Boat Building And Repairing Market Size
The Boat 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 Repairing Global Market Report 2024, The boat repairing market size has grown strongly in recent years. It will grow from $6.1 billion in 2023 to $6.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to consumer preferences and expectations, insurance industry influence, skilled labor availability, environmental factors, boat design evolution.
The boat repairing market size is expected to see strong growth in the next few years. It will grow to $9.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising demand for specialized services, environmental sustainability emphasis, material innovations, growing boating industry, insurance industry impact. Major trends in the forecast period include specialized repair services, use of advanced materials, integration of digital tools, eco-friendly repair methods, remote monitoring and diagnostics.
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.
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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
Robots are used in many activities in the maritime industry, from cleaning and maintenance to full-fledged driverless craft, to reduce human risk and increase process efficiency. For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also called the Hull BUG, is a small robot that attaches to the underside of a vessel to clean the surface. According to Sea Robotics estimates, 5% of fuel efficiency from regular cleanings saves about $15 billion per year in fuel costs and reduces 1 billion tons of greenhouse gas emissions. Robots are expected to offer green and eco-friendly benefits. Therefore, advanced robotics that is influencing maritime operations is a key trend in the maritime industry.
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Top Major Players
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