New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- A latest report on the global aluminum fishing boat market published by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report:
The COVID-19 pandemic has had a negative impact on the growth of the global market for aluminum fishing boat in 2020. As per the report, the global aluminum fishing boat market garnered $1,069.7 million in 2018 and is expected to hit $1,811.7 million, rising at a CAGR of 6.8% from 2019 to 2026.
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Factors Impacting the Market Growth during the COVID-19 Crisis:
The global aluminum fishing boat market has witnessed deterioration in growth due to implementation of restrictions on import and export activities of fishes and fish products worldwide during pandemic period. Moreover, stoppage in fishing activities due to disrupted supply chains and owing to the fear of getting infected is hindering the market growth to a great extent amidst the pandemic.
Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $1,228.1 million in 2020. In the present situation, the market size has declined and reached up to $982.5 million in 2020.
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The key players in aluminum fishing boat market are making strategic investments in novel technologies for recovering the industry from the incurred losses. Moreover, rising importance about the consumption of sea foods amongst the people is likely to unlock profitable opportunities for the global market after the relaxation of the pandemic. The market is expected to recuperate from the incurred losses by the third or fourth quarter of 2022.
>16-Feet Size Segment Will Grow at a Significant Rate throughout the Forecast Years
On the basis of size, the global aluminum fishing boat market is classified into <14-feet, 14-16 feet, and >16-feet. The market for >16-feet size segment will witness increased rise at a faster rate of 7.8% CAGR and is predicted to register for $568.9 million till the end of 2026. More the size of the boat more it can withstand strong waves and avoid crashing or damage of hulls or oil canning present in the modern boats.
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Future Lookout of the Market:
According to the report, the global aluminum fishing boat market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to the rising investments in R&D activities, partnerships, and new developments in the market. Some of the leading players, such as
- Mercury Boats
- CrestlinerNautischeUnie
- Correct Craft
- Lund Boats
- UMS Tuna Boats
- White River Marine Group
- Yamaha Motor Company
- Telwater
- Brunswick Corporation
- Smoker Craft Inc., and others,
are expected to come up with cutting-edge developments and pave way for rewarding opportunities for the market growth in the forthcoming years.
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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