New York, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aluminum fishing boat market is envisioned to garner a revenue of $2,491.8 million and grow at a CAGR of 7.44% during the analysis timeframe from 2021 to 2030.
As per our analysts, with the increasing popularity of fishing due to its various health advantages such as stress alleviation, self-fulfillment, increased social bonding, and many more, the global aluminum fishing boat market is expected to see remarkable growth during the forecast period. Moreover, the numerous advantages offered by aluminum fishing boats like strength and durability are expected to create massive growth opportunities throughout the estimated timeframe. However, the corrosion in aluminum fishing boats may impede the growth of the market over the estimated period.
Segments of the Aluminum Fishing Boat Market
The report has divided the market into segments based on boat type, size, engine type, and region.
Boat Type: Deep-V Boat Sub-Segment to be Most Productive
The deep-v boat sub-segment is expected to hold the largest share of the market during the analysis period. This is mainly because the deep-v boats can function comfortably in choppy water and can go further offshore. Moreover, the V-shape design of these boats offers a fantastic riding experience even in turbulent waves, which is expected to fortify the growth of the market sub-segment over the forecast period.
Size: 14-16 feet Sub-Segment to be Most Profitable
The 14-16 feet sub-segment is predicted to hold the maximum share of the market throughout the estimated period. This is mainly due to the increasing demand for 14-16 feet fishing boats for fishing in harsh water. In addition, these boats are lighter, stronger, and less expensive than fiberglass, which is expected to bolster the growth of the market sub-segment throughout the analysis timeframe.
Engine Type: <200 HP Sub-Segment to be Most Beneficial
The <200 HP sub-segment is expected to register the dominant share of the market during the forecast timeframe. This is mainly because these boats save fuel for small-scale fishing and allow users to move quickly and freely in water in adverse conditions. Moreover, the rising demand for <200 HP boats for recreational activities as they are more durable and comfortable is expected to amplify the growth of the market sub-segment throughout the estimated period.
Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the aluminum fishing boat market is expected to have the fastest growth during the analysis timeframe. This is mainly because both freshwater and saltwater fishing are popular in this region. Furthermore, the rising product innovation and acquisition made by leading companies in this region are expected to drive the regional growth of the market over the forecast period.
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Covid-19 Impact on the Aluminum Fishing Boat Market
The outbreak of the Covid-19 pandemic has had a negative impact on the aluminum fishing boat market. This is mainly due to the decreased demand for recreational activities during the pandemic owing to travel restrictions, stay-at-home rules, and social distance conventions. Furthermore, the imposed import-export restrictions by governments resulted in a shortage of raw materials needed to make aluminum fishing boats which has declined the market growth throughout the crisis.
Key Players of the Market
The major players of the aluminum fishing boat market include
- Smoker Craft Inc.
- UMS Boats
- White River Marine Group
- MirroCraft
- Correct Craft
- Legend Boats
- BRP
- Brunswick Corporation
- Bennington Pontoon Boats
- Yamaha Motor Co., Ltd.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in June 2021, Yamaha Motor Co., Ltd., a leading Japanese multinational manufacturer of motorcycles, and marine products such as boats and outboard motors announced its acquisition of Finval Boats, a leading fishing boat builder. With this acquisition, the companies aimed to produce high performances fishing boats with superior power ranging from 200hp to 90hp.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Aluminum Fishing Boat Market:
- Aluminum Fishing Boats for Better Fishing
- Why Aluminum Fishing Boats are the Preferred Choice of Piscators?
- Aluminum Fishing Boat: A Better Choice to Recover the Losses Post Covid-19 Crisis
- What Features of Aluminum Fishing Boats Make Them More Efficient for Various Adventurous Activities Along with Fishing?
- Global Aluminum Fishing Boat Market to Generate $2,491.8 Million in the 2021–2030 Timeframe Due to Increased Engagement in Fishing
