Boat Lifts Market Size, Share, Growth, and Industry Growth, By Type (Up to 5000 lbs, 5000 to 10000 lbs, 10000 lbs to 15000 lbs, and Over 20000 lbs), By Application (Household and Commercial Use), Regional Forecast to 2028

Updated On: 06 March 2023

REPORT OVERVIEW

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The global boat lifts market size is expected to be USD 156.3 million in 2022 and is projected to touch USD 192.2 million by 2028, exhibiting a CAGR of 3.5% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with boat lifts experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

A boat lift is a device that is used for transferring boats that are at different elevations between water. It allows boats to be lifted from water. It helps in keeping boat out of water when it is not being used. Lift protects the boat. It offers various advantages and protection such as damage prevention, storage, and can keep your boat in good condition for long periods of time. They help in maintaining the value of the boats and keeps the boat out of the water when users aren’t using it.    

The demand for boat lifts is due to increasing customer engagement and interests in recreational and marine activities. Rapid adoption in order to protect the leisure boats is expected to drive the market growth. Growing marine and offshore activities to increase the demand for adventurous activities. is Owning and maintaining leisure boats is very expensive and consumers are shifting their inclinations from boat ownership to renting boats which is estimated to enable and create lucrative opportunities during the forecast period.

COVID-19 Impact: Pause on Marine Sector to Hinder Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global boat lifts market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The demand for boat lifting comes from marine sector. Halt on marine sector obstructed the demand for machinery and equipment used marine activities. Due to social distancing rules and regulations impacted marine and recreational activities which affected the demand for boats.

LATEST TRENDS

"Increasing Shipbuilding Activities to Boost Market Development"

The global boat lifts market growth is projected to owing to the increasing shipbuilding activities globally. Globalization and industrialization have spiked the use of small boats for construction, repair, and maintenance. Rising repair and maintenance activities require small boats that are required to be lifted. Boat lifts are employed for labor forces to travel to marine construction sites so that their boats can be lifted. Favorable trends for ship repair is expected to generate many investments during the forecast period. Such increase in shipbuilding activities is expected to pose an opportunity for market growth during the forecast period.

SEGMENTATION

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• By Type

Based on type; the market is divided into up to 5000 lbs, 5000 to 10000 lbs, 10000 to 15000 lbs, 15000 to 20000 lbs, and over 20000 lbs.

• By Application

Based on application; the market is divided into household and commercial use.

Commercial use is the leading part of the application segment.

DRIVING FACTORS

"Development of Commercial Sector to Propel Market Growth "

The global boat lift market growth is anticipated to develop owing to the development of commercial sector. Commercial segment is expected to hold majority applications. They are widely used in camps, hotels, sailing & rowing businesses, restaurants, and other places. Boats are used as one of the recreational activities to attract consumers. Ongoing marine infrastructure projects are expected to trigger the sales for boat lifts. Flourishment in marine sector is expected to generate potential revenue for market during the forecast period. Commercial applications are expected to attract the demand for sailing and rowing businesses. Such growing commercial applications is anticipated to provide profitable opportunities for the market.

"Growing Marine and Recreational Activities to Inflate Product Demand"

Mounting demand for boat lifts owing to growing marine and recreational activities is estimated to drive the product demand. Increase in consumer disposable income by the consumers is expected to create demand for marine activities. Such growing demand for recreational activities has also propelled the demand for marine and recreational activities which is anticipated to drive the market growth during the forecast period. Such growing demand for activities is expected to create demand for boats and ships and also to surge demand for lifts that are used in lifting boats.     

RESTRAINING FACTORS

"High Costs of Boats to Hamper Market Growth"

There are a number of factors that can propel the growth of the boat lifts market. Restraining factors such as high costs of boats. One of the limiting factors is high prices of boats that can limit the demand for simultaneous devices as well. High prices of boats and yachts can hinder the demand for devices used. Such negative effects of the product are anticipated to restrict and limit the market growth.

REGIONAL INSIGHTS

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"Increasing Uses of Boats in North America to Propel Market Share"

North America holds the largest part of the global boat lifts market share owing to increasing production and consumption of boats, yachts, small boats, and commercial vessels. Increasing demand for recreational and marine activities in the region is expected to propel market growth. Increasing and growth in the E-commerce industry is projected to drive the market growth. Increase in the disposable income and increasing popularity for adventure tourism in the region is expected to create demand for the product in the region. Growing ship repair and maintenance activities in the region is anticipated to increase the demand for Increased investments by governments in formulation of supportive policies for marine projects and shipbuilding projects to propel the demand for lifts.

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Reimann & Georger (U.S.)
• Hi-Tide Boat Lifts (U.S.)
• Golden Boatlift (U.S.)
• HydroHoist Marine Group (U.S.)
• ShoreStation (U.S.)
• IMM Quality Boat Lifts (U.S.)
• FIX ENTERPRISES
• Sunstream (U.S.)
• ShoreMaster (U.S.)
• Blue Ocean Tech (India)
• Basta Boatlifts (U.S.)
• FLOE International (U.S.)
• AirBerth (Australia)
• DECO (U.S.)
• CraftLander (U.S.)
• ItaliaMarine (Italy)
• Schilstra (Netherlands)
• Alutrack
• A-Laiturit (Finland)
• Marine Master (Canada)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.