Global Small Boat-The Future On Tides (2012-2022)

Product Overview:

According to the National Marine Manufacturers Association (NMMA), small boats are defined as boats that are less than 26 feet in size, and used for fishing, recreational, defence activities, etc.

Global Small Boat Market Overview (2012-2022):

Global small boat market stood at USD33.92 Billion in 2016 and is expected to grow at a CAGR of over 13% to reach USD70.05 Billion, in value terms during the forecast period. The continuous increase in the prices of boats and booming marine industry drives the global small boat market.

North American small boat industry the fastest growing industries across the globe. With repetitively increase in the number of High Net Worth Individuals (HNWIs) in the US and Canada, the demand for small boats is expected to grow at a CAGR of over 13%, in value terms, during 2017 – 2022.

Europe’s Small Boat market is projected to grow at a CAGR of 8.85%, in volume terms, during forecast period, backed by increasing sales of powerboats and growing inclination of consumers towards recreational activities due to growing tourism and fishing industry.

According to European Commission, every year, 400 million passengers embark and disembark in European ports. Nearly 40% of the freight exchanges between the EU Member States are conducted by sea. 74% of goods imported or exported Europe go by sea and Europe boasts are some of the premium port facilities in the world.

Brunswick Corporation, Groupe Bénéteau, and White river marine group are some of the leading players in global small boat market. Moreover, Companies such as Marine Products Corporation, Malibu, are expected to offer stiff competition to established players during the forecast period.

                                                                                                                                                                   Source: Techsci Research

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What generates the demand for Small Boats Market?

Growing European Marine Industry:

                                                                                                               Source: European Maritime Safety Agency

According to the European Maritime Safety Agency (EMSA): The business is made up of boatbuilders, equipment manufacturers, engine manufacturers and service providers and the industry consists of approximately 32,000 companies. The boating industry is mainly made up of small and medium-sized enterprises (97% of businesses are SMEs). The production of recreational craft in Europe is very assorted. In the region, with more than 70,000 km of coast, Europe offers the perfect environment for 48 million European citizens who often participate in recreational marine activities among these 36 million are boaters and countless numbers of tourists.

Growing High Net Worth Individuals population (HNWI):

Due to high costs of small boats, buyers generally tend to opt for second hand or used small boats. However, in the recent years, the trend is changing as purchasing power of consumers is increasing. Now, buyers are looking for new boats. According to World Wealth Report, the net worth income of individuals is increasing globally, which will push the individuals to fulfil their demand for recreational activities. Growing interest of consumers in sailing, campaigning, fishing and other water sports game is the major factor for boosting the demand for small boats and the HNWI is expected to increase over the next five years and this will generate the demand for small boasts during the forecast period as well.

Source: World Wealth Report

Affordable, multipurpose boats helping a new generation become boaters:

Manufacturers are making smaller boats like water sports boats, day boats, etc. that are more affordable. The main aim of the manufacturers is to attract new and younger boaters. Moreover, the boats are also becoming more multipurpose and versatile which provides an all-in-one experience from water sports to fishing to cruising. The manufacturers are making same boat s appealing to a broader audience.

In-built marine technology

Growing per capita income enables the buyers to opt for more advanced small boats fitted with latest technologies, materials, facilities and amenities. According to National Marine Manufacturers Association (NMMA), as consumers turn to their smartphones to manage frequent features, manufacturers are responding to consumers needs and will reveal boats at 2017 boat shows that provide a more intuitive experience—one that makes certain aspects of operating a boat as simple as pushing a button.

Booming Tourism Sector:

Countries such as Thailand, New Zealand, South Africa, the UAE, etc., attract large number of tourists across the globe, and the same trend is expected to continue in the coming years as well. Increasing tourist footfall is positivity influencing the global small boats market as countries are investing in their marine tourism to attracts maximum tourists.

According to World Bank Data, the number of tourism is increasing every year. In 2015, the international tourism has reached to 1.2 Billion. The tourism is impacting the marine industry globally, which further boost the demand for Global Small Boats Market and it is anticipated that the tourism will keep on increasing every year which will further generates the small boats demand over the next five years.

                                                                                                                                          Source: World Bank Data

Conclusion:

During the forecast period, the global small boat market is projected to grow at a CAGR of over 13%, in value terms. The market stood is forecast to reach USD70.05 billion by 2022. North America and Europe & CIS region dominates the global small boat market and is expected to maintain their dominance over the next five years.