The Boat Building And Repairing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Boat Building And Repairing Global Market Report 2024, The boat building and repairing market size has grown strongly in recent years. It will grow from $40.87 billion in 2023 to $43.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased growth in fishing industry, tourism industry, manufacturing innovation, consumer preferences, global trade in boats, increased boat shows and events.
The boat building and repairing market size is expected to see strong growth in the next few years. It will grow to $56.72 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising disposable income, boating infrastructure development, electric and hybrid propulsion, boat rental and sharing services, marine conservation efforts, luxury yacht market. Major trends in the forecast period include innovation in sustainable materials, advanced navigation and communication systems, customization for luxury and personalization, adoption of 3d printing technology, digital tools for design and manufacturing.
The increasing number of natural disasters is expected to boost the growth of the boat-building and repairing market going forward. A natural disaster is a catastrophic event that occurs due to natural hazards and causes significant harm to a society or community. Natural disasters such as hurricanes, floods, and storms can cause significant damage to boats and vessels, including recreational boats, yachts, and commercial vessels. This damage necessitates repair and restoration work, benefiting the boat repair segment of the market. For instance, in January 2023, according to a report published by the National Centers for Environmental Information (NCEI), a US-based government agency, 18 different weather-related disasters with a minimum economic impact of $1 billion occurred in the United States in 2022. The US experienced 2 tornado outbreaks, 3 tropical cyclones, and 9 severe weather or hail occurrences in 2022. Therefore, the increasing number of natural disasters is driving the growth of the boat-building and repairing market.
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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, Milatary Use
Advances in technology are expected to be a continued driver of market growth in the forecast period. The global boat building and repairing industry has experienced many technological advances in the last decade, and this trend is expected to intensify. The new features to expect in boats include autonomous driving; black finishing; wellness features; modern lighting; driver override systems; comprehensive tracking; active health monitoring; and reconfigurable body panels. These innovations are expected to drive the boat building and repair market during the forecast period.
The boat building and repairing market report table of contents includes:
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