The boat repairing market has witnessed robust growth, expanding from $6.1 billion in 2023 to $6.67 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 9.4%. This historical growth is attributed to consumer preferences and expectations, insurance industry influence, the availability of skilled labor, and environmental factors, all contributing to the evolution of boat design. Looking ahead to 2028, the market size is projected to further ascend, reaching $9.51 billion at a CAGR of 9.3%. Anticipated factors contributing to this growth include the rising demand for specialized services, an emphasis on environmental sustainability, innovations in materials, the overall expansion of the boating industry, and the impact of the insurance industry. Noteworthy trends in the forecast period encompass specialized repair services, the use of advanced materials, the integration of digital tools, eco-friendly repair methods, and the implementation of remote monitoring and diagnostics.
Major Driver In The Boat Repairing Market
The increasing demand for recreational boats is anticipated to boost the demand for the boat-building market. Recreational boating is a popular leisure activity across the globe. Many people participate in recreational boating activities such as water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), representing recreational boat, marine accessories, and engine manufacturers, the annual U.S. sales of boats, marine products and services totaled $56.7 billion in 2021, up 12.7% from 2020. Therefore, the surge in recreational boating is likely to contribute to the demand for the boat building market.
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Boat Repairing Market Competitive Landscape
Hanwha Group, HD Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Yamaha Motor Corporation, Brunswick Corporation, Samsung Heavy Industries Co. Ltd., Groupe Beneteau S.A., Malibu Boats Inc., Ferretti S.p.A., MasterCraft Boat Company Inc., West Marine Products Inc., Survitec Group Limited, MarineMax Inc., Princess Yachts International Limited, Sunseeker International Limited, The Boston Whaler Group Inc., Gulf Craft, Riviera Australia Pty. Ltd., Viking Yacht Company, Hinckley Yachts LLC, Hatteras Yachts Inc., Grady-White Boats Inc., Ancasta International Boat Sales Ltd., Regal Marine Industries Inc., Bertram Yacht, Holyhead Boatyard Ltd., Bayliner Marine Corporation, Azimut Benetti S.p.A., Sabre Yachts, Oy Nautor AB, Outer Reef Yachts Pty. Ltd., La Compagnie Du Catamaran SAS, Pursuit Boats LLC
Boat Repairing Market Segmentation
The boat repairing market covered in this report is segmented –
1) By Type: Recreational Boats, Commercial Boats, Military Boats, Other Types
2) By Propulsion: Motor Boats, Sail Boats
3) By Services: Collision Damage, Fire Damage, Submergence, Groundings, Transport Damage
By Geography:The regions covered in the boat repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the boat repairing market in 2023.
The Boat Repairing Global Market Report 2024 furnishes information about the global boat repairing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
