NEW YORK, Feb. 22, 2023 /PRNewswire/ -- Major players in the boat building market are Armstrong Marine USA Inc., Brunswick Corporation (BC), Survitec Group, Ancasta International Boat Sales Ltd, Metal Shark, Gulf Craft LLC, Dakota Creek Industries Inc., and Main Iron Works.
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The global boat building market will grow from $32.60 billion in 2022 to $35.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The boat building market is expected to grow to $47.07 billion in 2027 at a CAGR of 7.5%.
The boatbuilding market include revenues earned by entities by constructing trawler, tug, deck boat, dingy, lifeboat, sailboat, and cuddy.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the boat building market in 2022.Asia Pacific was the second largest market in boat building market.
The regions covered in the boat building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The main types of boat building are recreational boats, commercial boats, military boats, and other types.Recreational boats refer to boats that are used for recreational purposes.
The various propulsions include motorboats and sailboats. It is used in various applications, such as private use, commercial use, and military use.
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 US recreational boating industry saw a growth of 12% with the sales of 310,000 powerboats in 2020, compared to 280,000 units sold in 2019 .
Therefore, the surge in recreational boating is likely to contribute to the demand for boat building.
Environmental concerns associated with the usage of certain materials such as exotic woods, plastics, and resins during boat manufacturing are expected to limit the growth of the boat building market.Exotic woods from forests, plastics, and resins manufactured from petroleum have a significant environmental impact.
There are many environmental issues associated with boat building due to hazardous chemicals used in boat building; exhaust emissions from boat engines; evaporative emissions from fuel systems; and styrene emissions.According to the United States Environmental Protection Agency, boat manufacturing has been identified as a major source of hazardous air pollution.
Furthermore, global issues such as energy usage and minimizing the carbon footprint are major challenges for players operating 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.
For instance, in August 2020, Ocious Technology Ltd., an Australian public listed company, provided Australia with autonomous boats to watch out for refugees at sea. The company was awarded $5.5 billion by the Australian government's Department of Defense for the development of autonomous unmanned surface vessels. In September 2022, DNV entered a memorandum of understanding (MOU) with Hyundai Heavy Industries (HHI), Avikus, and Liberian International Ship & Corporate Registry (LISCR) to develop autonomous ship technology. According to the multilateral MoU, the entities will carry out a joint study on autonomous navigation systems on board ships to help the industry and flag states adopt the technology.
In April 2020, Century Boats, an American boat building company, acquired Vanquish Boats, a US-based dayboat manufacturer, for an undisclosed amount.The acquisition is expected to expand Century Boats' dealership, distribution network, and service network.
The existing models of Vanquish will be reintroduced as Century Coronado, which will add to Century Boats' existing product portfolio. Vanquish Boats is a builder of dual console, cuddy, premium centre console, and runabout dayboats.
The countries in the boat building market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The boat building market research report is one of a series of new reports that provides boat building market statistics, including boat building industry global market size, regional shares, competitors with a boat building market share, detailed boat building market segments, market trends and opportunities, and any further data you may need to thrive in the boat building industry. This boat building market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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