizons of the market.
Key Players to Focus on Launching Refurbished Models
Leading small boat makers are focusing their energies on launching refurbished versions of their popular models. The intent of the players behind this strategy is to align their offerings and solutions with the evolving boating trends among consumers. Furthermore, the repackaged products are also enabling companies to widen their portfolios and maintain visibility among customers. More importantly, these launches will allow players to secure a critical edge in the market’s competitive landscape.
List of Key Players Covered in this Market Report
Further Report Findings
Table of Segmentation
Value (USD Billion) & Volume (Thousand units)
By Product Type
By Application Type