Small Boats Market size is anticipated to rise at a CAGR of 14.8% and reach USD 56,199.1 million by the end of 2027. This growth is accountable to the increasing number of pleasure riding and fishing activities across water bodies worldwide.
Fortune Business Insights titled, “Small boats Market Size, Share & COVID-19 Impact Analysis, By Product (Sail Boat, Powered Boat, Personal Watercraft Boat, and Others), By Application Type (Pleasure, Fishing, Defense and others), and Regional Forecast, 2020-2027,” the value of this market was USD 18,653.5 million in 2019 and the forecast period is set between 2020 and 2027.
The rapid spread of the novel coronavirus pandemic has left the entire world devastated owing to the lack of healthcare facilities that is not able to suffice to the increasing patient pool. The imposition of temporary lockdown in all over the world has impacted almost all businesses worldwide. Some of them are trying to operate within homes while some other businesses such as import and export or other facilities are at a temporary halt. This panic has created a dent in the world economy.
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List of the Leading Companies Profiled in the Global Small Boats Market are:
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Drivers & Restraints:
Rising Expenditure on Leisure and Recreation Activities to Add Impetus
The increasing population of high net worth individuals (HNWIs) and the rise in offshore activities for recreational or leisure purposes are the key factors boosting the global small boats market growth. The increasing popularity of connected boats and rise in the number of water sports and other water-based activities such as waterskiing, wakeboarding, and others will also add impetus to the growth of the market.
On the negative side, the rise in level of water pollution and high cost of installation and maintenance may hamper the growth of the market in the forecast duration. Nevertheless, the advent of yacht monitoring solutions is likely to create new growth opportunities for the market in the coming years.
Powered Boats Segment Accounted for the Highest Share Owing to the Ease of Availability
Powered boats are the most common type of boats, thereby helping this segment earn dominance. Powered boats are of different types such as bay boat, bass boat, cuddy cabin, cruiser, and bowrider, among others. The availability of these types of boats stands as the key factor helping the powered boat segment earn the largest small boats market share in 2019 and continue doing so in the coming years.
Europe to Continue Dominance Owing to Increasing Popularity of Pleasure Tours
Among all regions, Europe emerged dominant on account of the increasing urbanization and rise in heavy tourist attraction especially for water rides. This, coupled with the increasing fishing activities and rise in the number of pleasure activities, will also aid in expansion of the market in the coming years. On the other side, the market in North America will showcase a significant growth rate on account of the presence of the majority of defense boats and the heavy investments on upgraded and innovative small boats. In 2019, Europe earned a revenue of USD 8,146.3 million on account of the presence of several major market vendors.
New players are penetrating into the Asia Pacific market, thereby helping this region generate substantial revenue for the overall market in the forecast duration.
Players Focusing on Strengthening their Portfolio to Gain Competitive Edge
The competitive landscape of the global market for small boats is highly fragmented on account of the presence of many players. Some of them are focusing on strengthening their portfolio to gain a significant share in the market. The others are engaging in new product launches to gain a competitive edge in the long run.
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