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Deck boat is designed for speed and as the name suggest it has maximum deck space for recreational fishing, water sports, and entertainment purposes. Owing to the deck boat’s V-shaped hull, they are easy to operate and control as compared to the conventional boat. Deck boat is gaining significant popularity as they enable the operator to have complete control over the boat by offering stable journey no matter what the speed is. Further, with the growing number of outdoor activities such as recreational fishing and sports fishing activities is expected to drive the growth of deck boat market. Moreover, the deck boat has the ability to offer a choice of either outboard or stern drive which makes it an ideal choice among the consumers as compared to a pontoon boat. However, the cost of deck boat is comparatively high as compared to its counterpart. With the growing trend of fishing as a recreation activities particularly in North America and Europe region, manufacturers are focusing on manufacturing new deck boat specifically designed for fishing by adding storage and fishing equipment. This, in turn, is expected to support the growth of the deck boat market during the forecast period.
COVID-19 Impact analysis
The COVID-19 pandemic has raised several challenges for the boat manufacturers owing to the closure of plants in major countries such as US, UK, Germany, and among others. The major concern for the players is the declining production of boats in key countries, which in turn, is affecting the boat industry as a whole. North America & Europe being the prime region for deck boat will see a maximum fall in the sales as these are widely affected regions and a significant market for deck boat. Moreover, several regatta’s and fishing activities around the globe are cancelled owing to the lockdown imposed, thereby, hampering the sales of deck boat. However, the manufacturers are optimistic that once the lockdown is lifted consumers will prefer spending time with family and friends due to the increasing lifestyle. This, in turn, is anticipated to increase the sales of deck boat during the forecast period.
Top Impacting Factors
The deck boat market trends are as follows:
Rise in popularity of recreational activities
There has been a rise in recreational activities, such as fishing and boating, across the globe, which has created rise in demand for deck boats. The advanced features offered by deck boats, such as long shelf life, durability, customization, and environment-friendliness, further attract more customers. The major players are focusing on product launches, which will help in increasing marine tourism. For instance, in 2019, Bayliner expanded its DX series of deck boat with the launch of DX2200 and DX2250 sterndrive models. The newly launched boat is equipped with modern styling interiors & comfort coupled with ample seating and lounge space. Therefore, the demand for deck boat is anticipated to further increase over the forecast period.
High initial & ownership cost of recreational boats
Attributed to the sheer size and complexity, deck boat construction requires professional workers, which primarily increase the initial manufacturing cost of boat. In addition, the price of an engine equipped in boat is one of the most direct costs associated with a boat. Deck boats require high performance engine and the amount of horsepower will impact the total cost of the boat. Moreover, fittings and extra features, such as extra storage, seating or custom interiors, increase the initial cost of boats. Furthermore, various costs, such as registration fees, taxes, insurance, mooring or dock fees, regular maintenance, and overhaul maintenance, increase the ownership cost of these boats. Thus, owing to the high initial and ownership cost, low and middle-income groups are unlikely to spend on deck boat, which is restraining the market to an extent.
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Key Market Players