Deep-V boat are wedge shaped boats from bow to stern with a deadrise running from 21 to 26 degrees. These boat are specifically designed for sports fishing activities and are widely used in saltwater’s. Further, Deep-V boat has the ability to cut through choppy waters and is much faster than any flat bottom boat owing to its design which allows the vessels to travel through the water smoothly. Thus, with anglers aligning their interest in more thrilling experience such as sports fishing, is anticipated to increase the demand for deep-v boat and create ample opportunities for players operating in the deep-v boat market.
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Furthermore, the swift growth in number of recreational fishing exhibitions coupled with outdoor sports fishing activities being organized is anticipated to reinforce the demand for deep-v boat during the forecast period. However, the global impact of COVID-19 has caused unprecedented financial impact on the entire world. Therefore, owing to the high-cost of deep-v boat anglers are hesitant to invest in a new deep-v boat, thereby, posing hindrance to the growth of the market.
COVID-19 Impact on the Global Deep-V Boat Market
The COVID-19 pandemic has limited the growth of the deep-v boat market. The closure of plants in North America and Europe has brought down the sales of deep-v boat and added intense pressure to manufacturers as well as distributors. North America is one of the prominent regions for deep-v boat and will see a maximum fall in the demand as it is the largest affected region by the outbreak. In addition, the outbreak has also hit the players adversely on the supply side, thereby causing declining sales.
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However, the manufacturers further foresee the opportunity in the near term owing to the significant growth in the number of anglers globally. This is anticipated to result in the increased demand for fishing equipment and gears, including deep-v boat and revamp their production process. As per the report published by Fact.MR, it is estimated that the deep-v boat market will start showing positive signs by the second quarter of 2021.
Deep-V Boat Market: Market Segmentation
For a better understanding, global deep-v boat market is being studied under boat size, power, & region.
Based on the boat size, the deep-v boat market can be segmented as:
- Less than 14 Feet
- 14-16 Feet
- Above 16 Feet
Based on the power, the deep-v boat market can be segmented as:
- Less than 200 HP
- 200-300 HP
- Above 300 HP
Based on the region, the deep-v boat market can be segmented as:
- North America
- Latin America
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- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
Regional Analysis: Europe and North America to Remain Atop, Other Regions to Grow at a Moderate Pace
Europe and North America are anticipated to grow at a considerable growth rate during the forecast period. In North America, more than 49 million people are involved in recreational fishing and is also considered as the second most popular outdoor activity. Whereas in Europe, there are more than 30 million anglers in the region. Such participation for fishing related activities is foreseen to strengthen the demand for deep-v boat in both the region.
Moreover, attributing to various exhibition related to recreational and sports fishing such as ICAST, Pescare Show, Elmia Game Fair, and Fischen, Jagen and Schiessen is anticipated to boost the demand for deep-v boat during the forecast period. These exhibitions and conferences have been offering opportunity for the fishing equipment providers, raw material suppliers, and investors to demonstrate their offering to reap larger benefits in the long term. Such factors are foreseen to bolster the growth of deep-v boat market.
Global Deep-V Boat Market Competitive Landscape
Some of the prominent players in the deep-v boat market are Lynnhaven Marine, Skeeter Performance Fishing Boats, White River Marine Group, Lowe Boats, Triton Boats, SeaArk Boats, Polar Kraft, Smoker Craft Boats, Ranger Boats, Xpress Boats, , Starcraft Marine, Crestliner Boats, among others.
These market players are concentrating on product launches in order to broaden their market footprints. An example of such product launches is: In 2020, Lynnhaven Marine introduced its new line of boat from Sea Pro 259 Deep V CC model. The newly launched boat has an overall length of 25’9” and a beam of 9’4” feet. The boat is equipped with Lewmar electric windlass as standard and also includes a 12-inch Simrad display.
The research report presents a comprehensive assessment of the Deep-V Boat Market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Deep-V Boat Market segments such as by boat size, power & region.
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The Deep-V Boat Market report covers exhaustive analysis on:
- Deep-V Boat Market Segments
- Deep-V Boat Market Dynamics
- Deep-V Boat Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Deep-V Boat Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, U.K., Spain, Germany, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Oceania (India, Malaysia, Thailand, Indonesia, Australia & Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, Turkey, South Africa, & Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Deep-V Boat Market segments and geographies.
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