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The global small boats market size was USD 18,653.5 million in 2019 and is projected to reach USD 56,199.1 million by 2027, exhibiting a CAGR of 14.8% during the forecast period.
Small boat refers to sailboats, powered boats, personal watercraft, and various others. These are particularly found on internal waterways such as lakes and rivers, or in protected beach areas. Nevertheless, some boats, such as the whaleboat are meant for use in an offshore environment. Growing disposable income is driving the growth of travel and tourism events on a worldwide scale, which is propelling the market. These bots are used in various activities like boat campaigning, sailing, racing, motorized water sports which has contributed to the growth of the market significantly in recent years. The growth of the market is expected to continue in the future as well. These boats built with advanced technology and high-quality material can handle various marine applications.
Impact of COVID-19 Pandemic on the Market
The marine industry is among the most exposed industries to the constant COVID-19 outburst and is presently closed. COVID-19 is anticipated to have a substantial impact on the product material and demand and supply chain in the marine sector. The manufacturer's concern has moved from being centered on supply chain disruption to the overall collapse in demand for these boat products. The demand for these boats is anticipated to fall with the imposition of shutdown overall non-essential services.
Fish markets, small fishing boats, and female workers are amongst the groups worst affected by the economic impact of the COVID-19 crisis on the world’s fisheries.
Supply chains across the globe have been disturbed by the Covid-19, and small boats and artisanal fishing have borne the effect, according to the annual report on fisheries published by the UN Food and Agriculture Organization. While commercial fishing saw a drop by around 6.5% in April, the majority of these boats have been restricted to ports amid declining demand and lockdown in this COVID-19 situation.
In parts of the Black Sea and the Mediterranean, more than 90% of small-scale fishing fleets had to stop fishing due to falling prices.
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Full-Featured Wakeboarding and Waterskiing Small Boats to Drive Market Growth
The manufacturers of small pleasure boats and motorboats are working on developing the features of these small types of boats. For example, wakeboard boats are developed with a raised tower to assist jumping to overcome old style water skiing boats which normally create a small wake underway. This capability to innovate the traditional boats is forecast to grow at a significant CAGR during the forecast period.
Rapid Growth in the Fishing and Pleasure Riding to Propel the Growth of the Market
A rapid increase in fishing and pleasure riding activities is anticipated to boost the growth of the market. According to the National Marine Manufacturers Association, entertainment and pleasure boating generates over $100 billion to the United States economy. There is rapid growth in the small boats industry, as there is increased funding from various associations and organizations into the fishing industry. Moreover, companies are targeting the younger generation as there is a rise in new forms of outdoor activities that are thrilling and adventurous. The introduction of such activities is encouraging the younger generation to actively choose boating. Furthermore, with hundreds of foreign and domestic boat manufacturers competing for a share of the United States market, the competition is very tough.
Introduction of New Products to Propel Growth
Over the past few years, the key shipyards are making constant progress in designing small boats. The modern small boats are easy to operate and offer massive potential in terms of sailing performance owing to large sail areas. In September 2020, South African Shipyard Southern Wind announced the launch of the much-anticipated sailing yacht AMMONITE, from its facilities in Cape Town. Various manufacturers are offering a comprehensive and exclusive overview of new developments and trends in their products to attract more revenue. Prominent manufacturers of all brands as well as many smaller boat builders from around the world use new technology for yachts and sailing boats. These factors are anticipated to boost the growth of the market during the forecast period. Key players are significantly investing in first-class technology. Recreational small boats and boats are promising significant growth since fishing boats continue to attract coastal customers. The key players are poised to accomplish inspiring growth as this market responds well to the advantages by using new materials and demand from the tourism sector for fun and entertaining activities.
High Maintenance and Operating Cost to Hinder the Market Growth
The key factor affecting the global market is the cost associated with the small boats. Moreover, the technologically advanced smalls boats have high initial cost and maintenance costs. These factors are likely to hinder the growth of the market during the forecast period. Moreover, Small-scale making of small type of boats by the players and the traditional vendor procedure is hindering the growth of the market. These factors have also affected the growing product demand and the overall marine sector in the small boats market’s forecast period.
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Powered Boat to Grow at Faster Pace during 2020-2027
Based on Product, the market is segmented into front sailboat, powered boat, personal watercraft boat (pwc), and others. The powered boats are the most common types of boats which includes, bass boat, bay boat, bow riders, cruisers, cuddy cabins, deck boats, and many more. Thus, the powered boats are anticipated to have the largest share in the market in terms of value and volume. Moreover, the sail boats are commonly used for sail training and recreational purposes. These parameters are anticipated to boost the growth of the market over the coming years.
Fishing Segment Dominated the Market in 2019
Based on application type, the market is segmented into pleasure, fishing, defense, and others. The fishing segment is anticipated to have the highest market share over the coming years owing to the increasing demand for various fish products across the globe. The small boats market share is followed by defense and pleasure segments. These parameters are expected to help this segment showcase notable growth in terms of value and volume in the coming years.
Europe Small Boats Market Size, 2019 (USD Million)
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The global market size in Europe stood at USD 8,146.3 million in 2019. The dominance of this region is attributed to the increasing prevalence of urbanization and the rising fishing and pleasure tours. The market in Europe is expected to grow at a significant CAGR in the coming years.
The market in North America is projected to exhibit a healthy growth rate due to the increasing pleasure tours and rise in the number of defense boats. In addition to this, market players in this region are making massive investments in the marine and fishing industry, which in turn, will fuel demand for these boats market. Asia Pacific accounted for a comparatively lower share owing to the presence of a huge underpenetrated market.
South America is also one of the emerging regions with increasing adoption of small type of boats in coastal areas. These parameters are anticipated to boost the growth of the market.
Group Bénéteau, Marine Products Corporation, and Bavaria Yachtbau to Lead the Global Market Owing to Strong Portfolio.
The market is fragmented due to the remarkable distribution network and strong product portfolio of major companies in both the developed and emerging countries. There are various major players in the market. The key players are focusing on building the boats exclusively for fishing in different sizes and are used on both freshwater and salt bodies. The immediate qualities of these boats include strength, stability, and durability to endure the fishing projects across various kinds of waterways
An Infographic Representation of Small Boats Market
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The small boats market research report provides a detailed study along with truck bodies market analysis, besides focusing on key aspects such as leading companies, product types, and leading applications of the product. Moreover, the report additionally offers insights into market trends, and highlights the key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the years.
Value (USD million) & Volume (Units)
By Application Type
Fortune Business Insights says that the global small boats market size was valued at USD 18,653.5 million in 2019 and is projected to reach USD 56,199.1 million by 2027.
In 2019, the Europe market value stood at USD 8,146.3 million.
Growing at a CAGR of 14.8%, the market will exhibit steady growth in the forecast period (2020-2027).
The powered boat segment is expected to be the leading segment in this market during the forecast period.
Launch of innovative and advanced small boats are anticipated to boost the growth of the market
Group Beneteau, Marine Products Corporation, and Bavaria Yachtbau are major players of the global market.
Europe dominated the market share in 2019.
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