New York,USA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aluminum fishing boat market is expected to generate a revenue of $1,811.7 million by 2026, exponentially growing at a CAGR of 6.8% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and During COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic period. According to the report, the market is predicted to grow at a CAGR of 6.8% due to the pandemic effect, while it was estimated to be 7.3% before the advent of the pandemic. This decline was mainly due to the stringent restrictions imposed by the government on travelling and participating in outdoor recreational activities in order to the curb the spread of the novel virus. This factor impeded the growth of the aluminum fishing boat market during the forecast period.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the global aluminum fishing boat market has been witnessing a significant downfall in growth rate compared to the pre-pandemic apprehensions. The real-time market size generated a revenue of $982.5 million in 2020, while it was anticipated to generate $1,228.1 million pre-pandemic scenario. The closure of food service sectors like hotels, restaurants, catering services, etc. during lockdown adversely impacted the demand for seafoods. In addition, high manufacturing cost and risk of corrosion is further expected to decline the growth of the global aluminum fishing boat market.
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Post Pandemic Insight
As per the report, the global aluminum fishing boat market is expected to recover by 3rd/4th quarter of 2022. However, with the increasing prevalence of freshwater boat activities, re-opening of hotels and restaurants leading to increased demand for seafood, recommencement of recreational outdoor activities, after the end of post pandemic stress is expected accelerate the growth of the market in the coming years.
Multi-Species Boat Segment has Dominant Market Share
Based on boat type, the global aluminum fishing boat market is fragmented into deep-v-boat, bass boat, multi-species boat, and others. Among these, multi-species boat segment dominated the market in the year 2018 and is expected to register for $222.8 million in 2026. Multi-species boats are manufactured with varying hull sizes so that they can be utilized for shallow water and moderate deep water. This is the major factor responsible for the growth of multi-species aluminum finished boat segment in the projected time frame.
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Key Players of the Market
The major players of the market include
- Lund Boats
- Mercury Boats
- Telwater
- Correct Craft
- Smoker Craft Inc.
- Yamaha Motor Company
- CrestlinerNautischeUnie
- White River Marine Group
- UMS Tuna Boats
and many more. These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in April 2019, Bombardier Recreational Products (BRP), a Canada-Based vehicle manufacturing company acquired Telwater, an Australian-based boat company specializing in aluminum boats, so as to maximize BRP’s presence in the global aluminum fishing boat market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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