Fishing has been considered as a highly practiced occupation since ages. In the olden days, fishing used to be done using a varied range of boats including dugout canoes, rafts, reed boats, and boats built from a frame encircled with hide or tree bark. However, the invention of the aluminum boats for fishing has brought a dramatic change to the traditional methods of fishing.
Rising demand for aluminum fishing boats
Today, with growing awareness about health benefits that seafood offers, a huge crowd of people from all across the globe are considering to add seafood to their diet.
Marine manufacturers and naval architects have recognized aluminum as an ideal material for building boats that are used for fishing activities. As aluminum is a lightweight material it reduces the overall weight of the boat and also enhances its speed. Apart from these advantages, it offers durability, high payloads, low maintenance cost as well as a high recycle value. Furthermore, growing acceptance for outdoor activities such as watersports and fishing are likely to expose massive opportunities for the growth of the global aluminium fishing boat industry.
Regional lookout of the aluminium fishing boat industry
North American region is observed as a highly accountable region for developments in the aluminum fishing boat market. Nearly 34% of the total population of the U.S. participates in recreational boating activities every year. Moreover, growing innovations in boat technology, increasing disposable income across Canada and the U.S., substantial developments and growing tourism, expanded boat size, enhanced efficiency of boat engine are the factors that are responsible for the growing demand as well as popularity of recreational boating in this region.
On the other hand, the European region is expected to observe massive opportunities for the market players to grow their business in the upcoming years. European countries including Germany, Italy, France, and the UK have very large recreational boating markets which is positively impacting the demand for aluminum fishing boats in the European regions. Moreover, significant developments in coastal tourism and naval are hugely contributing the growth of European market for aluminum fishing boats.
Furthermore, the Asia-Pacific region is projected to experience enormous growth in the aluminum fishing boat market due to the evolving economic conditions and growing enthusiasm toward boat riding in this region. Moreover, increasing disposable income in nations including China, Korea, and India are anticipated to boost the demand for outdoor recreational activities, which will further fuel the growth of aluminum fishing boat market in this region.
Future perspective the aluminium fishing boat market
According to a report by Research Dive, the global aluminium fishing boat market is expected to foresee substantial growth in the next few years. It has been analyzed that the market is predicted to generate a revenue of $1,879.5 million by 2026, growing at a CAGR of 7.3% from 2019 to 2026. Moreover, the market is about to experience a growing competition among top market players including BRP Inc., Yamaha Motor Company Ltd., Smoker Craft Inc., White River Marine Group, Correct Craft, Telwater, Brunswick Corporation, and others. These players are undertaking several activities for making a strong footmark in the global market. Some of these activities include mergers & acquisitions, partnerships, new product developments, and geographical expansions. For instance, in April 2019, Bombardier Recreational Products (BRP), a company based in Canada which is focused on manufacturing vehicles acquires Telwater, which is a leading Australian company in aluminum boats. This acquisition was done with a purpose to obtain a leading position in the marine markets.
To conclude, all the statistics, information, ongoing activities, and growing demand clearly indicate that the global market for aluminium fishing boat is going to achieve newer heights in the near future.
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