New York global boat davits market was valued at US$ 0.4 billion in 2021 and it is anticipated to grow up to US$ 0.6 billion by 2031, at a CAGR of 5.9% during the forecast period.
A boat davit is a device used on a ship to support, raise, and lower the boats. In other term, a boat davit is a launching and lifting system for jet skis, dinghies, and other boats. This device is used to lower an emergency lifeboat from the ships. A boat davit is usually a hydraulic operated slewing or pivoting davit designed for launching and recovering a fully-crewed rescue boat.
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Boat davits are useful when boat owners are faced with restricted conditions such as seawalls only, no pilings allowed, or the presence of very shallow water. Boat davits are a very economical alternative to standard boat lifts as they are user-friendly and easy to install.
Market Drivers and Trends
Marine transportation is one of the most effective modes of transportation due to its cost-effectiveness. For instance, according to the UNCTAD organization report, in November 2021, the global trade for merchandise goods increased in exports and imports. The value of world imports and exports of goods hit US$ 5.6 trillion in the third quarter of 2021. Moreover, maritime shipping is expected to continue covering most of the movement of goods over long distances in the coming years. Marine freight transportation increases due to traffic congestion in the Indian and Pacific Oceans trade lanes.
Moreover, a surge in demand for maritime freight transportation has led to a rise in demand for maritime vessels. Thus, the demand for maritime transport services and the growth of international maritime freight transport is expected to fuel the demand for marine vessels. These marine vessels are equipped with davits for various applications, such as lifeboat davits, lifeboat davits, and passenger vessel davits. Thus, the growth of international marine freight transportations fuels the demand for boat davits.
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Major Players in the Global Boat Davits Market
The key players studied in the global boat davits market are Anchorlift Technic (Norway), Atkins & Hoyle Ltd. (Canada), Davit Master Corporation (US), Hi-Tide (US), Olsson Mfg. Inc. (US), Spencer Carter Limited (UK), St. Croix Marine Products, Inc. (US), UMT Marine (US), Vanguarde Pte Ltd (Singapore), and Weaver Industries, Inc. (US).
COVID-19 Impact
In 2020, the COVID-19 impact negatively impacted the marine industry. The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban the import-export of essential raw material items for most of 2020. This led to a sudden decline in the availability of important raw materials for components. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production, and sales suffered severely, which, in turn, negatively impacted the boat davits market in 2020. Moreover, the COVID-19 outbreak has resulted in disruptions for shipyards in terms of a new building, repair, and conversion projects. This outbreak had forced some companies to shut down their shipyard operations in several countries.
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Global Boat Davits Market Segmentation
By Type
- Free Fall Davit
- Quadrantal Davit
- Gravity Roller Track Davit
- Single Pivot Gravity Davit
By Mode
- Passenger Vessel
- Commercial Boats
- Others
By Material
- Aluminum
- Steel
- Composites
By Application
- Seawall Mount Davits
- Dock Mount Davits
- Pile Mount Boat Davits
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