Boat Market - Global Industry Analysis

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A boat is a type of watercraft used for travel or work on water. Boats come in a wide variety of sizes and shapes. There are many types of methods for boat construction depending upon where it is to be used. Traditionally boats were used for transportation since the ancient times. Aluminum, fiberglass, steel, and wood are commonly used materials for boat construction.

Depending upon the application the boat is classified into four main types such as pleasure boat, fishing boat, a commercial boat, and military boat. A pleasure boat is a boat used for recreational activities. Cuddy boat, deck boat, and pontoon boat are the common types of a pleasure boat. A fishing boat is a boat used for commercial and recreational fishing. The commercial boat is the boat used for hiring passengers and transportation of commercial goods. The military boat is the boat used for nation’s border security and protection by the navy, customs, and defense departments.

The growing trend of recreational activities coupled with innovative developments and huge investments in tourism industry increased the demand for the pleasure boats worldwide. Increasing population and household income, decreasing fuel prices, a willingness among people for leisure activities, development of the modern cruise industry, and growing import-export business across the world are important factors that are driving the global boat market. However, the increased cost of raw materials and component used in boat construction and labor-intensive manufacturing processes are the challenges of global boat market.

Based on the type of boat the market can be segmented into Pleasure boat, Fishing boat, Commercial boat, and Military boat; wherein the pleasure boat was the leading segment and it accounted for over 73% revenue share in 2016. Another segment of the fishing boat accounted for over 22% revenue share in 2016 and is expected to grow at a CAGR of around 9.45% during the forecast period.

By geography, North America accounted for the largest portion of market share in terms of revenue in 2016 and is expected to grow at a CAGR of 7.5% during the forecast period. The industry is expected to be driven by the growing disposable income, steady economic conditions, increasing number of leisure sports, and rapidly evolving coastal and maritime tourism. In terms of revenue, North America was followed by Europe and the Asia Pacific in 2016. Europe and the Asia Pacific are expected to grow at a CAGR of 9.62% and 10.3% respectively during the forecast period.

Top companies in the global boat market are Willard Marine, South Boats IOW, Fassmer, HiSiBi, Asis Boats, LOMOcean Design, SAFE Boats, Maritime Partner AS, Sunbird Yacht, FB Design, BCGP, Alutech, Connor Industries, MARINE, and PALFINGER. Due to Innovations in boat construction technologies and changing consumer preferences, vendors are expected to compete with each other for launching more varieties of boats during the forecast period.