Single Deck Boat Market Report 2024 - Single Deck Boat Market Size And Trends

"The Business Research Company recently released a comprehensive report on the Global Single Deck Boat Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The single deck boat market size has grown rapidly in recent years. It will grow from $2.31 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to growth in disposable income, the popularity of recreational boating, improvements in boat design and manufacturing, the expansion of coastal tourism, and an increase in water sports activities.

The single deck boat market size is expected to see rapid growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to increasing demand for eco-friendly boats, technological advancements in boat manufacturing, growing popularity of electric and hybrid boats, a rise in marine tourism and adventure boating, an expansion of boat rental and sharing services, and a and a digital transformation in sales and marketing. Major trends in the forecast period include the adoption of electric and hybrid propulsion systems, integration of smart technology and IoT in boats, customization and personalization of boat designs, growth of the boat rental and sharing economy, and increased focus on sustainability and eco-friendliness.

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Market Drivers and Trends:
The growth in recreational boating and water sports is expected to propel the growth of the single deck boat market going forward. Recreational boating and water sports encompass a variety of leisure activities conducted on water, including boating, sailing, fishing, kayaking, jet skiing, and other water-based sports and pastimes for enjoyment and relaxation. The rising adoption of recreational boating and water sports is driven by increased disposable incomes and a growing interest in outdoor and adventure activities. Single-deck boats are favored in recreational boating and water sports for their straightforward handling, spacious interiors, and suitability for a variety of activities such as fishing, cruising, and leisurely outings on the water. For instance, in May 2023, according to the National Marine Manufacturers Association (NMMA), a US-based trade organization, recreational boating experienced a significant economic surge, with annual economic activity rising by 36% from $170 billion in 2018 to $230 billion by 2023. In addition, 260,000 new boats were sold in 2022, along with over one million pre-owned boats, marking an increase compared to the previous year. Therefore, the growth in recreational boating and water sports is driving the growth of the single deck boat market.

Major companies operating in the single deck boat market are focusing on eco-friendly and fuel-efficient boats, such as those with decks made from solar panels, to demonstrate renewable energy use and gain a competitive edge. A single-deck boat made from solar panels harnesses sunlight to power its operations, showcasing a sustainable energy solution and highlighting the potential for renewable energy in maritime transportation. For instance, in January 2024, Waterways Industrial Ltd., a UK-based recreational facilities provider, launched a boat with a deck made from solar panels. This innovative design allows the vessel to use solar power, which significantly reduces its carbon footprint and offers an eco-friendly alternative for maritime travel. The boat is known for its quiet operation and features batteries that not only store power but also allow for charging various onboard or onshore devices such as laptops, cell phones, or e-bikes.

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Major Key Players of the Market:
Yamaha Motor Corporation, Sea Ray Boats Inc, MasterCraft Boat Company LLC, Lund Boat Company LLC, Regal Marine Industries Inc, Crownline Manufacturing Inc., Nautique Boat Company Inc, Boston Whaler Incorporated, Monterey Boats LLC, Glastron Boats, Skeeter Products Inc, Larson Boat Group Inc, TAHOE Boats Inc, Lowe Boats LLC, Chaparral Boats Co, Ranger Boats LLC, Rinker Boat Company LLC, Tracker Marine LLC (Tracker Boats division), Four Winns Corporation, Stingray Boats Corporation, Triton Boats Inc, Bayliner Boats LLC, Hurricane Marine Industries LLC, Nitro Boats LLC, Phoenix Bass Boats Inc, Stratos Boats LLC, Bullet Boats Incorporated, Crestliner Boats Inc.

Single Deck Boat Market 2024 Key Insights:
• The single deck boat market size is expected to see rapid growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Rising Recreational Boating Trends Fuel Growth In Single Deck Boat Market
• Solar Deck Boats Lead Eco-Friendly Maritime Innovation
• Asia-Pacific was the largest region in the single deck boat market in 2023

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This release was published on openPR.