The Global Boat market accounted for USD 30,786.3 Million in 2020 and is expected to reach USD 66,106.8 Millionby 2028, growing at a CAGR of around 10% between 2021 and 2028.
The global boat market accounted for USD 30,786.3 Million in 2020 and is expected to reach USD 66,106.8 Million by 2028, growing at a CAGR of around 10% between 2021 and 2028.
Boats are watercraft that have historically been used to travel by sea, river, and lake. The boating industry has advanced significantly over the years, expanding the range of boat uses in fields such as military, tourism, fishing, and import-export. A boat is a category of watercraft that comes in a variety of shapes and sizes, but it is usually smaller than a sheep, which is differentiated by its greater scale, form, freight or passenger capacity, or ability to transport passengers. The boats are divided into two categories: unpowered and man-powered. Fishing boats are designed specifically for fishing and can be used in both salt and freshwater. Pleasure craft, which include ski boats, pontoon boats, and sailboats, are designed for pleasure boating. Houseboats have the comfort of being able to live on the water.
With the evolution in technology, the shipping industry has seen an increase in the demand for technologically innovative features in various boat types. Over the forecast years, the global boat industry is predicted to rise significantly. During the forecast era, the global boat market is expected to expand at a healthy pace. Various growth factors are supporting the industry, including the increased use of boating as a leisure sport, an increase in the number of high net worth individuals, an improved consumer satisfaction index, and government interventions in major countries to stimulate interest in boating among the masses.
COVID-19 Impact Analysis
The global Boat market has witnessed a slight decline in the sales for short term due to the lockdown enforcement placed by various governments of emerging nations in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain which in turn affected tourism, fishing and transport industry. However, the global markets are slowly opening to their full potential and tourism industry is getting back on track which will make the market remain bullish in upcoming year.
The significant decrease in the global Boat market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
Over the projected time-frame, the global boat industry is predicted to rise significantly. Increasing disposable income, the rising trend of leisure activities, and creative trends in the global tourism industry are driving the sector. But apart from that, there are certain limitations on the boat industry, such as labor-intensive production practices, government environmental laws and regulations, and rising raw material costs.
The technological advancement in the products manufacturing is expected to sight critical growth opportunity during the forecast period.
Product Type Segment Analysis Preview
The global boat market has been divided into four categories based on product type: pleasure, fishing, commercial, and military. In 2020, the pleasure boat category accounted for 72.3 % of the total industry in terms of sales. Another important segment is fishing boats, which is expected to rise at a CAGR of 9.77% over the forecast period.
Key Market Players & Competitive Landscape
Major market players of Boat market comprise Willard Marine, South Boats IOW, Fassmer, HiSiBi, Asis Boats, LOMOcean Design, SAFE Boats, Maritime Partner AS, Sunbird Yacht, FB Design, BCGP, Alutech, Connor Industries, MARINE, and PALFINGER among others play an important role.
The global Boat Market is segmented as follows:
By Product Type
This report is based on in-depth qualitative and quantitative analyses of the global Boat market. Zion Market Research has collected and analyzed key data belong to the global Boat market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Boat across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Market Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Boat industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Boat market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
A boat is a type of watercraft used for travel or work on water. Boats come in a wide variety of sizes and shapes. There are many types of methods for boat construction depending upon where it is to be used. Traditionally boats were used for transportation since the ancient times. Aluminum, fiberglass, steel, and wood are commonly used materials for boat construction.
Depending upon the application the boat is classified into four main types such as pleasure boat, fishing boat, a commercial boat, and military boat. A pleasure boat is a boat used for recreational activities. Cuddy boat, deck boat, and pontoon boat are the common types of a pleasure boat. A fishing boat is a boat used for commercial and recreational fishing. The commercial boat is the boat used for hiring passengers and transportation of commercial goods. The military boat is the boat used for nation’s border security and protection by the navy, customs, and defense departments.
The growing trend of recreational activities coupled with innovative developments and huge investments in tourism industry increased the demand for the pleasure boats worldwide. Increasing population and household income, decreasing fuel prices, a willingness among people for leisure activities, development of the modern cruise industry, and growing import-export business across the world are important factors that are driving the global boat market. However, the increased cost of raw materials and component used in boat construction and labor-intensive manufacturing processes are the challenges of global boat market.
Based on the type of boat the market can be segmented into Pleasure boat, Fishing boat, Commercial boat, and Military boat; wherein the pleasure boat was the leading segment and it accounted for over 73% revenue share in 2016. Another segment of the fishing boat accounted for over 22% revenue share in 2016 and is expected to grow at a CAGR of around 9.45% during the forecast period.
By geography, North America accounted for the largest portion of market share in terms of revenue in 2016 and is expected to grow at a CAGR of 7.5% during the forecast period. The industry is expected to be driven by the growing disposable income, steady economic conditions, increasing number of leisure sports, and rapidly evolving coastal and maritime tourism. In terms of revenue, North America was followed by Europe and the Asia Pacific in 2016. Europe and the Asia Pacific are expected to grow at a CAGR of 9.62% and 10.3% respectively during the forecast period.
Top companies in the global boat market are Willard Marine, South Boats IOW, Fassmer, HiSiBi, Asis Boats, LOMOcean Design, SAFE Boats, Maritime Partner AS, Sunbird Yacht, FB Design, BCGP, Alutech, Connor Industries, MARINE, and PALFINGER. Due to Innovations in boat construction technologies and changing consumer preferences, vendors are expected to compete with each other for launching more varieties of boats during the forecast period.
The global Boat Market was valued at USD 30,786.3 Million in 2020.
The global Boat Market is expected to reach USD 66,106.8 Million by 2028, growing at a CAGR of 10% between 2021 to 2028.
The global boat industry is predicted to rise significantly. Increasing disposable income, the rising trend of leisure activities, and creative trends in the global tourism industry are driving the sector. But apart from that, there are certain limitations on the boat industry, such as labor-intensive production practices, government environmental laws and regulations, and rising raw material costs.
North America boat market is the fastest growing market globally and accounted for 28.80% share in terms of value in 2020 and will continue to dominate the market in coming years. While Europe, Asia Pacific will be having significant role in driving the market.
Some of the major companies operating in boat market are Willard Marine, South Boats IOW, Fassmer, HiSiBi, Asis Boats, LOMOcean Design, SAFE Boats, Maritime Partner AS, Sunbird Yacht, FB Design, BCGP, Alutech, Connor Industries, MARINE, and PALFINGER.