The global small boat market is anticipated to grow at a considerable CAGR of 3.7% during the forecast period. The modern boat layouts including the Gen-Z category attract customers towards them. Additionally, the integration of advanced technologies including IoT, AI, and smart sensors provides various convenient facilities including GPS tracking and automatic control. Such a technologically supported boating facility provides safety and security to the customers which inclines customers’ interest in surfing deep waters. On the other hand, a significant growth in recreational boating activities and increasing per capita income in various countries including China, Australia, and Japan are also expected to drive the market growth. The supportive government initiatives through increasing investment in the tourism sector, infrastructural development, and easing regulatory framework will further upthrust the market growth. For instance, in June 2017, the government of India announced an investment of around 193.2 million to build six international cruise terminals on both the coastlines, including the west coast (Mumbai, Goa, and Kochi) and the east coast (Visakhapatnam, Kolkata, and Chennai).
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However, the increased maritime accidents are a major challenging factor for the market growth. According to the Allianz SE, a total of 2,185 shipping accidents were recorded in 2019, in which 41 large ships were completely lost. This report will further analyze all the factors that are directly or indirectly influencing the growth of the small boat market during the forecast period.
Segmental Outlook
The global small boat market is segmented based on the product and application. Based on the product, the market is segmented into the powered boat, sail boat, personal watercraft, and others. Among these segments, the powered boat segment is expected to grow fastest during the forecast period as these boats are electrically driven and require negligible physical energy to move the boat.
Based on the application, the market is sub-segmented into leisure, fishing, defense, and others. The above-mentioned segments can also be customized as per the requirements. Among these segments, the leisure segment is expected to grow fastest during the forecast period due to the rising recreational and tourism activities across the globe. However, the defense segment is expected to generate significant opportunities for the market due to the rising defense budgets of various developing countries due to geopolitical tension. The above-mentioned segments can also be customized as per the research requirements.
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Regional Outlooks
The global small boat market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can also be analyzed for a particular region or country level as per the requirement.
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