Fishing Boats Forecast and CAGR
According to the study, the Fishing Boats market is projected to exhibit marginal growth between 4% and 5% during the assessment period of 2021 to 2031. There are various types of boats built for freshwater and saltwater fishing. Freshwater fishing is best done with aluminum boats, whereas saltwater fishing is usually done with fiberglass boats. Traditionally, a variety of conventional materials like wood and steel have been used to make the fishing boats hulls. All of these, however, have significant drawbacks. Fiberglass and aluminum hulls have gained significance in recent decades and have begun to be commonly deployed in fishing boats. The increasing application of these materials is making the boats sturdy and reliable which is expected to spur the sale throughout the forecast period.
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What is Driving Demand for Fishing Boats?
A rise in global demand for fishing, as well as increased awareness of the health advantages of seafood like salmon and tuna is expected to propel the demand of these boats. Rise in the adoption of fishing as a recreational activity has provided an impetus towards the growth of the industry.
Increasing demand for seafood and the rise in the outdoor recreational activities such as boating and fishing is anticipated to boost the demand. Introduction of new and enhanced fishing boats made from sustainable material provide durability, longer shelf life and also come equipped with advanced features.
These factors are projected to bolster the growth of the fishing boat industry throughout the forecast period.
North America Fishing Boats Market Outlook
North America is anticipated to exhibit significant growth during the forecast period. The market for fishing boats in North America is dominated by compelling boat building technology improvements, growing disposable income across the United States and Canada, improved boat engine efficiency, major expansion and influence of tourism and enlarged boat size.
Recreational fishing is in high demand due to the considerations outlined above. This demand is expected to support the market until 2031.
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Europe Demand Outlook for Fishing Boats
The Europe is a prominent market for fishing boats as fishing is a key activity in Europe either as a recreational or as a commercial. The recreational fishing is prominent in Europe as people use to carry out fishing during their vacation. Germany, Italy, United Kingdom and France, all have substantial fishing boat market.
The rise in demand for sea food and the rapid development in the fishing industry is expected to boost the demand in this region. Furthermore, the rapid rise of coastal tourism is expected to provide significant contribution to the development of the European market.
Who are the Key Manufacturers and Suppliers of Fishing Boats?
Some of the leading manufacturers and suppliers of Fishing Boats include
- Brunswick Corporation
- BRP Inc.
- Yamaha Motor Company Ltd.
- Smoker Craft Inc.
- Correct Craft
- Telwater
- White River Marine Group.
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