What is the trend in the boating industry?

High Demand for Recreational Boating Led to Market Growth In the U.S., boat sales skyrocketed during the pandemic, and this growth continued in 2021 while showing no signs of slowing down. As people were working at flexible times, they shifted toward outdoor activities.

What is the boat market forecast?

The U.S. recreational boat market is expected to grow at a CAGR of approximately 8.69% from 2022 to 2028 . The following factors are likely to contribute to the growth of the U.S. recreational boat market during the forecast period: Rising Demand for Outboard Power Boats. Growth in Tourism Industry.

What is the largest boat market in the world?

Global Recreational Boat Market Regional Insights North America held the largest share of the global recreational boat market in 2021 and it is expected to dominate the global market during the forecast period.

Is the boating industry growing?

The boating market and industry have seen significant growth in recent years , and this trend is expected to continue in 2023.

What is the outlook for the boat industry in 2024?

The marine industry is poised for significant growth until 2024, particularly in ship and boat building and repairing, reaching $284.22 billion in 2023. Projections indicate a further increase to $303.65 billion in 2024 , reflecting a compound annual growth rate (CAGR) of 6.8 percent.

Are boat sales declining?

Innovation Takes Center Stage as U.S. Boat Sales Cool Following COVID-Era Demand Surge. NMMA reports new powerboat retail sales are estimated to be down slightly in 2023, approximately 1% to 3%, to 258,000 units.

Are boat values increasing?

Because of sky-high demand and snarled supply chains, boat prices rose sharply. Between 2021 and 2022, we saw a 10% increase in average MSRPs for boats . Prices are still rising this year, with outboards and sterndrives seeing the largest increases.

Which state buys the most boats?

Florida is the state with the most registered boats used for recreation, having 8.133% of all recreational boat and yacht registrations in the United States.

What state sells the most boats?

The top five states for boat registrations in 2020 were Florida, Minnesota, Michigan, California and Wisconsin, in that order. The Great Lakes region accounted for 33.6 percent of all state boat registrations in 2020.

Which country buys the most boats?

Exporters and Importers In 2022, the top importers of Recreational Boats were United States ($3.03B), Malta ($1.37B), Canada ($1.13B), France ($959M), and United Kingdom ($815M).

Who owns the most boats?

According to the source, the U.S. state of Florida had the highest number of registered recreational boating vessels in 2022, with a little more than one million in total. In contrast, the District of Columbia had the smallest number of registered boating vessels, with under two thousand in 2022.

Is boating becoming more popular?

An estimated 1.15 million pre-owned boats were sold in 2021, up 9.2 percent over 2020 . The recreational boating industry is an economic driver, supporting more than 690,000 American jobs and 35,000 American businesses.

Are boats becoming more popular?

The global Boat Market Growth is anticipated to rise at a considerable rate during the forecast period, between 2021 and 2030 . In 2021, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Is boating on the decline?

As the number of powered boat sales in the USA continues to decline from its strong showing during the Covid-19 pandemic , attention has turned to innovation and to smaller craft.

Global Small Boats Market Analysis, Applications, Sale, Growth, Trends By 2033 (2024)

03-11-2024 09:16 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: The Business research company

Global Small Boats Market

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Small Boats Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The small boats market size has grown rapidly in recent years. It will grow from $35.16 billion in 2023 to $39.55 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to economic stability and disposable income, tourism and leisure trends, regulatory environment, boating infrastructure, economic stability.

The small boats market size is expected to see rapid growth in the next few years. It will grow to $63.36 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rising urbanization and population growth, environmental awareness, recreational boating culture, safety regulations, sustainable practices. Major trends in the forecast period include digital transformation and connectivity, technological advancements, government regulations and safety standards, online sales and direct-to-consumer models, electric propulsion systems.

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https://www.thebusinessresearchcompany.com/sample.aspx?id=10613&type=smp

Market Segmentation:
The small boats market covered in this report is segmented -
1) By Product Type: Powered Boat, Sail Boat, Personal Watercraft, Other Products
2) By Material: Fiberglass, Metal, Wood, Inflatable, Other Materials
3) By Application: Pleasure, Fishing, Defense, Other Applications

Major Driver - Small Boat Market Sets Sail On The Surge Of Fishing Enthusiasm
The rapid growth of fishing activities is expected to propel the growth of the small boat market going forward. Fishing activities refer to the act of catching fish or other aquatic animals for food, sport, or commercial purposes. Small boats are ideal for fishing in shallow waters and are often more affordable and easier to operate and maintain than larger vessels. For instance, in 2021, Marine Management Organization, a UK-based non-departmental public body of the Department for Environment, food, and rural affairs, UK ships landed 652 thousand tons of sea fish worth £921 million ($1 billion) as compared to 2020, an increase of 5% and 11% in quantity and value respectively. Therefore, the rapid growth of fishing activities is driving the growth of the small boat market.

Competitive Landscape:
Major companies operating in the small boats market report are AB Volvo Penta, Polaris Industries Inc, Bombardier Recreational Products Inc, Brunswick Corporation, Beneteau Group SA, Malibu Boats Inc., Ferretti Group S.p.A., Sea Ray Boats Inc., MasterCraft Boat Company LLC, Azimut Benetti S.p.A., Marine Products Corporation, Boston Whaler Inc., Sunseeker International Holdings Limited, S2 Yachts Inc., Porter Inc., Formula Boats Inc., Pursuit Boats LLC, Grady-White Boats Inc., Cobalt Boats LLC, Everglades Boats LLC, Seabring Marine Industries Inc., Sea Fox Boat Company, Four Winns Boats LLC, Stingray Boats Inc., Bavaria Yachtbau GmbH, Correct Craft Inc., Crestliner Marine Holdings Inc., WeLLCraft Marine Inc., Carver Yachts LLC

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https://www.thebusinessresearchcompany.com/report/small-boats-global-market-report

Top Trend - Innovation Surges In Small Boat Market With Advanced Electric Propulsion
Major companies operating in the small boat market are developing innovative products with advanced technologies, such as electric propulsion systems, to provide reliable services to customers. Electric propulsion systems refers to a class of space propulsion that uses electrical power to accelerate a propellant, offering several advantages over traditional chemical propulsion systems. For instance, In April 2023, Kaebon, a Munich-based startup, launched the EB Eins, an electric boat designed to be the lightest in the world, weighing only 89 kilograms. The boat is constructed from ultra-light carbon composite materials, allowing it to be easily transported and placed on a car roof. The innovative design, featuring a wave-piercing bow and long waterlines, offers a portable and efficient watercraft option for boating enthusiasts.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Small Boats Market Characteristics
3. Small Boats Market Trends And Strategies
4. Small Boats Market - Macro Economic Scenario
5. Small Boats Market Size And Growth
…..
27. Small Boats Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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Global Small Boats Market Analysis, Applications, Sale, Growth, Trends By 2033 (2024)

Press release from: The Business research company

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