Report : Asia Pacific Pontoon Boat Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Bar Boat, Rear Lounge, Quad Seating, Arch Models, and Double Decker), Tube Type (Double Tube and Triple Tube), Propulsion Type (Single Engine, Double Engine, and Electric Motor), Size (Less than 20 Feet, 20 - 30 Feet, and More than 30 Feet), and Application (Fishing, Watersports, Recreational, and Others)
Triple Tube Segment to Dominate APAC Pontoon Boat Market During 2021–2028
According to a new market research study on “APAC Pontoon Boat Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Tube Type, Propulsion Type, Size, and Application” is expected to reach US$ 654.39 million by 2028 from US$ 295.82 million in 2021. The market is estimated to grow at a CAGR of 12.0% from 2021 to 2028. The report provides trends prevailing in the APAC pontoon boat market along with the drivers and restraints pertaining to the market growth. Growing inclination toward recreational boating industry and emergence of new pontoon boats are the major factor driving the growth of the APAC pontoon boat market. However, low speed of pontoon boats hinders the growth of APAC pontoon boat market.
In case of COVID-19, APAC is highly affected specially India. APAC experienced a notable decline in several economic activities as the government authorities imposed strict lockdowns, travel bans, and business shutdowns. Many countries in Asia are developing. Owing to layoffs and salary cuts, buying capacity of the majority of consumers was affected drastically. Reduced purchasing power resulted in weak demand for pontoon boats. The governments in APAC countries are taking possible steps to reduce its effects by announcing lockdown, negatively affecting the manufacturing sector. China dominates the global manufacturing sector with significantly unparalleled, large numbers of manufacturing units, and it is considered the most significant production sector globally. The COVID-19 emergence and imposition of lockdown across the country have substantially disrupted its manufacturing sector, thereby restricting the production of pontoon boats. Further, due to the pandemic caused, users avoid leaving their houses for non-essential activity, which is expected to hinder the sales of new pontoon boats. However, in 2021, to overcome the challenges posed by the COVID-19 outbreak, the pontoon boat manufacturers are focusing on increasing product innovation and keeping consumers' requirements in mind will lead to increased demand. This is expected to increase the demand for pontoon boats in 2021 and coming years.
The APAC pontoon boat market is segmented on the basis of type, tube type, propulsion type, size, application, and country. Based on type, the market is segmented into bar boat, rear lounge, quad seating, arch models, and double decker. The rear lounge segment dominated the market in 2020 and quad seating segment is expected to be fastest growing during forecast period. In terms of tube type, the market is bifurcated into double tube and triple tube. The triple tube segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on propulsion type, the market is segmented into single engine, double engine, and electric motor. The double engine segment dominated the market in 2020 and electric motor segment is expected to be fastest growing during forecast period. By size, the market is segmented into less than 20 feet, 20–30 feet, and more than 30 feet. The 20–30 feet segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. The market, by application, is segmented into fishing, watersports, recreational, and others. The recreational segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
BRP, Kiwi Kraft Ltd., Polaris Inc., and Sun Tracker Boats are among the leading companies in the APAC pontoon boat market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Polaris Industries Inc. (NYSE: PII) (“Polaris”) has signed a definitive agreement to acquire Boat Holdings, LLC (“Boat Holdings”), a boat manufacturer owned by the Vogel family, management, and Balmoral Funds, in an all-cash transaction valued at a net present value (NPV) of approximately $805 million.
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