Boat Building Global Market Report 2022

Boat Building Global Market Report 2022

  • May 2022 •
  • 175 pages •
  • Report ID: 6277703 •
  • Format: PDF
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.

The global boat building market is expected to grow from $29.91 billion in 2021 to $32.6 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The market is expected to grow to $44.18 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.

The boat building market consists of sales of boats 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.

Only goods and services are traded between entities or sold to end consumers.

The main types of boat building are recreational boats, commercial boats, military boats, other types.Recreational boats refer to the boats that are used for recreational purposes.

The various propulsions include motorboats, sailboats. It is used in various applications such as private use, commercial use, military use.

North America was the largest region in the boat building market in 2021.Asia Pacific was the second largest market in boat building market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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 USA recreational boating industry saw a seventh consecutive year of growth with the retail unit sales of new powerboats of about 280,000 units, and the sales grew by approximately 3% to 4% 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 is major challenge 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 May 2019, Hike Metal, a Canada-based boat builder, collaborated with Sea Machine Robotics, a US-based autonomous technology company engaged in building autonomous and navigation systems for the commercial boating and marine industry, to develop an unmanned search-and-rescue (SAR) boat.

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 Boat is a builder of a dual console, cuddy, premium center 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.