According to a report published by Research Dive, the global aluminum fishing boat market is expected to garner a revenue of $2,491.8 million and grow at a CAGR of 7.44% over the estimated timeframe from 2021 to 2030.
As per our analysts, with the increasing popularity of fishing as a hobby due to its numerous health benefits, such as stress alleviation, increased social bonding, self-fulfillment, and many more, the aluminum fishing boat market is expected to witness remarkable growth during the forecast period. Moreover, the increasing demand for aluminum fishing boats due to their cost-effectiveness, greater strength, and durability is predicted to foster the growth of the market throughout the analysis period. However, the corrosion in aluminum fishing boats may hamper the growth of the market throughout the estimated period.
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Segments of the Aluminum Fishing Boat Market
The report has divided the market into various 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 predicted to hold the largest share of the market during the analysis period. This is mainly because the deep-v boats are broadly used by fishermen as they can function comfortably in choppy weather. Moreover, the deep-v-shaped boats provide a fantastic ride experience even in turbulence and can travel faster around the water which are the factors expected to fortify the growth of the market sub-segment over the forecast period.
Size: 14-16 Feet Sub-Segment to be Most Productive
The 14-16 feet sub-segment is predicted to have the maximum share of the market over the estimated period. The 14-16 feet fishing boats are lighter and stronger and can be used for fishing in harsh water, which are the factors expected to bolster the growth of the market sub-segment over the analysis timeframe.
Engine Type: <200 HP sub-segment to be Most Lucrative
The <200 HP sub-segment is expected to generate notable revenue and expand at a steady pace during the forecast period. <200 HP provides a fuel-saving choice for small-scale fishing and allows fishermen to move quickly and freely in harsh water, which are the factors expected to upsurge the growth of the sub-segment over the analysis period.
Region: Asia-pacific Region to Have Huge Growth Opportunities
The Asia-Pacific region of the aluminum fishing boat market is expected to generate significant revenue and continue the fastest growth during the estimated timeframe. This is mainly because both freshwater and saltwater fishing are popular in this region. Moreover, the continuous product development and strategic acquisition by the leading fishing boat manufacturing companies of this region are predicted to drive the regional growth of the market over the analysis 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. The travel restrictions, social distance conventions, and stay-at-home rules imposed by the governments of many nations have reduced the demand for recreational activities, such as fishing, water tourism, and many others. Moreover, due to the disruption in the supply chain of raw materials many boat manufacturing companies were shut down. All these factors have declined the growth of the market during the pandemic period.
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Key Players of the Market
The major players of the aluminum fishing boat market include
White River Marine Group, Smoker Craft Inc., UMS Boats, MirroCraft, Yamaha Motor Co., Ltd., Correct Craft, Legend Boats, BRP, Bennington Pontoon Boats, Brunswick Corporation, and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Inquire here before buying full report
For instance, in June 2021, Yamaha Motor Europe, a leading producer, and distributor of Yamaha Motor Company, announced its partnership with Finval Boats, a renowned producer of all-welded aluminum fishing boats. With this partnership, the companies aimed to develop engines of high-power families from 200HP to 300HP for aluminum fishing boats to improve the user experience in harsh water.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, SWOT analysis, and the latest strategic developments.