Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Boat Building Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global boat building market reached a value of nearly $34,757.8 million in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider lending market, and compares it with other markets.
The market is expected to grow from $34,757.8 million in 2020 to $48,358.0 million in 2025 at a rate of 6.8%. The market is then expected to grow at a CAGR of 5.3% from 2025 and reach $62,678.1 million in 2030.
Growth in the historic period in the boat building market resulted from rising population, increase in demand for recreational boats, low interest rates, and strong economic growth in emerging markets. The market was restrained by intense competition, weak wage growth in developed economies, and narrowing price-cost gap.
Going forward technological advances, rapid urbanization, and rise in investment in the maritime industry will drive the growth in the boat building market. Factors that could hinder the growth of the market in the future include reductions in free trade, oil price volatility, increasing maritime incidents, and coronavirus pandemic.
The boat building market is segmented by type into recreational boats, commercial boats, and military boats. The recreational boats market was the largest segment of the boat building market segmented by type, accounting for 73.8% of the total in 2020. Going forward, the recreational boats segment is expected to be the fastest growing segment in the boat building market segmented by type, at a CAGR of 7.3% during 2020-2025.
The boat building market is also segmented by propulsion into motor boats and sail boats. The motor boats market was the largest segment of the boat building market segmented by propulsion, accounting for 78.6% of the total in 2020. Going forward, the motor boats segment is expected to be the fastest growing segment in the boat building market segmented by propulsion, at a CAGR of 5.2% during 2020-2025.
The boat building market is also application into private use, commercial use, and military use. The private use market was the largest segment of the boat building market segmented by application, accounting for 51.6% of the total in 2020. Going forward, the private use segment is expected to be the fastest growing segment in the boat building market segmented by application, at a CAGR of 7.3% during 2020-2025.
North America was the largest region in the boat building market, accounting for 37.2% of the total in 2020. It was followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the boat building market will be Middle east and the Africa where growth will be at CAGRs of 9.4% and 8.6% respectively during 2020-2025. These will be followed by North America and South America, where the markets are expected to register CAGRs of 7.9% and 7.3% respectively during 2020-2025.
The boat building market is moderately fragmented with a large number of regional players dominating the market. The top ten competitors in the market made up to 20.42% of the total market in 2020. The key players in the boat building are focusing on expanding their operational and business presence in the sector through new product developments, new facility establishments to expand their production activities, distribution agreements with suppliers in the developing countries.
The key players in the boat building market includes Brunswick Boat Group, General Dynamics, Azimut-Benetti Group, Ferretti S. P. A., Correct Craft, Malibu Boats Inc., Mastercraft Boat Holdings, Marine Products Corporation, and Smoker Craft Boats.
The top opportunities in the boat building market segmented by type will arise in the recreational boats segment, which will gain $10,780.1 million of global annual sales by 2025. The top opportunities in the boat building market segmented by propulsion will arise in the motor boats segment, which will gain $11,453.7 million of global annual sales by 2025.
The top opportunities in the boat building market segmented by application will arise in the offline segment, which will gain $7,456.1 million of global annual sales by 2025. The boat building market size will gain the most in USA at $5,609.0 million.
Market-trend-based strategies for the boat building market include autonomous boats, 3d printing, application of robotics, and advanced composite materials for boat building. Player-adopted strategies in the boat building market include investing in expanding manufacturing operations, improving infrastructure and acquisitions and mergers to strengthen their service offerings.
Companies Mentioned
- 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
- 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
- Sibriver
- Boatyard Varyag
- Galeon
- Parker Poland
- Delphia
- Sunreef Yachts
- OneWater
- Pelican International Inc.
- Campion Marine Inc.
- Neptunus Yachts International Inc of Canada
- MCBC Holdings
- Viking Yacht
- Envases y Embalajes, S. de R.L. de C.V.
- 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
- Southern Wind
- Voyage Yachts
For more information about this report visit https://www.researchandmarkets.com/r/n64c6g