Boat Building Global Market To Reach Value Of About $46.18 Billion In 2023
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The global boat building market is expected to decline from $37.49 billion in 2019 to $36.87 billion in 2020 at a compound annual growth rate (CAGR) of -1.66%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $46.18 billion in 2023 at a CAGR of 7.80%. The increasing demand for recreational boats is anticipated to boost the demand for the boat building market.
The boat building market consists of sales of boats and related services by entities (organizations, sole traders, and partnerships) that operate shipyards or boatyards. Shipyards and boatyards are fixed facilities with drydocks and fabrication equipment capable of building boats, including dinghies, hovercrafts, motorboats, rowboats, yachts, sailboats, and inflatable rubber boats. Only goods and services traded between entities or sold to end consumers are included.
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The global boat building market is further segmented based on type, propulsion and geography.
By Type: Recreational Boats, Commercial Boats, Military Boats, Others.
By Propulsion: Motorboats, Sail Boats.
By Geography: The global boat building market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Boat Building Market
The development of autonomous boats is gaining popularity in the boat building market. Top companies in the market are developing technologically advanced autonomous boats to maintain their position in a competitive business environment.
Boat Building Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides boat building market overviews, analyzes and forecasts market size and growth for the global boat building market, boat building market share, boat building market players, boat building market segments and geographies, boat building market’s leading competitors’ revenues, profiles and market shares. The boat building market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.