Future Market Insights (FMI) has released its latest report on the boat trailers market, which includes Global Industry Analysis 2014–2018 and Opportunity Assessment 2019–2029 and covers the key trends, market success factors, historical market value and volume, factors affecting the market, macroeconomics factors, along with the forecast factors.
FMI has conducted a thorough research on the boat trailers market. The boat trailers market research study estimates that the bunk trailer segment is expected to create significant revenue growth opportunities in the global boat trailers market during the assessment period. The value of the global boat trailers market was ~US$ 800 Mn in 2018. The boat trailers market is estimated to grow at a healthy CAGR of ~ 5% during the forecast period.
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Increasing Boat Sales for Recreational Activities
The boat trailers market growth is directly correlated with increasing fleet of boat and new sales of boats. With the increase in the growth of marine tourism and water activities, the demand for new boats is expected to rise, which in turn, fuels the sale of boat trailers. The main advantage offered by the boat trailer is to provide the flexibility for transport boats to various places such as inlets, rivers, lakes, bays, & the sea. There are two types of boat trailers, bunk and roller type trailers, which are used by end users. With the increase in boat parc, the demand for boat trailers also increased as boat trailers provide safety to boats and increases the life of a boat.
Boat trailers also prevent salt water boats from rust formation due to coatings and change of materials. Such features have led to the growth of the global boat trailer market. Moreover, increasing average life of the boat and growing maintenance and services of boats, increases the sales of boat trailers for old boats. In 2017, more than 10 million boats were registered in the U.S. and this number is estimated to grow with ~ 1% growth rate in the nearby future. With the increase in the U.S. boat fleet, the sales of boat trailers also increases as the U.S. holds ~43% share in the global boat trailer market.
Market Attractiveness of the South Asia-East Asia-ASEAN Cluster Surging
In the global boat trailers market, South Asia and East Asia are estimated to grow with high growth rate over the forecast period due to the increasing number of marine tourists and also, increases the sales of boats and boat parc across regions. In East Asia, China is one of the prominent countries and holds a significant share in the market due to the presence of several manufacturers in the country. China is expected to drive the growth of the East Asia boat trailer market. In South Asia, India and ASEAN countries are estimated to boost the growth of the market due to the increasing disposable income of the middle class population.
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The North America market is projected to be a prominent market in the global boat trailers market, owing to the high demand and use of boat trailers for personal and commercial applications. Moreover, Latin America and Middle East & Africa markets are also estimated to grow with healthy CAGR throughout the forecast period. We have also considered the Caribbean region in Latin America. All prominent macroeconomic and forecast factors are included while calculating the boat trailers market size.
Some of the main players involved in the manufacturing of boat trailers included in this study are
- TRIGANO Group
- Boatmate Trailers
- Kropf Industrial Inc.
- Balbi Rimorchi Srl
- EZ Loader
- Load Rite
- Hostar Marine Transport Systems Inc.
- Karavan Trailers, HLT Ltd.
- Venture Trailers
Top 3 Factors Shaping the Boat Trailers Market
Use of High Strength and Durable Materials for Boat Trailers
In developed countries across the globe, aluminium is the most preferred type of material for manufacturing boat trailers due to its lightweight and corrosion resistive property. Apart from these features, aluminium boat trailers have high strength and long life as compared to steel trailers.Due to its lightweight, it increases the fuel efficiency of boat trailer’s towing vehicle and also require low maintenance as compared to other material trailers. Moreover, due to the easy flexibility and customization, aluminium boat trailers are more preferable as compared to steel boat trailers. However, in salty water, galvanized steel boat trailers are preferred because galvanized steel is corrosion resistive in salty water.
Growth in Marine Time Tourism
The increasing demand for boats and water crafts for recreational activities in developing and developed regions due to the increasing number of tourists in countries that are in close proximity to waterside bodies. This factor is anticipated to boost the demand for new boats and water crafts, which in turn, increases the sales of boat trailers during the forecast period.
High Scale Competition among Manufacturers
The boat trailers market is fairly fragmented as there are several tier-2 and tier-3 manufacturers in the market. Due to the presence of several boat trailer manufacturers across the globe, the competition for boat trailer pricing is high, which provides moderate to high power of bargaining to the customer of boat trailers. This factor is also expected to drive the growth of the boat trailer market.