The small boats market has seen rapid growth, with the market size rising from $35.16 billion in 2023 to $39.55 billion in 2024, at a CAGR of 12.5%. This growth is driven by economic stability, disposable income, tourism, and boating infrastructure. The market is expected to continue its rapid growth, reaching $63.36 billion by 2028, with a CAGR of 12.5%. Factors contributing to this growth include rising urbanization, environmental awareness, recreational boating culture, and sustainable practices.
Major Driver In The Small Boats Market
The rapid expansion of fishing activities is poised to drive the growth of the small boat market. Fishing activities, involving the capture of aquatic animals for various purposes, benefit from the use of small boats due to their suitability for shallow waters and cost-effectiveness. In 2021, the Marine Management Organization reported a 5% increase in the quantity and an 11% increase in the value of UK ships landing sea fish compared to 2020, reaching 652 thousand tons worth £921 million ($1 billion). This growth highlights the significance of small boats in the fishing industry, driving the expansion of the small boat market as indicated by the expected market size values for 2023, 2024, and 2028.
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Small Boats Market Competitive Landscape
AB Volvo Penta, Polaris Industries Inc, Bombardier Recreational Products Inc, Brunswick Corporation, Beneteau Group SA, Malibu Boats Inc., Ferretti Group S.p.A., Sea Ray Boats Inc., MasterCraft Boat Company LLC, Azimut Benetti S.p.A., Marine Products Corporation, Boston Whaler Inc., Sunseeker International Holdings Limited, S2 Yachts Inc., Porter Inc., Formula Boats Inc., Pursuit Boats LLC, Grady-White Boats Inc., Cobalt Boats LLC, Everglades Boats LLC, Seabring Marine Industries Inc., Sea Fox Boat Company, Four Winns Boats LLC, Stingray Boats Inc., Bavaria Yachtbau GmbH, Correct Craft Inc., Crestliner Marine Holdings Inc., WeLLCraft Marine Inc., Carver Yachts LLC
Key Small Boats Market Trend
Technological advancements are a key trend gaining popularity in the small boat market. Companies operating in the small boat market are adopting new technologies, such as the Internet of Things (IoT), to sustain their position in the market. For instance, in August 2022, Radian IoT Inc., a US-based big data company, launched the Radian M2 device and the SaaS platform equipped with IoT technology for remote monitoring of boats. The device uses IoT technology to transmit the data to a mobile device or a cloud-based platform, allowing boat owners and operators to monitor their vessels remotely and make informed decisions about navigation, maintenance, and other aspects of boat operation to improve safety, efficiency, and performance. Additionally, SaaS platform allows users to view this data in real-time, and access historical data and analytics.
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Small Boats Market Segmentation
The small boats market covered in this report is segmented –
1) By Product Type: Powered Boat, Sail Boat, Personal Watercraft, Other Products
2) By Material: Fiberglass, Metal, Wood, Inflatable, Other Materials
3) By Application: Pleasure, Fishing, Defense, Other Applications
By Geography:The regions covered in the small boats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the small boats market in 2023.
The Small Boats Global Market Report 2024 furnishes information about the global small boats market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
