What Has Been the Growth Trajectory of the Boat Building Market?
The boat building market has seen considerable growth due to a variety of factors.
• The size of the boat building market has seen substantial growth in the prior years. The market is projected to increase from $37.84 billion in 2024 to $40.62 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%.
The notable growth during the historical period is largely due to the population surge, increased demand for leisure boats, favorable interest rates, and robust economic expansion in upcoming markets.
What Can Be Expected from the Boat Building Market in the Coming Years?
The boat building market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the boat building market is predicted to witness significant expansion, reaching a market size of $51.55 billion in 2029 with a compound annual growth rate (CAGR) of 6.1%.
This anticipated growth over the forecast period is credited to advancements in technology, swift urbanization, and increased investments in the maritime sector. Key trends during the forecast period are projected to be self-navigating boats, 3D printing, the use of robotics, and the employment of advanced composite materials within the process of boat building.
What Are The Primary Growth Drivers In The Boat Building Market?
It is expected that the rising interest in recreational boats will enhance the boat-building market demand. Globally, recreational boating is a favorite pastime. A significant number of people are involved in recreational boating activities, such as water skiing, fishing, and travel. For example, in January 2023, the National Marine Manufacturers Association, a US-based association, stated that the US recreational boating industry is worth $170 billion. The National Marine Manufacturers Association or NMMA accounts for 85% of the recreational boat, marine engine, and accessory manufacturers in the nation. Hence, the increased popularity of recreational boating is predicted to promote the demand for the boat-building market.
How Is the Boat Building Market segmented?
The boat building market covered in this report is segmented –
1) By Type: Recreational Boats, Commercial Boats, Military Boats
2) By Propulsion: Motor Boats, Sail Boats
3) By Application: Private Use, Commercial Use, Military Use
Subsegments:
1) By Recreational Boats: Yachts, Sailboats, Motorboats, Personal Watercraft (Jet Skis)
2) By Commercial Boats: Ferries, Cargo Ships, Fishing Vessels, Offshore Support Vessels (OSVs)
3) By Military Boats: Patrol Boats, Naval Vessels, Submarines, Amphibious Assault Ships
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What New Trends Are Influencing the Boat Building Market?
The trend of creating autonomous boats is on the rise within the boat-manufacturing sector. Leading firms are investing in sophisticated autonomous boat technology to establish their dominance in an ambitious trade setting. For example, Torghatten ASA, a maritime company based in Norway, collaborated with technology firm Zeabuz, also in Norway, in June 2023 to introduce the first ever zero-emission autonomous ferry, known as MF Estelle. This strategic move enhances the experience for the company's 70 million passengers with innovative autonomous technology and establishes a new standard for eco-friendly sea transportation. In a similar development, DNV signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries (HHI), Avikus, and Liberian International Ship & Corporate Registry (LISCR) in September 2022 to explore autonomous vessel technology. As per the multi-party MoU, these corporations will conduct a collective research on the implementation of autonomous navigation systems on vessels, which will aid the industry and flag states in adopting this technology.
Who Are the Key Players in the Boat Building Market?
Major companies operating in the boat building market include:
• Brunswick Boat Group
• Groupe Beneteau
• Azimut-Benetti Group
• Ferretti S.P.A.
• Correct Craft
• Malibu Boats Inc.
• Mastercraft Boat Holdings
• Marine Products Corporation
• Smoker Craft Boats
• Hyundai Heavy Industries
• Mitsubishi Heavy Industries
• DSME
• Samsung Heavy Industries
• Tsuneishi Holdings
• Cochin Shipyard Limited
• Hindustan Shipyard Limited
• General Dynamics
• Jiangyin Xinjiang Fiberglass Reinforced Plastics Co. Ltd.
• Wendeng Minghui Industry Co. Ltd.
• YaGuang Technology Group Company Limited
• Qingdao Haoyun Boats Co. Ltd.
• Mahindra & Mahindra
• SHM
• Mazagon Dock Shipbuilders Ltd.
• Laxmipati Engineering Works Ltd.
• Garden Reach Shipbuilders & Engineers Ltd.
• Kawasaki Heavy Industries Ltd.
• Sumidagawa Shipyard Co. Ltd.
• Yamato Motor Co. Ltd.
• Yamaha Amakusa Works Co. Ltd.
• Naval Yards Kiel GmbH
• Lloyd Werft Bremerhaven
• Neptune Werft GmbH
• Schiffswerft Hermann Barthel GmbH
• Meyer Werft
• STX
• PIRIOU
• SOCARENAM
• CMN: Chantiers naval de Normandie
• CNM: Chantiers Navals de Marseille
• Naval Group
• A&P Group Tyne Shipyard
• Cammell Laird
• Parkol Marine Engineering
• Yarrow Shipbuilders
• Ribcraft
• Cockwills
• Williams Performance Jet Tenders
• Shetlands Boats
• Sibriver
• Boatyard Varyag
• Galeon
• Parker Poland
• Delphia
• Sunreef Yachts
• OneWater
• Brunswick International Limited
• Pelican International Inc.
• Campion Marine Inc.
• Neptunus Yachts International Inc
• Bombardier Recreational Product Inc.
• Astilleros Tarrab
• BB Barcos
• Conserva Bonan
• Montoya Gil Diana Carolina
• Al-Suwaidi Marine LLC.
• Marina Factory LLC
• Riviera Boat Industrial Investment Company LLC
• The Boat House LLC
• Al Fajer Marine LLC
• Robertson & Caine
• Xquisite Yachts
• Tuwasco Marine Services
• Southern Wind
• Voyage Yachts
What Is The Most Dominant Region In The Boat Building Market?
North America was the largest region in the boat building market in 2024. Asia-Pacific was the second largest market in the global boat building market share. The regions covered in the boat building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
