The "Boat Building Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
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 $34.76 billion in 2020 to $37.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%.
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 $48.36 billion in 2025 at a CAGR of 6.8%.
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 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.
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 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.
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.
Key Topics Covered:
1. Executive Summary
2. Boat Building Market Characteristics
3. Boat Building Market Trends and Strategies
4. Impact of COVID-19 on Boat Building
5. Boat Building Market Size and Growth
5.1. Global Boat Building Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Boat Building Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Boat Building Market Segmentation
6.1. Global Boat Building Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Boat Building Market, Segmentation by Propulsion, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Boat Building Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Boat Building Market Regional and Country Analysis
7.1. Global Boat Building Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Boat Building Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Armstrong Marine USA Inc.
Brunswick Corporation (BC)
Ancasta International Boat Sales Ltd
Gulf Craft LLC
Dakota Creek Industries Inc.
Main Iron Works
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210531005087/en/
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