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The global aluminium fishing boat market is expected to witness strong growth during the forecast period between 2021 and 2031. Aluminum fishing boats have witnessed increased demand in different application areas such as sports and fishing. The product is fast and lightweight and functions on low-powdered engines.
The future for aluminium fishing boat market seemed optimistic, but COVID-19 pandemic negatively impacted growth in global market. Rising number of cases globally led to governments imposing strict social distancing regulations and lockdowns in a bid to contain the spread of the virus. This led to reduced demand for aluminium fishing boats among customers and caused lowered market growth.
However, with most population sections double vaccinated and approval given to use of third, precautionary booster dose to different population sections, it is anticipated that recreational activities will resume soon, which could fuel the demand for aluminium fishing boats and assist in market growth.
Rising demand for fishing activity is the key growth driver of global aluminium fishing boats market. Also, increasing demand for outdoor activities such as boating is expected to stimulate the growth in overall market in the years ahead. In addition to this, rising consumer awareness about the benefits offered by seafood is anticipated to help create revenue-generating opportunities for prominent players in global aluminium fishing boat market, in future.
Other factors such as rapid urbanization, especially in developing countries such as increasing disposable income could also contribute to growth in overall aluminium fishing boat market, in the years ahead. Less than 200 horsepower engine segment is anticipated to emerge as largest contributor, in terms of revenue, to overall market owing to improved product performance in shallow waters, leading to increased demand in prominent countries worldwide. Deep-v-boat product segment is anticipated to contribute the most to overall market because of improved product ability to navigate through different water types as well as ability to go offshore in leading economies globally.
With presence of several prominent players in global market, competition is intense. Many of these players are expected to hold a large share in overall market, in the coming years. Launch of new aluminium fishing boats could help well-established market players generate new revenue streams and gain a competitive edge over other players.
Research and development activities could be key, revenue-generating growth strategy for leading aluminium fishing boat market players, in the coming years. Collaboration with smaller players could help prominent aluminium fishing boat market players in expanding their presence in global market and increasing their revenue. Some of the leading players in global market include Brunswick Corporation, Duckworth Boats, Correct Craft, Smoker Craft, Legend Boats, and White River Marine Group.
The global aluminium fishing boat market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Asia Pacific is expected to emerge as maximum revenue-generating region in global aluminium fishing boat market because of increasing population sections opting for recreational activities such as boating in countries such as India and China.
North America is projected to witness significant growth in overall aluminium fishing boat market owing to developed fishing industry in countries such as the U.S and Canada. Europe is anticipated to witness strong growth in overall market in the coming years because of growing aquaculture industry in countries such as the U.K. and Germany. Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in global market, in years to come.
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Aluminum Fishing Boat Market
