Global Aluminum Fishing Boat Market Anticipated to Reach $1,879.5 Million by 2026.Download Sample Reports Overview
Aluminum Fishing Boat Market Analysis
According to a study of the Research Dive, global Aluminum Fishing Boat market forecast shall cross $1,879.5 million by 2026.
Growing awareness of the health benefits associated with seafood such as tuna, ground-fish, and salmonids is important factor for the growth of aluminum fishing boat market. These boats provide highly integrated features like longer shelf life, affordability customization and durability. In addition, rising demand for modern boating inventions, growing outdoor recreation among the participants along with increasing recreational fishing, are some of the major factors driving the aluminum fishing boat market growth. Also, the number of freshwater fishing participants is three times to that of the saltwater fishing participants. Moreover, the usage of aluminum fishing boats for the freshwater fishing activity is expected to boost global aluminum fishing boat industry. On the other hand, repairing of aluminum fishing boat is a complex and expensive process, and thus hampers the growth of global market. In addition, substitutes such as fiberglass boats are also anticipated to hamper the growth of market. Recently innovated fishing boats are in multiple sizes along with these boats used on both freshwater and salt water bodies. Moreover, the advanced aluminum fishing boat market trends include strength and stability along with durability to sustain the fishing ventures across various types of waterbodies. These advanced fishing boats can be both manned as well as un-manned. This multi-purpose fishing boats primarily include features like, rod lockers, a trolling motor system and front bow. In addition, highly advanced aluminum fishing boats like pontoon boats cuddy and cabins boats are well-suited for fishing and will ultimately create huge opportunities for the surge of global market.
Based on Boat type, global market is fragmented into bass boat, Deep-V boat, multi species boat, and others. Deep-V boat will register a revenue of $1,372.1 million by the end of 2026, growing at a CAGR of 7.2% during the forecast period; this is significantly due to Deep-V boat manufactured with novel features like, sun protection on Boats with Full Shade Coverage, installation of marine hydraulic steering kit and Bluetooth stereo systems. Moreover, an upgradation in marine electronics, corrosive-resistant marine water trolling motors are anticipated to grow the demand of Deep-V boat in global market, and are projected to boost the global market.
Based on the size of fishing boat, market is segmented into >16 feet, and 14-16 feet, <14 feet. 14-16 feet segment will generate a revenue of $1,048.8 million by 2026, growing at a CAGR of 6.6% throughout the forecast period; this is majorly due to customer preference and choice for this segment is expected to drive the growth of global market.
Based on engine type, global market is segmented into <200 HP, >300 HP, 200-300 HP. <200 HP Engine will generate a revenue of $1,054.4 million by the end of 2026, growing at a CAGR of 6.6% throughout the forecast period; this is mainly because <200 HP engine is more fuel efficient. In addition, these boats have plenty of space for up to six people.
North America aluminum fishing boat market size will cross $612.7 million by 2026, increasing at a CAGR of 5.6%. In 2018, North America was the most prominent in aluminum fishing boat market. For example, about 34% of the US population participates in boating and fishing activities. Moreover, advances in aluminum fishing boat, major development in tourism industry, expansion of boat size, improved aluminum boat with fuel efficiency and range is anticipated to fuel the growth of global market during the projected period.
Aluminum fishing boat market share for Europe is anticipated to rise at a CAGR of 8.6% by generating a revenue of $451.1 by 2026. Technology upgradation in aluminum fishing boat, coupled with increasing enthusiasm for boat riding, is anticipated to impel the aluminum fishing boat market in Europe. Positive consumer spending trends on recreational activities, along with booming blue tourism, and availability of leisure time are expected to boost the demand for aluminum fishing boat in European nations like UK, Spain and Italy.
The major aluminum fishing boat manufacturers include BRP Inc., White River Marine Group, Brunswick Corporation, Yamaha Motor Company Ltd., Telwater Smoker Craft Inc., Correct Craft and many others. Players using updated technologies for their aluminum fishing boat will have good probability of having success in the rapidly blooming market. For example, Correct Craft announced acquisition with SeaArk Boats for entering into the aluminum fishing boat industry.