Recreational Fishing Vessel Market Scope
Recreational fishing vessels are vessels that are not solely dedicated to fishing; rather, fishing is done through these boats for fun and entertainment. These vessels can range in size from small to large. Fishing boats are critical to maritime operations. They fill a critical need in the fisheries sector for reconciling demand and supply, so much, so that their absence would bring a very simple but equally important activity to a halt. As with any domain, various evolutionary methodologies have come to be adopted over time, including the aspect of fishing boats. There are currently numerous types of fishing vessels in operation in the maritime industry, each with its own distinct purpose.
|Unit||Value (USD Million)|
|Key Companies Profiled||Groupe Beneteau (France), Brunswick Corporation (United States), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy), Malibu Boats, Inc. (United States), Marine Products Corporation (United States), Carnival Corporation & plc (United States), Royal Caribbean Cruises Ltd. (United States), Norwegian Cruise Line Holdings Ltd. (United States) and MasterCraft Boat Company (United States)|
Market players are focusing on providing Recreational Fishing Vessel with higher quality along with complying with all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified Recreational Fishing Vessel. The market is fragmented owing to the presence of several international and domestic providers. The focus is on improving sustainable farming and generating better yields. Besides, the numerous industry profitability has led to the entry of new players, in turn, increasing the level of rivalry in the already competitive market. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Recreational Fishing Vessel market throughout the predicted period.
Groupe Beneteau (France), Brunswick Corporation (United States), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy), Malibu Boats, Inc. (United States), Marine Products Corporation (United States), Carnival Corporation & plc (United States), Royal Caribbean Cruises Ltd. (United States), Norwegian Cruise Line Holdings Ltd. (United States) and MasterCraft Boat Company (United States) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Recreational Fishing Vessel market by Type , by Application (Personal and Group) and Region with country level break-up.
On the basis of geography, the market of Recreational Fishing Vessel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesBrunswick Corporation in October 2021 announced that it has completed its acquisition of Navico, a global leader in marine electronics and sensors for USD 1.05 billion. With this acquisition, Brunswick adds the industry-leading Navico brands of Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group (ASG), which includes the leading Parts & Accessories (P&A) brands in power management, digital control, and monitoring, and networked devices.
Brunswick Corporation continues to demonstrate the unique breadth and intensity of its innovation efforts during the 2022 Miami International Boat Show which begins in Feb 2022, debuting multiple products derived from the Company’s ACES (autonomy, connected, electrified, shared) strategy and integrating technology from its new acquisitions. During the five-day event, Brunswick will showcase award-winning new technologies and services across all four divisions, Mercury Marine, Brunswick Boat Group, Advanced Systems Group, and Business Acceleration, aimed at making boating more engaging, intuitive, accessible, and easier than ever before.
NOAA Fisheries issues regulations to remove limits on the maximum amount of halibut individual fishing quota (IFQ) that may be harvested by a vessel, commonly known as vessel use caps, in IFQ regulatory Areas 4A (Eastern Aleutian Islands), 4B (Central and Western Aleutian Islands), 4C (Central Bering Sea), and 4D (Eastern Bering Sea). This action is needed to provide additional flexibility to IFQ participants in 2022 to ensure allocations of halibut IFQ can be harvested by the limited number of vessels operating in these areas. This action is within the authority of the Secretary of Commerce to establish additional regulations governing the taking of halibut that are in addition to, and not in conflict with, those adopted by the International Pacific Halibut Commission (IPHC). This action is intended to promote the goals and objectives of the IFQ Program, the Northern Pacific Halibut Act of 1982 (Halibut Act), and other applicable laws.
Recreational Fishing Vessel Market Dynamics:
|Trends Influencing Market|
- The growing awareness of the benefits of seafood has had a positive impact on market growth.
- Strict Emission Norms for Recreation Boats to Reduce Demand
- The presence of trade barriers in the industry will, as a result, slow overall growth.
- The Industry's Online Market Can Increase Sales in Untapped Markets
Key Target AudienceFishing Vessel Manufacturers., New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others