Global Small Boats Market is expected to grow at a CAGR of 7% in the forecast period owing to the flourishing marine sector, rise in average selling prices and increasing interest of public in numerous water sports. Small boats are normally used on inland waterways like lakes, rivers and coastal regions. Increasing disposable income is propelling the growth of travel and tourism activities on a global scale, which is driving the small boats market. Small boats are used in several activities like boat racing, sailing, campaigning, motorized water sports that has affected small boats market positively in the recent years and the growth is expected to continue in future as well. Small boats built with high-quality material and advanced technology can handle a number of marine applications.
Small boats market is thus expected to rise significantly in the coming years with substantial revenue generation also. Moreover, developing countries across the globe are witnessing considerable improvement in economy, which is resulting in increased expenditure on recreational activities. Furthermore, the demand for small boats is predicted to increase due to old trend of the traditional boats and technological enhancements. Additionally, the small boats offer wide applications from sailing, water sports, fishing, etc., which strengthens the penetration of small boats market in the forecast period.
Nevertheless, small-scale production of small boats by the SMEs and the traditional manufacturing procedure is hampering the growth of the market. They also affect the growing product demand and the overall marine industry in the forecast period. The key players in the industry have great demand form the consumers. These players are greatly investing in high-quality technology. Recreational boats and small boats are promising substantial growth since fishing boats continue to attract the coastal consumers. The market players are poised to achieve impressive growth as small boats market respond well to the advantages by using new materials and demand from tourism industry for fun and recreational activities.
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The players in small boats market are expected to witness intensive competitive advantage owing to successful introduction of new products. The customers thoroughly check manufacturer quality, availability of new products and capability to innovate while purchasing. Small boats market is categorized on the basis of boat type, material, application, and geography. On the basis of boat type, small boats market is divided into personal watercraft boat (PWC), powered boat, and sail boat.
Based on material, small boats market is divided into fiberglass, inflatable, metal, wood, plywood, and others. Plywood is extensively used in the building of small boats since it offers sheet construction that makes it easy for the carpenters to build a watertight boat. For the same reason, plywood segment is predicted to dominate the small boats market in the coming years.
In terms of application, small boats market is split into fishing, defense, pleasure (tourism), and others. Small boats are mostly used for fishing in the coastal areas, since seafood is their staple food. This is followed by tourism. Geographically, small boats market is segmented as North America, South America, Europe, Asia Pacific and Middle East & Africa. North America followed by Europe are expected to lead small boats market owing to the rise in recreational activities like fishing & boating and technological advancements in the region.
The key players of small boats market are Brunswick Corporation, BPS Direct, Malibu Boats, Inc., Yamaha Motor Corporation, Grand Crossing Capital LLC, MasterCraft Boat Company, LLC, Porter, Inc, Grady-White Boats, Inc., Groupe Bénéteau, Marine Products Corporation, Maverick Boat Group, Inc. S2 Yachts, Inc., Seabring Marine Industries Inc, L.L.C, Correct Craft, Inc, Stellican Ltd, etc.
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