Global Boat Building Market Size 2024, Forecast To 2033
11 Mar, 2024
The boat building market has witnessed substantial growth, elevating from $34.77 billion in 2023 to $37 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.4%. This growth in the historic period is attributed to a rising global population, an increased demand for recreational boats, low interest rates, and robust economic growth in emerging markets. In the forthcoming years up to 2028, the market is expected to maintain its momentum, reaching $47.21 billion at a CAGR of 6.3%. The forecasted growth is fueled by technological advances, rapid urbanization, and increased investment in the maritime industry. Key trends in this period include the emergence of autonomous boats, the application of 3D printing, the integration of robotics, and the utilization of advanced composite materials in boat building. Noteworthy strategies adopted by players in the boat building market involve investments in expanding manufacturing operations, infrastructure enhancement, and strategic acquisitions and mergers to fortify their service offerings.
Global boat building Market Key Driver
The demand for the boat-building market is expected to surge due to the increasing popularity of recreational boats as a leisure activity globally. Recreational boating enthusiasts engage in various water-based activities, including water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), U.S. sales of boats, marine products, and services totaled $56.7 billion in 2021, marking a 12.7% increase from 2020. The growth in recreational boating is poised to contribute significantly to the demand for the boat-building market, indicating a market size increase from $X billion in 2023 to $Y billion in 2024 at a compound annual growth rate (CAGR) of Z%. Looking ahead to 2028, the market is anticipated to reach $W billion.
Get A Free Sample Of The Global boat building Market ReportGlobal boat building Market Segments
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
By Geography:The regions covered in the boat building market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
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
Major boat building Industry Players
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
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boat building Market Overview
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.
boat building Global Market Report 2023 provides data on the global boat building market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The boat building market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.