The global boat building and repairing market is expected to grow from $41.09 billion in 2020 to $43.95 billion in 2021 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $57.11 billion in 2025 at a CAGR of 7%.
The boat building and repairing market consists of sales of boats and boat building and repairing services and related services by entities (organizations, sole traders and partnerships) that operate shipyards or boatyards. Shipyards and boatyards are fixed facilities with drydocks and fabrication equipment capable of building boats, including dinghies, hovercrafts, motorboats, rowboats, yachts, sailboats and inflatable rubber boats. The boat building and repairing market is segmented into boat building and boat repairing.
North America was the largest region in the global boat building and repairing market, accounting for 37% of the market in 2020. Asia Pacific was the second largest region accounting for 36% of the global boat building and repairing market. Africa was the smallest region in the global boat building and repairing market.
Boat building companies are increasingly using 3d printing technology in the manufacture of boats. 3D printing involves the building of three-dimensional objects using a digital model by laying successive layers of material. 3D printing provides boat manufacturers with advantages such as adjustability, cost reduction and convenience. Manufacturing companies are focusing on new products especially for fishing and water sports. Many high-end yachts are already using 3D printed parts. For instance, in the USA, the UMaine (University of Maine) team built the largest 3D printed boat using the largest prototype polymer 3D Printer.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the boat building and repairing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the boat building and repairing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
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 repairing market during the forecast period.
Major companies in the boat building and repairing market include Brunswick Corporation; Riviera; Holyhead Boatyard Ltd; Ancasta International Boat Sales Ltd and Survitec Survival Craft Ltd.
Scope of the report:
Markets Covered: By Type: Boat Building; Boat Repairing
Metrics Covered: Number of Enterprises; Number of Employees
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