The global boats market size is expected to expand substantially owing to the introduction of advanced and fashionable sailing equipment, finds Fortune Business Insights™ in its report titled “Boats Market, 2023-2030.”
A new variety of fashionable boats with novel colors, shapes, and superior comfort levels is expected to attract consumers who are willing to purchase and ride sailing vessels, enabling the market to flourish. Furthermore, several marine vessels today are equipped with advanced technologies, such as artificial intelligence (AI), wireless connectivity, navigation systems, data analytics, and cybersecurity tools, which augment the boat’s functionality. Players in the global marketplace are seeking to attract investments and build business opportunities. Trends such as driverless vessels and virtual reality are also emerging in this market. In addition, rising disposable incomes among the consumers, coupled with the constantly rising demand for entertaining adventurous activities, are acting as a critical growth driver for this market.
Fortune Business Insights™ lists out all the boats market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Brunswick Corporation
- Groupe Beneteau
- Azimut Benetti Group
- Sunseeker International Ltd.
- Lund Boats
- Ranger Boats
- Hobie Cat Company
- Marin Product Corporation
- Bennington Marin LLC
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Report Highlights
The report studies the qualitative and quantitative factors affecting the market’s growth. The report also conducts primary and secondary analyses, highlighting several factors influencing the market’s growth. Additionally, the report provides valuable insights into the strategies undertaken by the key players to innovate and expand their presence. Lastly, it studies the regional factors and observes the performance of the market in several regions.
Driving Factor
Growing Popularity of Boat Tourism Worldwide to Boost the Market
Tourists are showing increasing interest in undertaking boat rides to visit far-off places in exotic locations. In response, several countries around the globe have developed unique spots and locations that can be accessed only through water bodies. For example, in New Zealand, the Mine Bay Maori Rock Carvings, situated on Lake Taupo, can be visited while traversing the waters between Wellington and Auckland. In Australia, the famed Horizontal Falls, created periodically by tidal flows, can be experienced only by entering the natural rock gorges by boats. Up in the northern hemisphere, the US and Canada heavily promote tourism to the Alaskan coastline, which can be accessed only during the summer months and only via marine vessels. The soaring popularity of these destinations is expected to hugely benefit this market in the forthcoming years.
Regional Insights
Robust Manufacturing Base to Propel the North America Market
North America is anticipated to lead the boats market share owing to the large and strong manufacturing base in the United States and Canada. Furthermore, increasing spending on outboard activities, mainly fishing and surfing, will also contribute to the regional market growth. The United States Coast Guards estimates a total of 119,61,568 recreational vessels were registered in the United States in the year 2017, which is approximately 0.84% more than 2016.
Attributable to the improving infrastructure for boating activities, Europe holds a substantial share in the global market. The European Commission estimates that approximately 6 million boats were sailing in European waters for boating activities in 2017, generating a revenue of USD 6.61 billion.
In Asia Pacific, increasing disposable incomes and rising expenditure on tourism and sports-related activities will steer the regional market growth. The abundance of water resources in the region, such as lakes, vast coastlines, and rivers, is also expected to facilitate substantial demand for vessels.
Market Segmentation
The market is segmented into unpowered boats, inboard boats, outboard boats, and personal watercraft, based on type. In terms of power, this market is divided into sail-propelled boats, powerboats, engine-powered boats, battery-powered boats, and solar boats. By raw material, the market has been categorized into wood, glass-reinforced plastic (GRP), aluminum, steel, and others. Based on application, the market is classified into fishing, water sports, sailing, military applications, and others. Geographically, the market is clubbed into North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
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The Global Boats Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for boats ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This boats Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of boats Market? What Was Capacity, Production Value, Cost and PROFIT of boats Market?
- What Is Current Market Status of boats Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of boats Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global boats Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is boats Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On boats Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of boats Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for boats Industry?
Competitive Landscape
Key Competitors to Concentrate on Business Expansion Activities
Key players are implementing specific strategies to survive in the exceedingly competitive market. These strategies are driving the demand for sailing watercraft and are helping businesses to thrive. Moreover, the proliferation of e-commerce platforms has allowed players in the market to target the right audience and sell their products online. Some companies are also engaged in acquisition activities to bolster their market position. For example, BRP acquired 80% of the outstanding shares of Telwater Ply Ltd, an aluminum boat manufacturer.
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