Boat Davits Market Expected to Reach $615.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Boat Davits Market," The boat davits market was valued at $347.50 million in 2021, and is estimated to reach $615.10 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain significant growth in the global boat davits market owing to few distinct advantages such as increase in shipbuilding and marine component production in the region, owing to cheaper wages, strong government backing, and strong forward & backward linkage industries.

There are prominent key factors that drive the growth of the boat davits market, such as increase in international marine freight transport and increase in marine safety norms. The market economy is also responsible for the growth of the market. The key factors driving the development of the global boat davits market include rapid GDP growth, strong economic growth, increase in global seaborne trade, and surge in demand for passenger ships.

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 (offshore, Yacht, and others). By material, it is segmented into aluminum, steel, and composites.

By application, it is divided 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.

COVID-19 Impact Analysis

• 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.

KEY FINDINGS OF THE STUDY

• By type, the gravity roller track davit segment is expected to register a significant growth during the forecast period.
• By mode, the commercial boats segment is projected to lead the global boat davits market.
• By material, the composites segment is projected to lead the global boat davits market.
• By application, the dock mount davits segment is projected to lead the global boat davits market.
• By propulsion, the electric segment is projected to lead the global boat davits market.
• By weighing capacity, the 1000 to 4000 Pound segment is projected to lead the global boat davits market.
• Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

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.