Boat Davits Market

The global boat davits market was valued at $347.5 million in 2021, and is projected to reach $615.1 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

The COVID-19 impact on marine is unpredictable, and is expected to remain in force for a few years. The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for components. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the boat davits market in 2020. Moreover, COVID-19 outbreak has resulted in disruptions for shipyards in terms of new building, repair, and conversion projects. This outbreak has forced some of the companies to shut down their shipyard operations in several countries. The world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. Increase in vaccination and decrease in fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost demand for the boat davits market.

The boat davits market is segmented into Type, Mode, Material, Application, Propulsion and Weighing Capacity.

A boat davit is a device used on a ship to raise, support, and lower the boats. This device is majorly used to lower an emergency life boat from the ships. A boat davit is usually hydraulic operated slewing or pivoting davits that are designed for launching and recovery of a fully-manned rescue boat. The boat davits are used against unfavorable conditions of trim of up to 10 degrees and a list of up to 20 degrees either way.

Factors such as increase in international marine freight transport and increase in marine safety norms are anticipated to boost the growth of the global boat davits market during the forecast timeframe. However, environmental concerns associated with marine vessels and fluctuations in transportation and inventory costs of marine vessels are expected to hinder the growth of the global market during the forecast timeframe. Moreover, increase in water sports and leisure activities and rise in adoption of hybrid and fully electric vessels are expected to create an opportunity for the boat davits industry in near future.

The boat davits market is segmented on the basis of type, mode, material, application, propulsion, weighing capacity and region. By type, it is divided into gravity roller track davit (GR), single pivot gravity davit (SPG), free fall davit (FFD) and quadrantal davit (QD). By mode, it is segmented into passenger vessel, commercial boats and others. By material, it is segmented into aluminum, steel, and composites. By application, it is classified into seawall mount davits, dock mount davits, and pile mount boat davits. By propulsion, the boat davits market is divided into electric and manual. By weighing capacity, the market is divided into Less than 1000 Pound, 1000 to 4000 Pound and More than 4000 Pound. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

The key players that operate in this boat davits market are Anchorlift, Atkins & Hoyle, Boat Lift Warehouse, Davit Master Corporation, Hi-Tide, Forespar, Jingjiang Trust Marine Equipment Co., Ltd., Kato Marine, Lunmar Boat Lifts, Magnum Boat Lifts, Nautical Structures, Olsson Mfg., Spencer Carter Limited, St. Croix Marine Products, Inc., Vanguarde Pte Ltd, UMT Marine, and Weaver Industries, Inc.

Increase in international marine freight transport

Marine transportation is one of the most prominent modes of transportation, especially for freight transportation, owing to its cost-effectiveness. In recent years, seaborne trade has witnessed significant growth. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2020, international seaborne trade volume reached 10.7 billion tons. Furthermore, according to the UNCTAD (United Nations Conference on Trade and Development) organization report, in November 2021, the global trade for merchandise goods was increases in exports and imports. In 2021, import of goods increased by 13.3% and export of goods increased by 14.3% globally. Moreover, according to the United Nations Conference on Trade and Development (UNCTAD) organization, international maritime trade was increasing during the past years (2010–2019); in 2010, the global maritime trade was 8,408 million tons loaded and it reached 11,076 million tons in 2019. Moreover, maritime shipping is expected to continue to cover majority of the movement of goods over long distances in the coming years. According to the ITF transport outlook by The Organization for Economic Cooperation and Development (OECD), 70% total freight will be transported by using maritime transport by 2030. Increase in marine freight transportation is attributed to rise in traffic congestion in trade lanes in Indian and Pacific Ocean. Moreover, surge in demand for maritime freight transportation has led to rise in demand for maritime vessels. According to the UNCTAD, commercial shipping fleet of 100 gross tons and above ships reached to around 99,800. Thus, demand for maritime transport services and growth of the international maritime freight transport is expected to fuel demand for marine vessels. These marine vessels are equipped with davits for various applications such as lifeboat davits, lifeboat davits, and passenger vessel davits. Thus, the growth of international marine freight transportations are fueling the demand for boat davits market during the forecast period. 

Increase in marine safety norms

Various safety norms have been implemented that are associated with travelling in sea. These are termed as Safety of Life at Sea (SOLAS). This includes various treaties dealing with autonomous maritime safety such as ship design & construction, cargo weight, navigation communications search & rescue (NCSR), ship system equipment, and pollution prevention & response. The davits are used is used to help people on decks of ships and boats. Depending on the size of the boat/ship it is placed on, davits can be either large or small. In case of emergencies and other extreme circumstances boat davits can be used to deploy emergency lifeboats. Some ships carry a davit launching system that allows the crew to inflate and board the raft on the deck, avoiding the risk of going into the seawater. Thus, increase in marine safety norms is expected to propel the market for boat davits during the forecast period.

Environmental concerns associated with marine vessels

Large marine vessels can impact environment in numerous ways, including air & water pollution, habitat disturbance, trash & other marine debris, sewage disposal, and human & pet waste. In addition, boat engines have been identified as a source of air pollution while older marine engines have an impact on water quality. Moreover, fuel & oil spills and refueling spills leaks volatile organic compounds (VOCs) directly into aquatic ecosystems. Furthermore, excessive application of chemicals and pesticides to clean, protect, and operate watercraft also impacts the marine life. Thus, various government authorities across the world are regulating and restricting the shipbuilding sector in several coastal areas to protect the marine life. Therefore, such environmental concerns associated with marine vessels are expected to hamper the shipbuilding industry growth, which in turn restricts boat davits market.

Increase in water sports and leisure activities

Increase in water leisure activities such as sailing, yachting, and rafting notably contributes toward growth of the global boat davits industry. In addition, in many countries, such as the U.S., the trend of yacht tourism has witnessed exponential growth. For instance, according to the National Marine Manufacturers Association (NMMA), new boat sales in the U.S. hit a 13-year high of 318,550 units in 2020. Majority of these new boats are used for leisure sailing, fishing, sightseeing, and recreational activities. These increasing leisure & recreational activities on yachts propel growth of the marine vessels. However, owing to the outbreak of the COVID-19 pandemic, all sports and normal activities were prohibited, and individuals were forced to stay at home. People are now exploring ways to improve their mental health through sports and outdoor activities in post-COVID-19 conditions. In addition, several countries such as the UK, Monaco, Italy, and the U.S., watersports such as water races and yacht races have seen a sharp increase in take-up since restrictions were lifted. For instance, in December 2021, the Clipper Round the World Yacht Race announced it will be resuming its 2019–2020 edition in March next year after receiving a Special Event Permit from the Philippines.

Moreover, luxury marine vessels and cruises carries additional passenger/life boats on their ships. These boats are kept aboard a ship to carry out emergency abandonment, in case of mishaps such as man overboard, or ship accidents. In addition to this, the boats on larger ships are used to travel between the shore and other ships. Boat davits are also used on these vessels to carry these luxury boats such as jet skis, and dinghies, which are used in leisure activities. Thus, increase in water sports activities is expected to create demand for marine vessels, thus augmenting the market growth for boat davits during the forecast period.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the boat davits market analysis from 2021 to 2031 to identify the prevailing boat davits market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the boat davits market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global boat davits market trends, key players, market segments, application areas, and market growth strategies.

 Boat Davits Market Report Highlights