Boat Market
PUBLISHED: 2023 ID: SMRC23912
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Boat Market

Boat Market Forecasts to 2030 - Global Analysis By Security Type (Outboard,Inboard, Pleasure Boat, Fishing Boat, Commercial Boat, Military Boat, Personal Watercraft and Other Types), Size (Below 20 ft, 20 - 50 ft and More than 50 ft), Propulsion, Hull, Power, Application, End-user and By Geography

4.6 (26 reviews)
4.6 (26 reviews)
Published: 2023 ID: SMRC23912

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $38.41 BN

Projected Year Value (2030)

US $67.56 BN

CAGR (2023 - 2030)

8.4%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Boat Market is accounted for $38.41 billion in 2023 and is expected to reach $67.56 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Boats are defined as watercraft employed for both leisure and transportation reasons. They are typically employed in personal, recreational, sporting, military, and rescue operations. With respect to their intended use, the available raw materials, or regional customs, they can differ in both proportion and manufacturing techniques. The differences between boats and ships include size, construction and design, operational areas, cargo capacities, navigational technology, and a host of other aspects.

According to the National Marine Manufacturers Association (NMMA), it was reported that retail unit sales of new powerboats were up by an estimated 4 % in 2018, therefore helping to boost the global boat market.



Market Dynamics:

Driver:

Increasing trend of outboard boats

An outboard motor is an independent device with an engine, gearbox, and propeller that is intended to be mounted outside the transom. These boats are frequently used for small craft propulsion. Due to their plenty of operating possibilities, these boats are in increasing demand among customers who adore recreational activities. They are economical and easy to maintain, and they provide quick acceleration and a high cruising speed. They additionally offer precise turn ratios and rapid handling. These trends are accelerating the market growth.

Restraint:

Maintenance and environmental issues

Boats need regular servicing and frequent repairs to maintain their performance, lifespan, and safety. Maintaining a boat may be expensive and time-consuming, especially for larger or more complicated systems. Boats may damage the environment, particularly those propelled by fossil fuels. They can damage marine ecosystems and contribute to air and water pollution. Due to increased laws and limits on boating activities in some places as a result of environmental concerns, there may be restrictions concerning the usage of boats.

Opportunity:

Technological advancements and increasing customization

Advancements in technology offer opportunities for innovation and improved boating experiences. This covers developments in transportation technologies, including electric and hybrid engines, which offer improved fuel efficiency and less environmental impact. Additionally, advancements in navigational aids, security measures, and onboard comforts might draw in prospective customers and boost sales. The boat market offers products in response to consumers' growing desire for customised and distinctive items. Customers who desire an individual and personalised sailing experience may be attracted to boats that offer customization options for interior layouts, colour schemes, and amenities. These factors are boosting the market growth.

Threat:

Fluctuating fuel costs

Fuel is a major component of boating; consequently changes in fuel prices can affect both the cost and appeal of boating. High fuel costs may deter prospective buyers or force boat owners to reduce usage, which could have an impact on the boat industry. Fluctuations in the cost of raw materials, such as fibreglass, aluminium, and marine engines, can impact boat production costs.

Covid-19 Impact:

The production had been halted due to the limitations imposed by several countries to control COVID, which disrupted the entire supply chain and negatively impacted the tourism, fishing, and transportation sectors. But as the world markets gradually open up to their maximum potential and the tourism sector starts to recover, the market will continue to be bullish for the upcoming year. The COVID-19 outbreak and its detrimental effects on economies and industries around the world are used as the basis for the estimation of the considerable decline in the worldwide boat market size in 2020.

The water sports segment is expected to be the largest during the forecast period

The water sports segment is expected to be the largest during the forecast period. Water sports include wakeboarding, paragliding, rafting, cables skiing, skateboarding, knee boarding, water skiing, and others. These pursuits provide an abundance of pleasure and delight, and many individuals choose them in search of adventure. As consumer interests rise, so does the demand for water sports activities, and more people are anticipated to participate in adventure water sports, fuelling the market expansion.

The recreational segment is expected to have the highest CAGR during the forecast period

The recreational segment is expected to have the highest CAGR during the forecast period. Recreational boats provide a platform for a wide range of water-based activities, such as cruising, fishing, and sailing. They are also used for wakeboarding, diving, snorkelling, parasailing, surfing, rafting, and other water activities. They provide an opportunity for quality time spent with family and friends. These are frequently used by people to hold gatherings and events and for casual vacations. These aspects are propelling the segment growth.

Region with largest share:

The Asia-pacific region held the largest market share during the forecast period, due to its positive developments in fishing and leisure activities. The expanding middle class in developing nations and the rising wealth of emerging economies will foster a favourable environment for market expansion. A number of Asian nations, including China, Japan, South Korea, and Thailand, have a significant domestic boat market. Large coasts and a long history of boating in these nations have increased demand for a variety of boats, including yachts, sailboats, fishing boats, and personal watercraft.

Region with highest CAGR:

The Asia-pacific region held the highest CAGR during the forecast period. Asia is home to popular tourist destinations known for their coastal areas. These locations draw both domestic and foreign tourists, increasing the demand for different water-based activities like boating. To meet the rising demand for recreational boating, many Asian nations are investing in the construction of marinas and waterfront infrastructure. This involves building marinas, yacht clubs, and waterfront resorts that offer boat owners and charter operators docking space and amenities. The expanding middle class in developing nations and the rising prosperity of emerging economies will encourage positive market growth.



Key players in the market

Some of the key players in Boat market include Willard Marine, Fassmer, Asis Boats, SAFE Boats, Sunbird Yacht, BCGP, Connor Industries, South Boats IOW, HiSiBi, LOMOcean Design, Maritime Partner AS, FB Design and Alutech.

Key Developments:

In November 2022, Safe Boats International has formed a production partnership with West Palm Beach, Fla.-based autonomous maritime technology provider, Mythos AI.

In April 2022, Sportsman Boat and Yamaha Motor Finance Corporation, U.S. announced a new multi-year exclusive financing agreement. From July 2022, Yamaha Financial Services will become the exclusive inventory and retail financing provider for Sportsman Boat.

Types Covered:
• Outboard
• Inboard
• Pleasure Boat
• Fishing Boat
• Commercial Boat
• Military Boat
• Personal Watercraft
• Other Types

Sizes Covered:
• Below 20 ft
• 20 – 50 ft
• More than 50 ft

Propulsions Covered:
• Conventional
• Electric
• Solar
• Sailboat
• Other Propulsions

Hulls Covered:
• Wood
• Steel
• Glass Reinforced Plastic
• Other Hulls

Powers Covered:
• Sail-Propelled Boats
• Engine-Powered Boat

Applications Covered:
• Fishing
• Sailing
• Surveys
• Water Sports
• Tourism
• Patrol Boats
• Rescue
• Other Applications

End Users Covered:
• Recreational
• Commercial
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Boat Market, By Type
5.1 Introduction
5.2 Outboard
5.3 Inboard
5.4 Pleasure Boat
5.4.1 Cuddy
5.4.2 Pontoons
5.4.3 Deck
5.5 Fishing Boat
5.5.1 Convertible Fishing Boat
5.5.2 Bass Boat
5.5.3 Bowrider
5.5.4 Bay Boat
5.6 Commercial Boat
5.6.1 Airboats
5.6.2 Houseboats
5.7 Military Boat
5.8 Personal Watercraft
5.9 Other Types

6 Global Boat Market, By Size
6.1 Introduction
6.2 Below 20 ft
6.3 20 – 50 ft
6.4 More than 50 ft

7 Global Boat Market, By Propulsion
7.1 Introduction
7.2 Conventional
7.3 Electric
7.4 Solar
7.5 Sailboat
7.6 Other Propulsions

8 Global Boat Market, By Hull
8.1 Introduction
8.2 Wood
8.3 Steel
8.4 Glass Reinforced Plastic
8.5 Other Hulls

9 Global Boat Market, By Power
9.1 Introduction
9.2 Sail-Propelled Boats
9.3 Engine-Powered Boats

10 Global Boat Market, By Application
10.1 Introduction
10.2 Fishing
10.3 Sailing
10.4 Surveys
10.5 Water Sports
10.6 Tourism
10.7 Patrol Boats
10.8 Rescue
10.9 Other Applications

11 Global Boat Market, By End-user
11.1 Introduction
11.2 Recreational
11.3 Commercial
11.4 Other End Users

12 Global Boat Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa

13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies

14 Company Profiling
14.1 Willard Marine
14.2 Fassmer
14.3 Asis Boats
14.4 SAFE Boats
14.5 Sunbird Yacht
14.6 BCGP
14.7 Connor Industries
14.8 South Boats IOW
14.9 HiSiBi
14.10 LOMOcean Design
14.11 Maritime Partner AS
14.12 FB Design
14.13 Alutech

List of Tables
1 Global Boat Market Outlook, By Region (2021-2030) ($MN)
2 Global Boat Market Outlook, By Type (2021-2030) ($MN)
3 Global Boat Market Outlook, By Outboard (2021-2030) ($MN)
4 Global Boat Market Outlook, By Inboard (2021-2030) ($MN)
5 Global Boat Market Outlook, By Pleasure Boat (2021-2030) ($MN)
6 Global Boat Market Outlook, By Cuddy (2021-2030) ($MN)
7 Global Boat Market Outlook, By Pontoons (2021-2030) ($MN)
8 Global Boat Market Outlook, By Deck (2021-2030) ($MN)
9 Global Boat Market Outlook, By Fishing Boat (2021-2030) ($MN)
10 Global Boat Market Outlook, By Convertible Fishing Boat (2021-2030) ($MN)
11 Global Boat Market Outlook, By Bass Boat (2021-2030) ($MN)
12 Global Boat Market Outlook, By Bowrider (2021-2030) ($MN)
13 Global Boat Market Outlook, By Bay Boat (2021-2030) ($MN)
14 Global Boat Market Outlook, By Commercial Boat (2021-2030) ($MN)
15 Global Boat Market Outlook, By Airboats (2021-2030) ($MN)
16 Global Boat Market Outlook, By Houseboats (2021-2030) ($MN)
17 Global Boat Market Outlook, By Military Boat (2021-2030) ($MN)
18 Global Boat Market Outlook, By Personal Watercraft (2021-2030) ($MN)
19 Global Boat Market Outlook, By Other Types (2021-2030) ($MN)
20 Global Boat Market Outlook, By Size (2021-2030) ($MN)
21 Global Boat Market Outlook, By Below 20 ft (2021-2030) ($MN)
22 Global Boat Market Outlook, By 20 – 50 ft (2021-2030) ($MN)
23 Global Boat Market Outlook, By More than 50 ft (2021-2030) ($MN)
24 Global Boat Market Outlook, By Propulsion (2021-2030) ($MN)
25 Global Boat Market Outlook, By Conventional (2021-2030) ($MN)
26 Global Boat Market Outlook, By Electric (2021-2030) ($MN)
27 Global Boat Market Outlook, By Solar (2021-2030) ($MN)
28 Global Boat Market Outlook, By Sailboat (2021-2030) ($MN)
29 Global Boat Market Outlook, By Other Propulsions (2021-2030) ($MN)
30 Global Boat Market Outlook, By Hull (2021-2030) ($MN)
31 Global Boat Market Outlook, By Wood (2021-2030) ($MN)
32 Global Boat Market Outlook, By Steel (2021-2030) ($MN)
33 Global Boat Market Outlook, By Glass Reinforced Plastic (2021-2030) ($MN)
34 Global Boat Market Outlook, By Other Hulls (2021-2030) ($MN)
35 Global Boat Market Outlook, By Power (2021-2030) ($MN)
36 Global Boat Market Outlook, By Sail-Propelled Boats (2021-2030) ($MN)
37 Global Boat Market Outlook, By Engine-Powered Boats (2021-2030) ($MN)
38 Global Boat Market Outlook, By Application (2021-2030) ($MN)
39 Global Boat Market Outlook, By Fishing (2021-2030) ($MN)
40 Global Boat Market Outlook, By Sailing (2021-2030) ($MN)
41 Global Boat Market Outlook, By Surveys (2021-2030) ($MN)
42 Global Boat Market Outlook, By Water Sports (2021-2030) ($MN)
43 Global Boat Market Outlook, By Tourism (2021-2030) ($MN)
44 Global Boat Market Outlook, By Patrol Boats (2021-2030) ($MN)
45 Global Boat Market Outlook, By Rescue (2021-2030) ($MN)
46 Global Boat Market Outlook, By Other Applications (2021-2030) ($MN)
47 Global Boat Market Outlook, By End-user (2021-2030) ($MN)
48 Global Boat Market Outlook, By Recreational (2021-2030) ($MN)
49 Global Boat Market Outlook, By Commercial (2021-2030) ($MN)
50 Global Boat Market Outlook, By Other End Users (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

Figure 1 Global Boat Market Outlook (2021-2030) ($MN)
Figure 2 North America Boat Market Outlook (2021-2030) ($MN)
Figure 3 US Boat Market Outlook (2021-2030) ($MN)
Figure 4 Canada Boat Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Boat Market Outlook (2021-2030) ($MN)
Figure 6 Europe Boat Market Outlook (2021-2030) ($MN)
Figure 7 Germany Boat Market Outlook (2021-2030) ($MN)
Figure 8 UK Boat Market Outlook (2021-2030) ($MN)
Figure 9 Italy Boat Market Outlook (2021-2030) ($MN)
Figure 10 France Boat Market Outlook (2021-2030) ($MN)
Figure 11 Spain Boat Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Boat Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Boat Market Outlook (2021-2030) ($MN)
Figure 14 Japan Boat Market Outlook (2021-2030) ($MN)
Figure 15 China Boat Market Outlook (2021-2030) ($MN)
Figure 16 India Boat Market Outlook (2021-2030) ($MN)
Figure 17 Australia Boat Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Boat Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Boat Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Boat Market Outlook (2021-2030) ($MN)
Figure 21 South America Boat Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Boat Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Boat Market Outlook (2021-2030) ($MN)
Figure 24 Chile Boat Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Boat Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Boat Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Boat Market Outlook (2021-2030) ($MN)
Figure 28 UAE Boat Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Boat Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Boat Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Boat Market Outlook (2021-2030) ($MN)

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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