Boat Building Market Industry Analysis 2024: Market Size, Share, and Growth Insights

Overview and Scope
Boat building refers to designing and constructing boats, as well as their systems. Boat building typically occurs in a specialized space known as a boatyard.

Sizing and Forecast
The boat building market size has grown strongly in recent years. It will grow from $34.77 billion in 2023 to $37 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.  The  growth in the historic period can be attributed to rising population, increase in demand for recreational boats, low interest rates, and strong economic growth in emerging markets.

The boat building market size is expected to see strong growth in the next few years. It will grow to $47.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.  The growth in the forecast period can be attributed to technological advances, rapid urbanization, and rise in investment in the maritime industry . Major trends in the forecast period include autonomous boats, 3d printing, application of robotics, and advanced composite materials for boat building. player-adopted strategies in the boat building market include investing in expanding manufacturing operations, improving infrastructure and acquisitions and mergers to strengthen their service offerings.

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Segmentation & Regional Insights
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

North America was the largest region in the boat building market in 2023. 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

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Major Driver Impacting Market Growth
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 boat building market.

Key Industry Players
Major companies operating in the boat building market report are Brunswick Boat Group, General Dynamics, 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, Yarrow Shipbuilders, Sibriver, Boatyard Varyag, Galeon, Parker Poland, Delphia, Sunreef Yachts, OneWater, Malibu Boats, 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, Azimut Yachts, Southern Wind, Voyage Yachts

The boat building market report table of contents includes:

1. Executive Summary
2. Boat Building Market Characteristics
3. Boat Building Market Trends And Strategies
4.  Boat Building Market – Macro Economic Scenario
5. Global Boat Building Market Size and Growth
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31. Global Boat Building Market Competitive Benchmarking
32. Global Boat Building Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34.  Boat Building Market Future Outlook and Potential Analysis
35. Appendix

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