What Has Been the Progress and Growth of the Boat Building And Repairing Market in Recent Years?
The boat building and repairing market has seen considerable growth due to a variety of factors.
• In recent times, the market for boat construction and renovation has seen significant growth. Projections indicate an increase from $44.66 billion in 2024 to a substantive $48.15 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.8%.
The unprecedented growth over the historic period can be ascribed to an upswing in the fishing industry, expansion of the tourism sector, advancements in manufacturing innovation, evolving consumer tastes, a surge in global boat trade, along with an increase in boat exhibitions and events.
What Is the Forecasted Market Size and Growth Rate for The Boat Building And Repairing Market?
The boat building and repairing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for boat building and repair is projected to witness significant expansion in the following years. By 2029, the market is anticipated to reach $62.22 billion, with a compound annual growth rate (CAGR) of 6.6%.
Factors contributing to this expected growth during the forecast period include an increase in disposable income, advancements in boating infrastructure, the use of electric and hybrid propulsion, the emergence of boat rental and sharing services, and efforts towards marine conservation and the luxury yacht market. Some of the noteworthy trends for the forecast period encompass innovative sustainable materials, upgraded navigational and communication systems, luxury and personal customization, the incorporation of 3D printing technology, and digital tools utilized in design and manufacturing.
Which Factors Are Boosting Growth In The Boat Building And Repairing Market?
The escalating frequency of natural disasters is anticipated to propel the expansion of the boat-building and repairing market in the near future. Natural disasters, which are devastating incidents caused by nature that inflict serious damage on societies or communities, like hurricanes, floods, and storms, can inflict substantial harm on boats and vessels, including recreational boats, yachts, and commercial vessels. This destruction calls for repair and restoration services, thereby playing in favor of the boat repair segment of the market. As an example, a report released by the US-based government agency National Centers for Environmental Information (NCEI) in January 2023 revealed that 18 different weather-related incidents, each causing an economic impact of at least $1 billion, transpired in the United States in 2022. The instances included 2 tornado outbreaks, 3 tropical cyclones, and 9 severe weather or hail events. Consequently, the rising incidence of natural disasters is fuelling the expansion of the boatbuilding and repairing market.
What Key Areas Define The Segmentation Of The Global Boat Building And Repairing Market?
The boat building and repairing market covered in this report is segmented –
1) By Type: Boat Building, Boat Repairing
2) By Propulsion: Motor Boats, Sail Boats
3) By Application: Private Use, Commercial Use, Military Use
Subsegments:
1) By Boat Building: Recreational Boats, Commercial Boats, Specialty Or Vessel Boats
2) By Boat Repairing: Routine Maintenance, Structural Repairs, Engine Repairs, Electrical System Repairs
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How Are Emerging Trends Reshaping The Dynamics Of The Boat Building And Repairing Market?
The progression of technology is likely to remain a consistent catalyst for market expansion in the upcoming forecast period. Over the past ten years, the global boat building and repair sector has seen a plethora of technological advancements, and this trend is projected to escalate. Autonomy in driving, black finishing, wellness functionalities, contemporary lighting, driver override mechanisms, extensive tracking, real-time health monitoring, and adaptable body panels are some of the innovative features that boats might showcase. These technological enhancements are projected to propel the growth of the boat building and repair market during the forecast period.
Who Are the Key Players in the Boat Building And Repairing Market?
Major companies operating in the boat building and repairing market include:
• Polaris Industries Inc.
• Fincantieri Società per Azioni
• Brunswick Corporation
• Bombardier Recreational Products Inc.
• Daewoo Shipbuilding & Marine Engineering Co. Ltd.
• Groupe Beneteau S.A.
• Azimut-Benetti S.p.A.
• Malibu Boats Inc.
• Hinckley Yachts
• Chaparral Boats Inc.
• MasterCraft Boat Holdings Inc.
• Marine Products Corporation of America
• Sunseeker International Limited
• Fountain Powerboats Inc.
• Bavaria Yachtbau GmbH
• Ocean Alexander Yachts
• Marlow Yachts
• Palmer Johnson Yachts
• Catalina Direct LLC
• Avon Marine Ltd.
• Baja Marine Inc.
• Trawler Yacht Sales
• Nautic Global Inc.
• Ferretti S.p.A.
What Is The Most Dominant Region In The Boat Building And Repairing Market?
Asia-Pacific was the largest region in the boat building and repairing market in 2024. North America was the second-largest region in the boat building and repairing market. The regions covered in the boat building and repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
