Global aluminum fishing boat market is predicted to experience a notable growth over the forecast period, majorly owing to the increasing popularity of recreational activities such as fishing and boating across the globe. By boat type, the Deep-V boat segment is predicted to witness a lucrative growth in the global industry by 2026. Further, the North America region is anticipated to subjugate the market in the projected timeframe.
According to a latest published report by Research Dive, the global aluminum fishing boat market accounted for $1,069.7 million in 2018 and is predicted to and reach up to $1,879.5 million by 2026, growing at a CAGR of 7.3% during the forecast period from 2019 to 2026. The global market is segmented based on boat type, size of fishing boat, engine type, and region.
As per our analysts, the growing popularity of recreational activities such as boating & fishing and the rising awareness amongst people regarding the health benefits of sea food are the significant factors anticipated to boost the growth of the global aluminum fishing boat market over the forecast period. In addition, the advanced features of aluminum fishing boats such as long shelf life, eco-friendliness, customization, and durability are other factors likely to boost the market growth by 2026. However, the corrosive effect of marine water and the availability of substitutes such as fiberglass fishing boats are expected to restrain the global market growth in the near future.
Deep-V Boat Segment to Dominate the Industry
Based on boat type, the global market is segmented into bass boat, multi-species boat, Deep-V boat, and others. Among these, the Deep-V boat is expected to dominate the global industry and generate a revenue of $1,372.1 million during the forecast period. This is mainly because, Deep-V boats are built with highly advanced features such as hydraulic tilt steering, Bluetooth-enabled stereo, torsion beam construction, and sun protective top.
14-16 Feet Segment to Witness Significant Growth by 2026
Based on size of fishing boat, the global industry is trifurcated into >16 feet, 14-16 feet, and <14 feet. Among these, the 14-16 boat size segment is predicted to witness considerable growth and value for $1,048.8 million by the end of 2026. The significant growth of this segment is mainly because it is the most preferred boat type used for using and is highly advanced with many configurations, such as walk-through, dual console, and side console.
<200 HP Engine Type Segment to Grow at a Healthy Rate
Based on engine type, the global market is classified into >300 HP, 200-300 HP, and <200 HP. Among these, the <200 HP engine type segment is likely to grow at a healthy CAGR and generate a revenue of $1,054.4 million over the forecast period. The rising popularity of outdoor & recreational activities and the benefits provided by <200 HP aluminum fishing boats such as exceptional maneuverability & fuel savings option are the factors likely to boost the segmental market growth.
North America to Lead the Market by 2026
Based on region, the global industry is divided into Asia Pacific, North America, LAMEA, and Europe. The North America market for aluminum fishing boat is expected to play a dominant role and by growing at a CAGR of 5.6% during the forecast period. The dominance of the region is mainly attributed to the technological advancements in boats and increasing disposable income in Canada and the U.S.
Major Market Players
The key players operating in the global aluminum fishing bat industry include -
- BRP Inc.
- Yamaha Motor Company Ltd.
- Correct Craft
- Telwater
- White River Marine Group
- Smoker Craft Inc.
- Brunswick Corporation.
Further, the report outlines and presents several aspects of these key players such as financial performance, SWOT analysis, recent strategic moves & developments, and product portfolio.
Mergers & acquisitions, geographical expansion, technology innovation, and advanced product launches are some of the growth strategies adopted by key industry players. For instance, in August 2019, Bombardier Recreational Products (BRP) completed the acquisition of about 80% of the due shares of an Australian aluminium boat manufacturer, Telwater Ply Ltd. The aim of the company behind the acquisition is to expand in the newer markets and transform the marine industry.
Reference: https://www.researchdive.com/press-release/aluminum-fishing-boat-market.html
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