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Boat Building Global Market Report 2020-30: COVID-19 Growth And Change

·4-min read

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.

New York, Jan. 04, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Boat Building Global Market Report 2020-30: COVID-19 Growth And Change" -
and Main Iron Works.

The global boat building market is expected to decline from $37.49 billion in 2019 to $36.87 billion in 2020 at a compound annual growth rate (CAGR) of -1.66%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $46.18 billion in 2023 at a CAGR of 7.80%.

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 traded between entities or sold to end consumers are included.

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 a dual console, cuddy, premium center console, and runabout dayboats.

The boat building market covered in this report is segmented by type into recreational boats; commercial boats; military boats; others and by propulsion into motor boats; sail boats.

Environmental concerns associated with the usage of certain materials such as exotic woods, plastics, and resins during boat manufacturing is 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 a 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.

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 in 2018 with the retail unit sales of new powerboats of about 280,000 units in 2018, highest since 2007 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.
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