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The boat docks and lifts market size is forecast to increase by USD 266 million, at a CAGR of 4.4% between 2023 and 2028. Market expansion relies on several key factors, including heightened customer engagement in marina and recreational boating pursuits, which drive demand for products and services within the industry. Additionally, there's a noticeable uptick in the demand for outboard engine-operated powerboats, reflecting shifting preferences toward versatile and efficient watercraft. Government initiatives aimed at fostering the development of boating and yachting further stimulate market growth, providing incentives and support for industry players. These interconnected factors underscore the dynamic nature of the marine leisure sector, where evolving consumer trends, technological advancements, and regulatory frameworks shape market dynamics. As stakeholders capitalize on these opportunities and navigate industry challenges, they contribute to the overall expansion and sustainability of the marine leisure market, catering to the diverse needs and preferences of boating enthusiasts worldwide. Our market growth analysis report examines historic data from 2018 - 2022, besides analyzing the current and forecasted market scenario.
Further, individual boaters in the area prefer recreational boating as an experience to boat ownership. This changing preference has led to increased customer engagement with marina and charter services, which is a key driver of demand for recreational boating in North America. Additionally, A Laiturit Oy company manufactures and designs docks and dock equipment.
Market Forecast 2024-2028
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In the bustling marine sector, safeguarding boats and ships is paramount to prevent damage and ensure smooth operations. The market for boat docks and lifts plays a crucial role in this regard. From shipbuilding activities to ship repair and maintenance, dock accessories such as cleats, fenders, and bumpers are essential for protecting vessels during storage and while docked. Moreover, as global trade continues to thrive, the demand for efficient cargo shipping solutions amplifies the need for robust dock infrastructure along key ocean routes. Both recreational and commercial users benefit from these innovations, ensuring the sustainability and growth of the global marine industry. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The global market for boat docks and lifts is experiencing strong demand due to increased consumer engagement in marinas and leisure boating activities. The US and Europe are the largest recreational boating markets, and the US recreational boating industry is expected to exceed USD 28 billion by 2024. Much of this growth is due to US-operated marina and charter services. Owning and maintaining a recreational boat is so expensive that middle- and low-income Americans are moving away from the concept of owning a boat to the boating experience provided by corporate recreational/recreational boating services. As a result, the country's marinas are in great demand for pleasure boats. Demand for boat docks and elevators is expected to continue increasing over the forecast period as consumers continue to migrate to marinas.
Around the world, most leisure and business travel agencies offer leisure boat activities and charter yacht services in their travel packages to attract local and international tourists. Recreational activities on the boat allow travelers to socialize with friends and family. Globally, adventure tourism is growing in popularity due to the rapidly growing millennial population and rising disposable incomes. Hence, the increasing adoption of recreational boating activities as part of adventure tourism drives the growth of the global recreational boating market. This trend is expected to continue during the forecast period as boating is one of the most popular consumer leisure activities in the US and Europe.
Growing global demand for boat docks and elevators has led major players to launch new and innovative products to serve a wider customer base and increase profit margins. For example, in January 2021, Sunstream Boat Lifts, a manufacturer of portable and stationary boat lifts and its SwiftShield automatic boat cover system launched the SunLift SLX series, the latest freestanding hydraulic boat lifts. The SunLift SLX offers attractive features such as a clean design, next-generation frame, adjustable berth, stainless steel cylinders and hoses, large lift range, and zero-inch water depth under the hull or skeg. The SunLift SLX also includes a stainless steel cylinder, bite-resistant stainless steel braided hoses, Sunstream's patented cylinder boot, lubricated bronze bushings, and a rubberized aluminum superbank.
Additionally, the advanced pressure-balanced hydraulic pump is 30% more efficient, consumes less battery power, is fast, quiet, and doesn't lose capacity over time. Similarly, in December 2020, land elevator manufacturer ShoreMaster LLC released its latest hydraulic elevator, the TruLift. This product offers superior reliability, best-in-class performance, and convenience. Due to its hydraulic design, it requires very little maintenance. Moreover, the hydraulic car lift provides a remote control function for convenient operation. Therefore, such innovative and advanced developments in boat docks and elevators are expected to be a positive trend for the global boat docks and elevators market during the forecast period.
Owning a pleasure boat is a luxury. Average leisure boat prices have continued to rise since 2006. The average selling price of boats increased by about 5% over this period. Rising average retail prices have also had a significant impact on recreational boat sales. Apart from the initial investment, there are other costs associated with recreational boating. Other major costs associated with purchasing and owning a recreational boat include slip rental, insurance, maintenance, cleaning, and state vessel license. Taking all these costs into account, the average total cost of ownership for a recreational boat is USD 60,000. Therefore, owning a recreational boat is not economically feasible for low- and middle-income households. Due to the high cost, the recreational boating market is also an emerging market niche. Therefore, the high total cost of ownership of recreational boats presents a significant challenge that may impede the growth of the boat dock and elevator market in the residential and commercial segments.
Further, along with all this, boat docks have a significant impact on the environment by blocking sunlight, altering water flow patterns, and introducing chemicals into the environment. These factors adversely affect living resources such as seagrass and other aquatic plants. In addition, docks and elevators adversely affect other wetland-dependent species that nest and breed in highlands and adjacent shell beds. Docks can also cause water quality deterioration. The most common contamination from docks involves leaching from preservatives applied to stakes and floats where they regularly come in contact with water. Oil-based preservatives, including creosote (CRT) and pentachlorophenol (PCP), are easily leached and applied to the surface of wood, which can be very toxic. Above mentioned factors can therefore affect the aquatic and ecological balances in the sea and can also affect the demand for boat docks and elevators.
The commercial segment will contribute a major share of the market, as commercial boat docks and lifts are used by marinas, restaurants, hotels, resorts, housing developments, and sailing and boat companies. The increasing demand for boat docks and lifts from commercial end-users is primarily due to the growth of the waterfront business. Major ongoing and future marina infrastructure development projects will boost the demand for commercial boat docks and elevators during the forecast period.
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The commercial segment showed a gradual increase in market share with USD 691.20 million in 2018. Ecological preservation and the use of environmentally friendly products and sustainable materials are essential considerations in the boat lift market. Seasonal demand and waterfront activities necessitate smart dock accessories, such as smart lighting systems, automatic docking systems, remote monitoring sensors, and web platforms or mobile apps for enhanced security and convenience. The global marine industry continues to evolve, with an increasing focus on sustainability and innovation.
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North America is estimated to contribute 41% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Recent innovations such as the introduction of remote controls in elevators and the incorporation of eco-friendly materials in dock construction will also be key factors contributing to the growth of the regional boat dock and elevator market. The United States and Canada are two major recreational boating markets in North America. The United States is by far the largest single recreational boating market, accounting for nearly two-thirds of total sales generated in North America. Boating is one of America's favorite recreational activities. Factors such as the country's positive economic growth over the past decade, rising consumer confidence, and innovation by boat manufacturers are driving the US market.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AirBerth Marketing PTY LTD., Alutrack Oy, Basta Boatlifts, Boat Lift US Inc., DECO Boat Lifts, Dolphin Boat Lifts Inc., FLOE International Inc., Golden Manufacturing Inc., Hi Tide Boat Lifts, IMM Quality Boat Lifts, ItaliaMarine, Jetdock Systems Inc., Marine Master Boat Lifts and Docks, Midwest Industries Inc., NuCraft Metal Products, RGC Products, Sunstream Corp., and Waterfront Brands
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the realm of marine infrastructure, the market for boat docks and lifts stands as a beacon of innovation and sustainability. Primarily focused on damage prevention, these docks and lifts cater to both recreational and commercial use cases, accommodating everything from yachts to shipping vessels. Stringent regulations and a growing emphasis on ecological preservation drive the industry towards environmentally friendly products and sustainable materials, meeting the demands of both seasonal fluctuations and the rising tide of waterfront activities.
The integration of technology has revolutionized the sector, with smart dock accessories like smart lighting systems and automatic docking systems enhancing security and convenience. Remote monitoring sensors ensure real-time oversight, accessible through web platforms and mobile apps. Additionally, dock bumpers, dock ladders, and other accessories, made from shock-absorbing materials like plastic or composite materials, fortify docks against extreme weather and mitigate the risk of accidents. As the shipping industry evolves, the synergy between dockage solutions and docks and harbors development fosters resilience and efficiency in global maritime trade.
Industry Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Decelerate at a CAGR of 4.4% |
Market growth 2024-2028 |
USD 266 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.15 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Italy, Canada, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A Laiturit Oy, AirBerth Marketing PTY LTD., Alutrack Oy, Aqua Boat Lifts, Basta Boatlifts, Boat Lift US Inc., DECO Boat Lifts, Dolphin Boat Lifts Inc., FLOE International Inc., Golden Manufacturing Inc., Hi Tide Boat Lifts, IMM Quality Boat Lifts, ItaliaMarine, Jetdock Systems Inc., Marine Master Boat Lifts and Docks, Midwest Industries Inc., NuCraft Metal Products, RGC Products, Sunstream Corp., and Waterfront Brands |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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