A recent study predicts that the global boat hook market may grow at a CAGR of 3% to 5% between 2022 and 2032. Escalating boating activities, fueled by increased recreational boat use, are expected to drive up demand for boat hooks. Government initiatives and water tourism awareness programmes aimed at promoting marine tourism are opening up a plethora of potential for the recreational boating sector, which is increasing demand for boat hook.
Intense Trend in Marine Sporting Activities
Adoption of boat hooks is accelerating due to rising interest in marine leisure sports and activities, particularly among younger age groups. This is expected to drive demand for boat hooks higher.
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Customers’ disposable income has increased, as has their interest in maritime tourism and leisure activities such as sailing, power boating, yachting, and others. Furthermore, adventure tourism is rapidly expanding, and cruise excursions are feeling the effects.
In addition, many cruise lines are investing in land-based private islands, allowing them to offer clients exclusive beach time as an add-on to their aboard experience. This increases the demand for boat hooks.
| S. No. | DRIVERS |
| 1 | The growing popularity of boating as a recreational activity. More people are purchasing boats, necessitating the use of boat hooks. |
| 2 | The increasing availability of boat hooks. As more companies enter the market, competition increases, lowering prices and making boat hooks more affordable. |
| 3 | Growing awareness of the importance of boat safety. As a result, more people are looking for boat hooks to keep them safe while on the water. |
| S. No. | TRENDS |
| 1 | Boat hooks are becoming lighter and easier to use. This is due to advancements in materials and manufacturing techniques. |
| 2 | Boat hooks are becoming more versatile, with a variety of attachments and accessories available to make them more useful for a variety of tasks. |
| 3 | Boat hooks are becoming more affordable, making them a more appealing option for budget-conscious consumers. |
North America
The rapidly growing tourism industry in the region has increased recreational and leisure boating activities, such as boat racing and water sports games, which has boosted the region’s outlook. This may increase demand in the North American boat hook market.
Europe
Europe is expected to grow the most rapidly. The regional boat hook market is expected to grow as demand for recreational boat rises in countries such as the United Kingdom, France, Germany, Italy, and Spain.
The area boat hook market is expected to grow as more people participate in recreational boating activities. Furthermore, an increasing number of recreational boating events and trade shows sponsored by manufacturers are assisting in the boat hook market expansion in Europe.
Increased tourist and recreational boating activities encourage boat hook sales in various locations. Aside from that, people who enjoy recreational boating are one of the primary drivers of the European boat hook market expansion.
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Key Takeaways:
- The government initiatives may drive boat hook market growth.
- Cruise companies’ investments in land-based private islands are expected to increase demand for boat hooks.
- The tourism industry’s demand may lead to an increase in recreational and leisure boating activities. This may help the boat hook market in North America grow.
- Recreational activities are expected to increase boat hook sales in the United States.
- Europe’s boat hook market may grow at the fastest rate, with 32,000 businesses and 280,000 direct employees.
Competitive Environment
Some of the key manufacturers of boat hooks profiled in the full version of the report include Davis Instruments, Shurhold Industries, SwiTec, Henssgen Hardware, Samco Sales, Inc., ShangHai Orange Metal Products Co., Ltd., Deyuan Marine Co., Ltd., Decorstainless International Co., Ltd., Zhenjiang Longyear Marine Equipment Co., Ltd., Lexco Cable Manufacturers, Wichard, Inc., C.
Key players in the global boat hook market are investing in research and development in order to improve existing products and expand their product portfolios.
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Recent Development:
- Davis Instruments introduces the AirLink air quality sensor, which includes web and app-based monitoring.
- Shurhold(R) Industries Announces Participation in Lauren Fix Switch’s Fall Car Care Month TV Tour.
- DigitalBridge Investment Management and IFM Take Shurhold(R) Industries Private in $11 Billion Transaction.
- Henssgen Hardware, a family-owned and operated business, has launched their new online store.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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