Fishing Boat Market Size, Share Report, Analysis, Trends, Growth 2032

Fishing Boat Industry Prospective:

The global fishing boat market size was worth around USD 1532.47 million in 2023 and is predicted to grow to around USD 3018.32 million by 2032 with a compound annual growth rate (CAGR) of roughly 7.82% between 2024 and 2032.

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Fishing Boat Market: Overview

A fishing boat is a pontoon or ship that is used to capture fish in the ocean, lakes, or streams. Commercial, recreational, and artisanal fishermen use a broad range of fishing boats. Aquatic resource collection and production take either in the wild or under controlled conditions in aquaculture. Both employ a mix of innovative and highly industrial technology, including vessels and equipment as well as fishing apparatus and tactics.

Fisheries and aquaculture necessitate the employment of novel technology such as designed filaments, hydraulic equipment, and fish handling. As a result, a surge in demand for boating as a significant outdoor activity is likely to propel the fishing boat market during the forecast period.

Key Insights

• As per the analysis shared by our research analyst, the global Fishing Boat market is estimated to grow annually at a CAGR of around 7.82% over the forecast period (2024-2032).
• In terms of revenue, the global Fishing Boat market size was valued at around USD 1532.47 million in 2023 and is projected to reach USD 3018.32 million, by 2032.
• The growing recreational activity is expected to propel the market growth during the forecast period.
• Based on type, the Multispecies Boat segment is expected to dominate the market during the forecast period.
• Based on the size, the 14-16 Feet segment is expected to hold a prominent market share over the forecast period.
• Based on the engine, the 200-300 HP segment is expected to hold a significant market share during the forecast period.
• Based on region, the Asia Pacific is expected to hold a prominent market share over the forecast period.

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Fishing Boat Market: Growth Drivers

The growing popularity of fishing as a recreational activity drives market growth

Fishing as a hobby has been connected to several health benefits, including stress reduction, greater social connection, self-fulfillment, and an exciting and difficult experience. Many individuals, for instance, like fishing because it provides a sense of independence. People like the independence that fishing provides since the location is so different from their daily lives. Nature contact helps you forget about your problems. Fishing promotes social bonding by allowing people to build deep ties with their friends in a serene setting away from the daily grind.

Fishing encourages people to be more active and leads to a better lifestyle. Fishing has been a popular leisure recreational activity in recent years, with the enjoyment being from the sport itself rather than the number of fish caught. Fishing promotes self-fulfillment because it teaches people to respect the environment, learn new skills, be patient, and set and strive for goals. Thus, this is expected to propel the fishing boat market over the projected period.

Fishing Boat Market: Restraints

Overfishing and environmental concern hinders market growth

The growing environmental concern and overfishing are expected to hinder the market growth over the forecast period. Overfishing is the depletion of fish due to excessive fishing pressure, which poses a substantial threat to the sustainability of marine ecosystems. According to secondary sources, almost 80% of the world's fisheries are already completely fished, overexploited, depleted, or in danger of collapse.

90% of the world's major predatory fish stocks have already been depleted, including sharks, tuna, marlin, and swordfish. In addition, the United Nations Food and Agriculture Organization monitors more than 500 fish populations across the world. More than 35% of these fish populations are expected to be overfished in 2022.

Fishing Boat Market: Opportunities

Increasing product launches provides a lucrative opportunity for market growth

The increasing product launches are expected to provide a lucrative opportunity for market growth during the forecast period. For instance, in January 2023, at the Consumer Electronics Show (CES) in Las Vegas, Brunswick Corporation introduced Veer, a new boat brand intended to accommodate electric propulsion and appeal to the next generation of boaters, as well as the X13, the first model in the Veer line-up. As part of the brand launch, Veer is releasing the X13, a 13-foot multi-tool watercraft made of sturdy rotomolded polyethylene that allows boaters to enjoy the outdoors with confidence.

The X13 is intended to be driven by Mercury Avator electric propulsion systems and Mercury FourStroke outboards, notably the Avator 7.5e electric outboard, the first product in the Avator series and also introduced at CES 2023. Avator propulsion systems provide silent, all-electric power and are combined with straightforward controls and modern digital displays. They generate no direct emissions.

Fishing Boat Market: Challenges

Competition from alternative protein sources poses a major challenge to market expansion

Alternative protein sources, such as aquaculture and plant-based seafood alternatives, are posing challenges to the fishing boat industry. The growing popularity of aquaculture as a more sustainable and regulated mode of seafood production presents a competitive threat to conventional fishing operations, influencing demand for new fishing vessels.

Fishing Boat Market: Segmentation

The global Fishing Boat industry is segmented based on Type, Size, Engine and region.

Based on type, the global Fishing Boat market is bifurcated into Multispecies Boat, Cru Bass Boat, Deep-V Boat and Others. The Multispecies Boat segment is expected to dominate the market during the forecast period. Multispecies boats are adaptable platforms that can support a variety of fishing gear and tactics. They are frequently outfitted with a variety of gear like nets, lines, traps, and pots, allowing fishermen to target finfish, shellfish, crabs, and mollusks. Furthermore, multispecies boats are engineered for efficiency, allowing fishermen to maximize their harvest while reducing operational expenses and resource use. Fishermen can maximize their fishing efforts and production by targeting various species from a single vessel. Thereby, driving the segment growth.

Based on the size, the global Fishing Boat industry is segmented into <14 Feet, 14-16 Feet and >16 Feet. The 14-16 Feet segment is expected to hold a prominent market share over the forecast period. Small fishing boats in the 14–16-foot range are very maneuverable, allowing fishermen to easily negotiate small waterways, shallow seas, and tight fishing areas. Their small size allows them to explore locations that bigger vessels cannot reach. These advantages drive the segment growth.

Based on the engine, the global Fishing Boat market is segmented into <200 HP, 200-300 HP and >300 HP. The 200-300 HP segment is expected to hold a significant market share during the forecast period. Fishing boats with 200-300 horsepower frequently add modern technology and electronics to increase navigation, communication, and fish-finding skills. Features like GPS/chartplotter systems, radar, sonar, fishfinders, and autopilot systems improve safety, efficiency, and fishing success. Thus, the incorporation of modern technology drives the segment growth.

Fishing Boat Market: Report Scope

Regional Analysis

The Asia Pacific is expected to hold a prominent market share during the forecast period

The Asia Pacific is expected to hold a prominent market share during the forecast period. The regional market growth is attributed to the increasing fishing activities. For instance, Japan's love of seafood has allowed the country's commercial fishing sector to flourish for many generations. Given the variety of fisheries in Japan, fishing is regarded as both a sport and a leisure. Freshwater and saltwater fishing are both quite popular in Japan. Similar to this, over 10% of the world's fish biodiversity is found along India's 8000-kilometer coastline. Along these coastlines, fish species such as Rohm, Masher, Hilda, Rani, Kabuli, and Trout flourish.

In addition, product innovation and acquisition play a major role in the expansion of the market. For instance, Yamaha Motor Co., Ltd. announced that it had purchased Siren Maritime, Inc., a US-based business that uses smart technology to provide connected boat solutions to the maritime sector. Through this purchase, the maritime sector will benefit from the growth of connected boats and the Internet of Things, which might also present significant business potential for major participants in the years to come. Thus, this is expected to drive the market growth of the region.

Fishing Boat Market: Competitive Analysis

The global Fishing Boat market is dominated by players like:

• Smoker Craft Inc
• Rolls-Royce plc
• Brunswick Corporation
• Simek AS
• White River Marine Group
• KARSTENSENS SKIBSVÆRFT A/S
• Astilleros Armon
• Yamaha Motor Company Ltd.
• Correct Craft
• Kleven AS
• Bombardier Recreational Products Inc
• Wärtsilä

The Global Fishing Boat market is segmented as follows:

By Type

• Multispecies Boat
• Cru Bass Boat
• Deep-V Boat
• Others

By Size

• <14 Feet
• 14-16 Feet
• >16 Feet

By Engine

• <200 HP
• 200-300 HP
• >300 HP

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa