For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Pontoon boats are flat decked, recreational boats that rely on air-filled tubes called pontoons to achieve buoyancy in the water. Traditional pontoons use a pair of pontoon tubes located on either side of the boat under the deck to achieve stability and buoyancy. Some models may have a third tube located under the center of the boat which increases buoyancy and stability. These boats with three pontoons are often called tritoon boats. There are also inflatable pontoon boats which have softer air filled chambers. In 2022, the global pontoon boat market was valued at US$2.31 billion, and is probable to reach US$3.93 billion by 2028.
Some of the factors driving the rise in pontoon demand include: multi-faceted usage (ample floor space and configuration flexibility enable for a range of purposes such as enjoyment, skiing/tubing, swimming, fishing, and so on); and engine technology (improvements in engine technology have resulted in pontoons that are more powerful, quieter, and efficient). Growing disposable income, increase in leisure activities, and new advancements in the global tourism industry are driving the growth of pontoon boat market. Rise in tendency for recreational activities among people globally is growing the demand for pontoon boats which is driving the market growth. The global pontoon boat market value is projected to grow at a CAGR of 9.21%, during the forecast period of 2023-2028.
Market Segmentation Analysis:
By Type: According to the report, the global pontoon boat market is segmented into five type: Rear Lounge, Quad Seating, Bar Boat, Arch Models and Double Decker. Rear Lounge segment acquired majority of share in the market in 2022, as rear couches can be transformed into a sun deck or a changing room. They may also include features like as cup holders, speakers, and USB ports. Whereas, Quad Seating segment is the fastest growing in the production process, as one of the advantages of quad seating is that it provides plenty of space for passengers, making it an excellent choice for bigger parties or families.
By Tube Type: According to the report, the global pontoon boat market is bifurcated into two tube type: Three tube pontoon and two tube pontoon. Three tube pontoon segment acquired majority of share in the market in 2022, as their larger capacity, space, and efficiency coupled with the trend of larger and high-performance boat. Also, the same segment is expected to have the highest CAGR in the future as three-tube pontoons offer better balance and weight distribution, and can handle more powerful engines that make for a more stable ride.
By Application: According to the report, the global pontoon boat market is bifurcated into four applications: Recreational, Fishing, Watersports and Others. Recreational segment acquired majority of share in the market in 2022, as pontoons are designed to cut through the chop and provide a smooth ride across the water. Also, the same segment is expected to have the highest CAGR in the future as the furniture on new performance pontoons has evolved to be pleasant and sensitive to the touch. As a result, most pontoon manufacturers have designed their furnishings to be multi-purpose.
By Region: The report provides insight into the pontoon boat market based on the geographical operations, namely North America, Europe, Asia Pacific, and Rest of the World. North America pontoon boat market enjoyed the highest market share in 2022, primarily owing to reasons such as rising disposable incomes, increased interest in water-based recreational activities, and increased demand for luxury and high-performance boats. The US is the world's strongest market for both pontoon boats as well as recreational boats. The country is marked by the presence of a large number of small- to big-sized players serving the market.
Global Pontoon Boat Market Dynamics:
Growth Drivers: Increased tourism has the potential to boost the growth of the pontoon boat market. This is because pontoon boats are frequently used for water-based recreational activities like as fishing, cruising, and water sports, which are popular among visitors. When tourism grows in a location, so does demand for water-based activities and equipment, including pontoon boats. This increasing demand may result in an increase in pontoon boat production and sales, as well as market growth overall. Further, the market is expected to increase due to growing disposable income, rapid urbanization, growing inclination toward recreational boating industry, improved engines, etc.
Challenges: Economic conditions can present several challenges for the pontoon boat market, which is a segment of the recreational boating industry. When the economy is weak, people tend to hold onto their money and postpone discretionary purchases, such as a pontoon boat. If people are worried about their job security or the overall state of the economy, they may be less likely to buy a pontoon boat. The other challenge that pontoon boat market faces is bad weather conditions, etc.
Trends: A major trend gaining pace in pontoon boat market is eco-friendly and sustainable pontoon boats. The focus on sustainability and environmental friendliness is driving demand for pontoon boats that are powered by electric or hybrid engines. This trend is likely to continue as more customers seek to reduce their carbon footprint and minimize their impact on the environment. Pontoon boats can be a fun and relaxing way to enjoy the water, but it's important to consider their impact on the environment. More trends in the market are believed to augment the growth of pontoon boat market during the forecasted period include, technology advancements in boats, increase in rental services, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 epidemic has harmed the whole boating sector's growth trajectory, undoing a decade of industry stakeholders' laborious work. Pontoon boats were unable to avoid these tendencies and are expected to suffer a significant reduction. However, the high spread of COVID-19 is estimated to decrease the demand for pontoon boat. Thus, concentrating on local supply contracts is expected to prove beneficial in long term to the manufacturers. While multiple market leaders are present in North America & Europe, but new players will not enter in the market in the short term forecast owing to the COVID-19 pandemic. This, in turn, is expected to hinder the growth of the market in the near term.
Competitive Landscape and Recent Developments:
Global pontoon boat market is concentrated. Key players of global pontoon boat market are:
Polaris Inc.
Brunswick Corporation (Lowe Boats)
BRP Inc. (Manitou Pontoon Boats)
Mastercraft Boat Holdings, Inc.
Yamaha Motor Co., Ltd.
Avalon & Tahoe Mfg., Inc.
Forest River
Silver Wave Pontoons
Smoker Craft, Inc.
White River Marine Group (WRMG)
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in August 2021, the new Manitou portfolio continues BRP's tradition of offering incredible on-water experiences for family and friends. Manitou has unveiled its model year 2022 lineup, which adds more power and premium features to a lineup of performance, luxury, and leisure pontoon boats that is already excellent.