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Global Sailboat Market, Industry Trends, Growth, Opportunities 2024
Sailboat Industry, Global Market Trends
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According to The Business Research Company's, The sailboat market size has grown steadily in recent years. It will grow from $6.25 billion in 2023 to $6.44 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in disposable income, increase in spending on recreational activities, and a rise in leisure trips.
The sailboat market size is expected to see steady growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to rising government support, rapid urbanization, a growing population, the increasing number of water sporting events and boat shows, the increasing use of social media, and the increasing number of high-net-worth individuals. Major trends in the forecast period include use of artificial intelligence (ai) for advanced navigation, new product developments for higher performance in strong winds, strategic collaborations and acquisitions to improve product portfolio, development of solar and wind powered boats, and focus on integrating sustainable materials in boat manufacturing.
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Market Drivers and Trends:
The increase in popularity of marine activities is expected to propel the sailboat market. Marine activities have been economic growth drivers, providing natural resources and access to trade and transportation, recreational opportunities, and other activities in general, with high expectations for future growth. Due to these growths in marine activities, the market is witnessing the demand for sailboats for commercial and leisure use, as it boosts the aquatic function efficiently by indulging less fuel and power costs. For instance, according to the UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT, in 2021, maritime trade and transport increased by 4.3% as compared to 2020. Therefore, the increase in marine activities is expected to boost demand for sailboats during the forecast period.
Product innovations are a key trend gaining popularity in the sailboats market. The market is witnessing the implementation of new technologies such as form following function in a sailboat to enhance operational performance and improve safety capabilities. This form-follow function is based on the technical requirements to achieve a unique performance by combining minimum drag and maximum propulsion, enabling perfect gliding properties. For instance, In January 2022, Aeolos Composites, a UAE-based designer and producer of high-performance yachts, launched Aeolos P30, a conventional series yacht for single and double-shore sailing. This boat uses a twin rudder system and a single rudder system in its design for sailing in strong winds.
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Major Key Players of the Market:
Exxon Mobil Corporation, Royal Dutch Shell, China Petroleum & Chemical Corporation, BASF SE, Honeywell International,Chevron Corporation, W. R. Grace & Co, Albemarle Corporation, Arkema, Clariant International Ltd., Sinopec Catalyst Company, Tokuyama Corporation, Nippon Ketjen, S-Oil Catalyst, Qingdao Eno Chemicals, Hindustan Platinum, Dorf Ketal, AB Enterprises, Haldor Topsoe, Johnson Matthey, Axens, INEOS, Clal France, Zeochem AG, MOL Group, Evonik Industries AG, Metalor, Umicore, Heranius, NIS a.d. Novi Sad, OMV Group, Grupa LOTOS S.A, Rosneft, Unipetrol Group, Polimer Sp. z o.o, PolyComp s.r.o, RESINEX Czech Republic, Tecomelt s.r.o, CRI Catalyst Company, Unicat Catalyst Technologies, Grace Catalysts Technologies, INNOSPEC Limited, Fortuna Silver Mines Inc, Mottcorp
Sailboat Market 2024 Key Insights:
• The sailboat market size is expected to see steady growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Rising Popularity Of Marine Activities Fueling Demand For Sailboats
• Innovative Technological Advancements In Sailboat Design
• North America was the largest region in the sailboat market in 2023
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