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Small Boats Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Small Boats Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the small boat market. Companies operating in the small boat market are adopting new technologies, such as the Internet of Things (IoT), to sustain their position in the market. For instance, in August 2022, Radian IoT Inc., a US-based big data company, launched the Radian M2 device and the SaaS platform equipped with IoT technology for remote monitoring of boats. The device uses IoT technology to transmit the data to a mobile device or a cloud-based platform, allowing boat owners and operators to monitor their vessels remotely and make informed decisions about navigation, maintenance, and other aspects of boat operation to improve safety, efficiency, and performance. Additionally, SaaS platform allows users to view this data in real-time, and access historical data and analytics.
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Major Key Players of the Market:
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
Small Boats Market 2024 Key Insights:
• 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%.
• Small Boat Market Sets Sail On The Surge Of Fishing Enthusiasm
• IOT Reshaping Small Boat Industry Dynamics
• Asia-Pacific was the largest region in the small boats market in 2023
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