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The rise of the small boat industry is being fuelled by the rising consumer spending on recreational boating activities as a result of rising disposable income. The increasing popularity of outdoor activities and adult engagement in recreational boating and water-based sports is expected to boost market revenue. The demand will be fuelled by sustained growth in fishing activities and increased investment in the rental boat sector. Companies like Yamaha and Mercury Marine are expanding the industry by introducing economical and powerful diesel-based engines. During the forecast period, the global small boat industry is likely to benefit from increased technical advancements, rising consumer interest in sailing, fishing, and other water sports activities, and expanding tourism industry. The increased spending on small boats for defence and maritime surveillance operations is expected to augment the market growth. Along with this, increasing international trade by exporting products in developing countries is also propelling the market growth.
Companies are collaborating to design and build small boats with unique designs and engineering that may be used for a number of applications. Moreover, such offers enable organisations to diversify their portfolios and build a strong presence in the global marketplace by broadening their commercial perspectives. For example, Brunswick Corporation's (NYSE: BC) Mercury Marine signed a deal with Frydenb to become the latter's preferred engine maker for its boat brands Nordkapp and Sting in worldwide markets in June 2020. Since Frydenb is an industry expert, the alliance will help Mercury extend its influence in the marine industry.
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The major players in the global small boats industry are Beneteau SA, Marine Products Corporation, Brunswick Corporation, Yamaha Motor Co., Ltd., MasterCraft Boat Company, Inc., Sunseeker International, Malibu Inc., Ferretti S.p.A, Crestliner Inc., and Bavaria Yachtbau GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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