The global aluminum fishing boat market generated a revenue of nearly $1,069.7 million in 2018 and is foreseen to grow at a 6.8% CAGR, surpassing $1,811.7 million by 2026.
The market has witnessed a significant growth previously, but due to the unpredicted COVID-19 outbreak, the market will witness decrease in the development rate in 2020. Aluminum boats are widely utilized for fishing owing to their properties such as abrasion resistance, corrosion resistance, and robustness. Aluminum is primarily utilized for the manufacturing of fishing boats which in turn is anticipated to fuel the market growth during the forecast period. Our analysts have estimated the condition of the aluminum fishing boat market during the COVID-19 outbreak, and have come to the following conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|7.3%||6.8%||Q3/Q4 2022||52||USD 1,228.1 Million||USD 982.5 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Aluminum is comprehensively utilized for assembling and manufacturing of hulls in boats that are utilized for fishing owing to the beneficial properties such as low cost, strength, and corrosion resistance. Shift in the preference among people towards freshwater boating activity due to the reduced risk of corrosion in the boats drives the market growth. Aluminum offers crucial properties such as solidness, adaptability, and robustness when contrasted with other type of material utilized for boat manufacturing. Thus, aluminum is widely utilized for the manufacturing of fishing boats. Besides, the growing pervasiveness of aluminum for building boats for long voyages is the major factor acting as drivers in the forecast period.
Besides, boats manufactured using aluminum is not preferred for saltwater due to risk of corrosion that can lead to formation of pits in boats. Adding to this, bottoms of the hulls must be protected with etch primer, antifouling product, and conciliatory anodes should be placed to avoid rusting of hulls which in turn is increasing the manufacturing cost of boats. These factors are hampering the global aluminum finishing boat market in the projected time frame.
The COVID-19 pandemic has negatively impacted on the global aluminum fishing boat market. Fish and fish products are highly dependent on international trade and several restrictions and closure of global markets have reduced the importance of fish products. Thus global aluminum fishing boat market have hampered during the COVID-19 pandemic. In addition shellfish and fresh fish supply chain is severely impacted due to the closure of various food service sectors such as hotels, restaurants, and catering services. These factors are negatively impacting on the market growth in the forecast period.
Moreover, other sea foods such as tuna and salmon are key element of our international trade and highly nutritious food group that are significant for major communal, civilizing, and economic groups. Owing to the disruption in transportation and labor has significantly affected fishing of these products which in turn has reduced the use of aluminum boats for fishing. For instance, in India there are approximately 9 million active fishers and it contributes nearly 1.1% to the Indian GDP and complete lockdown in the harbors has reduced the contribution of GDP. These factors are acting as barriers to the growth of global aluminum fishing boat market during the COVID-19 pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global aluminum fishing boat market will witness decline in the growth rate in the year 2020 and is predicted to follow the trend until the end of the forecast period. Global aluminum fishing boat market is expected to regain its importance after the end of pandemic stress due to the importance of sea food consumption among the people. In addition, rising prevalence for freshwater boating activity after the end of pandemic stress is predicted to increase the production of aluminum boats for fishing. For instance, in U.S. nearly 35% of the outdoor activities include freshwater boating and thrice the more people showing more interest for freshwater boating rather than saltwater boating.
Moreover, according to recent publication made by Research Dive, the global aluminum fishing boat market is predicted to show decline in the growth rate in the forecast period. Due to drastic downfall in the year 2020, the global aluminum fishing boat market will gain profit by Q3/Q4 2022. Aluminum yachts or boats are light in weight and has high performance specification owing to the reduction of bouncing of boats caused due to the waves or water currents. For instance, 3 Rivers Marine company has manufactured a new River Seahawk. This boat is made up of aluminum that offers high performance, lightweight, and less cost as that of other materials utilized for the production of yachts or boats.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Aluminum Fishing Boat Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity