The Aluminum Fishing Boat Market Projected to Grow at a CAGR of 7.44% and Generate a Revenue of $2,491.8 million by 2030Download Sample Reports Overview
The aluminum fishing boat market is predicted to be valued at $2,491.8 million by 2030, surging from $1,362.5 million in 2021, growing at a noteworthy CAGR of 7.44%.
Impact Analysis of COVID-19 on the Aluminum Fishing Boat Market
The coronavirus outbreak has created a slew of problems for businesses across the world. Because of the sharp drop in demand for recreational activities, the aluminum fishing boat market has suffered a setback. Travel restrictions, social distancing conventions, and stay-at-home rules, for example, have reduced people's interest in fishing as a hobby. People have also avoided travel and outdoor activities due to the fear of catching the COVID-19 virus. As a result, recreational activities such as water tourism, fishing, and others were severely curtailed, lowering demand and sales of aluminum fishing boats. Due to the terrible economic downturn, many small-scale businesses were forced to close their doors. The majority of the raw materials used to make aluminum fishing boats, such as the hull, motor, and other components, come from China. However, because China was at the epicenter of the COVID-19 outbreak, the government issued import-export restrictions, which greatly impacted raw material availability.
Global Aluminum Fishing Boat Market Analysis
People across the world are becoming increasingly interested in outdoor and recreational activities such as fishing. People are becoming increasingly interested in fishing as a way to maintain work-life balance and reduce stress. This is due to the fact that fishing allows individuals to connect with nature, relax their bodies, and rest their minds. In 2017, roughly 49 million Americans choose the nation's waterways to engage recreational fishing activities, according to a poll done by the Recreational Boating and Fishing Foundation. The number of people participating in recreational fishing activities has also increased by 1.5% since 2016. Aluminum boats are quite popular for fishing because of their many advantages, including the fact that they are incredibly strong and inexpensive when compared to fiberglass boats, and they require less maintenance. Additionally, because aluminum fishing boats are lighter than fiberglass boats, they require smaller power plants to operate efficiently, resulting in lower operating costs. During the study period, these factors are expected to boost the aluminum fishing boat market size.
Negatively charged aluminum metal attracts electrons from positively charged metal, making aluminum fishing boats prone to corrosion. Corrosion occurs as a result of the metal deteriorating. Furthermore, putting anti-fouling agent to an aluminum boat is more difficult than applying anti-fouling agent to a fiberglass boat, resulting in a higher cost for the boat. Aluminum fishing boats have a low long-term temperature tolerance, therefore extended exposure to extreme heat is not advised. In the coming years, these obstacles are expected to limit the size of the aluminum fishing boat industry.
Aluminum fishing boats are less expensive than fiberglass fishing boats. The Lund and Tracker aluminum fishing boats, for example, are equipped with high-end equipment to make fishing easier and cost less than $15,000. Aluminum boats can reach high speeds with smaller engines than fiberglass boats, which require massive or double engines to accomplish the same speed. These boats are highly sturdy and long-lasting. These boats are also capable of withstanding the dangers that can occur during the launching, towing, and recovery processes. These boats can also endure the risks that may arise during the launching, towing, and retrieval operation. Aluminum boats are a popular choice of fisherman for small waters and rough coastlines. These boats have a higher resale value and require less maintenance over time. Aluminum boats are 100% recyclable that makes them eco-friendly.
Aluminum Fishing Boat Market, Segmentation
The global aluminum fishing boat market is segmented based on boat type, size, engine type, and region.
The market has been segmented into bass boat, multi-species boat, deep-v boat, and others. The deep-v boat sub-segment is expected to have the largest market share during the timeframe. And it is expected to increase at the quickest rate throughout the forecast period. Deep-v boats are popular with anglers because they can operate easily in rough conditions and travel further offshore. Deep-v boats are easier to steer at slower speeds. The V shape design of these boats provides a superb ride experience even in stormy waves thanks to the presence of a sharp bow that cuts ahead. Deep-V boats can travel faster around the water than flat-bottom boats, which is important for activities like fishing contests.
The size segment is further divided into three categories: <14 feet, 14-16 feet, and >16 feet. The 14-16 feet sub-segment is expected to have the largest market share in the forecast period. The 14-16 foot boat is made of heavy-gauge aluminum for ongoing strength and a safe & stable ride. For the ultimate fishing experience, these boats are ideal for walleye fishing and small lake camp fishing. For example, the Lund SSV 16 is a luxurious 16' Canadian camp boat with a drop-in floor or a side comfort for a better fishing boat experience.
The market has been classified into three categories based on engine type: <200 HP, 200-300 HP, and >300 HP. The <200 HP sub-segment is expected to have the largest market share during the forecast period. The <200 HP engine is a perfect blend of technology and dependability for any boating enthusiast. It is built for exceptional performance, longevity, and is a perfect combination of technology & reliability for any boating enthusiast. It is more durable, lighter, and smaller, plus it has a higher resale value. A <200 HP aluminum fishing boat engine can cost anywhere from $14,000 to $17,500. This engine can weigh up to 520 pounds. A pontoon boat engine with 200 horsepower may travel twice as fast as one with 90 horsepower. As a result, the popularity of the <200 HP engine is rapidly increasing in order to accomplish such high speed.
The market for aluminum fishing boat in North America is expected to garner dominant share during the timeframe. In North America, fishing is one of the most popular leisure activities. For example, more than 50 million Americans fished in 2019, including saltwater, freshwater, and fly-fishing. Fishing was done from boats, riverbanks, and shorelines. According to the Recreational Boating & Fishing Foundation, a non-profit organization based in the United States, the overall participation rate in fishing activities has reached 17% of the US population aged 6 and up. In the United States alone, there was a 700,000 net increase in fishing participation from 2018. The most popular type of fishing is freshwater, followed by saltwater. Fishing is becoming increasingly popular among Americans as a way to connect with nature, relax, and unwind, as well as for aesthetic reasons. The majority of those who actively participate in fishing say that it allows them to gain new skills and that it promotes meditation & awareness about benefits of fishing like stress relief. During the analysis period, these factors are expected to drive demand for aluminum fishing boats market in North America.
Key Players in the Global Aluminum Fishing Boat Market
Some of the leading aluminum fishing boat market players are
- Yamaha Motor Co., Ltd.
- Brunswick Corporation
- Correct Craft
- Smoker Craft Inc.
- White River Marine Group
- UMS Boats
- Legend Boats
- Bennington Pontoon Boats.