Aluminum fishing boats are widely used in outdoor activities like fishing, entertainment, and water sports including wake-surfing, ski-boating, etc. Aluminum fishing boats are light-weight and offer great speeds; as a result they are perfect for fishing and other such activities. Aluminum Fishing Boats are mainly of three types: deep-v boats, jon-boats, and mod-v boats. While deep-v boats are perfect for rough seas, mod-v boats are built to easily carve through calmer waters. Jon boats, on the other hand, have a unique capability of maintaining stability even while cruising at high speeds.
Forecast Analysis:
As per a report by Research Dive, the global aluminum fishing boat market is expected to reach a revenue of $2,491.8 million in the 2021–2030 timeframe, thereby growing at CAGR of 7.44% by 2030. Over the years, fishing has become a popular outdoor recreational activity and sport. This growth in popularity and increasing engagement in fishing activities is expected to be the primary growth driver of the aluminum fishing boat market in the coming years. Along with this, the various advantages provided by aluminum fishing boats such as strength and durability are predicted to boost the market in the future. Moreover, the increasing expanse of freshwater fishing industry since the last few years is expected to offer numerous growth opportunities to the market. However, according to the Research Dive’s market analysts, corrosion in aluminum fishing boats might become a hurdle in the full-fledged growth of the aluminum fishing boat market in the 2021-2030 timeframe.
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Regionally, the aluminum fishing boat market in the Asia-Pacific region is expected to have the fastest growth rate in the forecast period. The ever-growing nature of Japan’s commercial fishing industry is predicted to be the main contributing factor to the growth of the market in this region. Furthermore, both freshwater and saltwater fishing are extremely popular as an outdoor sport in Japan which is expected to push the market forward. Along with this, strategic alliances among key market players in the form of acquisitions and product innovations is anticipated to help the market in this region to grow in the forecast period.
Covid-19 Impact on the Market
The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The aluminum fishing boat market, too, faced a similar fate. The lockdowns put in place to curb the spread of the virus led to a considerable decline in the number of people engaging in outdoor recreational activities like fishing. This led to decline in the demand for aluminum fishing vessels. Along with this, the supply of raw materials required for manufacturing aluminum boats also halted due to the travel restrictions. Both these factors severely impacted the aluminum fishing boat market during the pandemic years.
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Significant Market Developments
Some prominent market players include Yamaha Motor Co., Ltd., Smoker Craft Inc., Mirror Craft, Brunswick Corporation, White River Marine Group, Legend Boats, BRP, UMS Boats, Bennington Pontoon Boats, Correct Craft, and many others. The key players of the market are adopting various business strategies such as partnerships, mergers acquisitions, and launches to gain a leading position in the market, thus helping the aluminum fishing boat market to flourish. For instance:
In January 2021, Princecraft Boats, a leading aluminum fishing boats manufacturer, announced the launch of its Virtual Park, wherein customers can take a look at the most popular fishing boat models launched by the company and explore the functionalities of these fishing boats in a greater detail. This will help the company to attract a much larger customer base and ultimately increase its footprint in the aluminum fishing boat market.
In June 2021, Yamaha Motor Co., Ltd., a Japan-based multinational automobile and boat manufacturing company, announced a 5-year partnership with Finval Boats, a Ukranian fishing boat building company. This partnership is expected to help both the companies to pool their resources together and cater to the demands of their customers, thereby helping the companies to consolidate their position in the aluminum fishing boat market.
In December 2021, Yamaha Motor Co., Ltd., a Japanese automobile and boat manufacturing giant, announced the acquisition of Siren Marine, Inc., a US-based smart boat technology solutions provider. This acquisition is expected to help Yamaha to further develop Connected Boat Solutions, the smart boat technology supplied by Siren Marine, and equip their upcoming fishing vessels with this technology.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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