Global floating docks and drive-on boat lifts market expected to reach USD 470 million by 2024 and is expected to grow at a CAGR of more than 3.5% between 2017 and 2024. Ease of accessibility and safety provided by floating docks will majorly drive the floating docks and drive-on boat lifts market.
Floating Docks and Drive-On Boat Lifts Market
Floating dock is also known as dry docks. Floating docks were introduced in the 1990s, and acclaimed wide popularity due to its specifications and durability. Floating docks raise a vessel out of the water and serve as a dry dock. They are a submersible floating structure used for entry and docking of a ship and are also used for lifting the ship from the water for repairs. There are several types of floating docks in the market used for different applications. The metal and plastic floating docks are more in demand owing to their easy installation and durability.
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The global floating docks and drive-on boat lifts market was valued at around USD 350 million in the year 2016 and it is expected to reach approximately USD 470 million by 2024. The global floating docks and drive-on boat lifts market is expected to exhibit a CAGR of more than 3.5% between 2017 and 2024.
Drivers and Restraints
Shipping is one of the most regulated industries in the world because of the high risks associated with it. The major factor driving the growth of floating docks and drive-on boat lifts market is the increasing preference for floating docks in the shipping industry. Floating docks are easy and quick to install, also completely adjusts to different water levels caused by seasonal variations, tides, floods, and other water moments. Moreover, the buyers get attracted by the specifications of floating docks such as pollution and ultraviolet resistant ability, adaptability, and easy maintenance thus fueling the market growth during the forecast period.
The difficulty for loading and unloading of heavy material on floating docks will majorly limit the growth of floating docks and drive-on boat lifts market during the forecast period.
Metal floating dock segment accounted for the largest market share in 2016 by type and is expected to dominate the market through the forecast period. Metal floating docks are used for heavy-duty commercial purposes as they provide a safe and non-slip surface. Metal floating docks are made up of steel, aluminum, and other types of metal. Aluminum docks are currently trending in the market, owing to its ability of superior stability, strength, non corrosion capability, performance, and longevity at competitive prices thus increasing the demand for the segment during the forecast period.
Based on applications, the global floating docks and drive-on boat lifts market is dominated by the commercial segment. There is various commercial dock design available in the market that ranges from extensive public projects to lower-scale projects for small businesses including restaurants and other marine-based services. Very large projects can be designed to include a mixture of different styles and materials including composite woods, aluminum, and concrete. Increasing demand for floating docks for government municipals projects, community associations, marinas watercraft, and other commercial applications, will fuel the growth of the segment during the forecast period.
North America is anticipated to contribute the largest market share for the global floating docks and drive-on boat lifts market during the forecast period. The region leads the market by accounting for more than 35% of market share in 2016. It is anticipated to retain its dominance by the end of the forecasted period, owing to the increasing demand for docks and high adoption rate for customized docks for marine security. The Asia Pacific anticipates to be the most lucrative region for the global floating docks and drive-on boat lifts market, owing to the increasing waterfront businesses, increasing marine securities, and rising disposable income.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report are AccuDock, Basta Boatlifts, Bellingham Marine, Candock, Carolina Waterworks, Inc. (Safe Haven), Cubisystem, Dock Blocks, EZ Dock, Flotation Systems Inc., HydroHoist Marine Group, Ingemar, JetDock Systems, Inc., Jetfloat, MariCorp, Marine IP Ltd (VersaDock), Marinetek, Martini Alfredo, Meeco Sullivan, PMS Dockmarine, Pontech, SF Marina Systems, Shenzhen Blue Ocean Engineering Co., Ltd., Sunstream Boat Lifts, Technomarine, Wahoo Docks, and Walcon Marine Ltd., among others..
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their type portfolio. In October 2017, AccuDock invested in developing its rowing floating dock product line and will continue its expansion in professional and collegiate rowing events around the country and internationally.