Global Boat Building Market Report 2021: Opportunities and Strategies to 2030 - Market to Reach a Value of $62.67 Billion
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
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900