The boat repairing market size has grown strongly in recent years. It will grow from $6.1 billion in 2023 to $6.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historic period can be attributed to factors such as consumer preferences and expectations, the influence of the insurance industry, the availability of skilled labor, environmental considerations, and the evolution of boat design.
The boat repairing market size is expected to see strong growth in the next few years. It will grow to $9.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for specialized services, a growing emphasis on environmental sustainability, innovations in materials, the expansion of the boating industry, and the impact of the insurance industry. Major trends expected in the forecast period encompass the provision of specialized repair services, the use of advanced materials, the integration of digital tools, the adoption of eco-friendly repair methods, and the implementation of remote monitoring and diagnostics.
The boat-building market is expected to witness increased demand, driven by the rising popularity of recreational boating activities globally. Leisure pursuits such as water skiing, fishing, and travel contribute to the growing demand for recreational boats. The National Marine Manufacturers Association (NMMA) reported that the annual U.S. sales of boats, marine products, and services reached $56.7 billion in 2021, reflecting a 12.7% increase from the previous year. This surge in recreational boating activities is poised to positively impact the boat-building market.
The boat repairing market is anticipated to experience growth propelled by the expanding global maritime fleet. The global maritime fleet encompasses various ships and vessels, including cargo ships, container vessels, oil tankers, and naval ships. The continuous growth of the maritime fleet results in increased operational demands, leading to wear and tear that necessitates regular maintenance and repairs. The need for boat repair and maintenance services arises to extend vessel lifespan, adhere to regulatory standards, and enhance overall efficiency and safety. In January 2022, the global fleet achieved a total carrying capacity of 2.2 billion deadweight tons (dwt), marking a 63 million dwt increase from the previous year, according to the United Nations Conference on Trade and Development. Hence, the expanding global maritime fleet is a significant driver for the boat repairing market.
The COVID-19 pandemic has significantly impacted the maritime industry, leading to disruptions in boat repair and related activities due to facility shutdowns. Commercial and marine recreational activities, including personal pleasure boats, have been suspended to curb the virus's spread. This has caused a slowdown in economic activity and affected the global economy, leading to challenges in re-establishing supply chain networks and logistics capabilities for the boat building and repairing industry.
Robots play a vital role in various activities, ranging from cleaning and maintenance to fully autonomous crafts, reducing human risk and enhancing process efficiency. For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also known as the Hull BUG, is a small robot designed to clean the underside of vessels. Robotics is becoming a key trend in the maritime sector, providing green and eco-friendly benefits by improving fuel efficiency and reducing greenhouse gas emissions.
Major companies in the boat repairing market are focusing on developing innovative diagnostic solutions. Remote diagnostics for boats involve the use of technology and digital tools to assess, monitor, and diagnose a boat's condition and performance remotely. Watershed Innovations, LLC, a subsidiary of Correct Craft, introduced the Osmosis telematics platform in September 2022. Osmosis connects stakeholders in the recreational marine industry, offering boat owners personalized information and enabling remote diagnostics for streamlined service. For OEMs, Osmosis provides valuable insights from the field, facilitating product improvements, over-the-air updates, and system calibrations.
Major companies operating in the boat repairing market report are Hanwha Group, HD Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Yamaha Motor Corporation, Brunswick Corporation, Samsung Heavy Industries Co. Ltd., Groupe Beneteau S.A., Malibu Boats Inc., Ferretti S.p.A., MasterCraft Boat Company Inc., West Marine Products Inc., Survitec Group Limited, MarineMax Inc., Princess Yachts International Limited, Sunseeker International Limited, The Boston Whaler Group Inc., Gulf Craft, Riviera Australia Pty. Ltd., Viking Yacht Company, Hinckley Yachts LLC, Hatteras Yachts Inc., Grady-White Boats Inc., Ancasta International Boat Sales Ltd., Regal Marine Industries Inc., Bertram Yacht, Holyhead Boatyard Ltd., Bayliner Marine Corporation, Azimut Benetti S.p.A., Sabre Yachts, Oy Nautor AB, Outer Reef Yachts Pty. Ltd., La Compagnie Du Catamaran SAS, Pursuit Boats LLC.
Asia-Pacific was the largest region in the boat repairing market in 2023. North America was the second-largest region in the global boat repairing market share. The regions covered in the boat repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main types within the boat repairing market include recreational boats, commercial boats, military boats, and other types. Recreational boats are designed for leisure purposes. Various propulsion systems, such as motorboats and sailboats, are involved. The services offered encompass addressing issues such as collision damage, fire damage, submergence, groundings, and transport damage.
The boat repairing market research report is one of a series of new reports that provides boat repairing market statistics, including global market size, regional shares, competitors with a boat repairing market share, detailed boat repairing market segments, market trends and opportunities, and any further data you may need to thrive in the boat repairing industry. This boat repair market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The boat repairing market include revenues earned by entities by repairing sport fishing boats, motorboats, sailboats, pontoon boats, bay boats, runabouts, and watersport boats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The boat repairing market size is expected to see strong growth in the next few years. It will grow to $9.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for specialized services, a growing emphasis on environmental sustainability, innovations in materials, the expansion of the boating industry, and the impact of the insurance industry. Major trends expected in the forecast period encompass the provision of specialized repair services, the use of advanced materials, the integration of digital tools, the adoption of eco-friendly repair methods, and the implementation of remote monitoring and diagnostics.
The boat-building market is expected to witness increased demand, driven by the rising popularity of recreational boating activities globally. Leisure pursuits such as water skiing, fishing, and travel contribute to the growing demand for recreational boats. The National Marine Manufacturers Association (NMMA) reported that the annual U.S. sales of boats, marine products, and services reached $56.7 billion in 2021, reflecting a 12.7% increase from the previous year. This surge in recreational boating activities is poised to positively impact the boat-building market.
The boat repairing market is anticipated to experience growth propelled by the expanding global maritime fleet. The global maritime fleet encompasses various ships and vessels, including cargo ships, container vessels, oil tankers, and naval ships. The continuous growth of the maritime fleet results in increased operational demands, leading to wear and tear that necessitates regular maintenance and repairs. The need for boat repair and maintenance services arises to extend vessel lifespan, adhere to regulatory standards, and enhance overall efficiency and safety. In January 2022, the global fleet achieved a total carrying capacity of 2.2 billion deadweight tons (dwt), marking a 63 million dwt increase from the previous year, according to the United Nations Conference on Trade and Development. Hence, the expanding global maritime fleet is a significant driver for the boat repairing market.
The COVID-19 pandemic has significantly impacted the maritime industry, leading to disruptions in boat repair and related activities due to facility shutdowns. Commercial and marine recreational activities, including personal pleasure boats, have been suspended to curb the virus's spread. This has caused a slowdown in economic activity and affected the global economy, leading to challenges in re-establishing supply chain networks and logistics capabilities for the boat building and repairing industry.
Robots play a vital role in various activities, ranging from cleaning and maintenance to fully autonomous crafts, reducing human risk and enhancing process efficiency. For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also known as the Hull BUG, is a small robot designed to clean the underside of vessels. Robotics is becoming a key trend in the maritime sector, providing green and eco-friendly benefits by improving fuel efficiency and reducing greenhouse gas emissions.
Major companies in the boat repairing market are focusing on developing innovative diagnostic solutions. Remote diagnostics for boats involve the use of technology and digital tools to assess, monitor, and diagnose a boat's condition and performance remotely. Watershed Innovations, LLC, a subsidiary of Correct Craft, introduced the Osmosis telematics platform in September 2022. Osmosis connects stakeholders in the recreational marine industry, offering boat owners personalized information and enabling remote diagnostics for streamlined service. For OEMs, Osmosis provides valuable insights from the field, facilitating product improvements, over-the-air updates, and system calibrations.
Major companies operating in the boat repairing market report are Hanwha Group, HD Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Yamaha Motor Corporation, Brunswick Corporation, Samsung Heavy Industries Co. Ltd., Groupe Beneteau S.A., Malibu Boats Inc., Ferretti S.p.A., MasterCraft Boat Company Inc., West Marine Products Inc., Survitec Group Limited, MarineMax Inc., Princess Yachts International Limited, Sunseeker International Limited, The Boston Whaler Group Inc., Gulf Craft, Riviera Australia Pty. Ltd., Viking Yacht Company, Hinckley Yachts LLC, Hatteras Yachts Inc., Grady-White Boats Inc., Ancasta International Boat Sales Ltd., Regal Marine Industries Inc., Bertram Yacht, Holyhead Boatyard Ltd., Bayliner Marine Corporation, Azimut Benetti S.p.A., Sabre Yachts, Oy Nautor AB, Outer Reef Yachts Pty. Ltd., La Compagnie Du Catamaran SAS, Pursuit Boats LLC.
Asia-Pacific was the largest region in the boat repairing market in 2023. North America was the second-largest region in the global boat repairing market share. The regions covered in the boat repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main types within the boat repairing market include recreational boats, commercial boats, military boats, and other types. Recreational boats are designed for leisure purposes. Various propulsion systems, such as motorboats and sailboats, are involved. The services offered encompass addressing issues such as collision damage, fire damage, submergence, groundings, and transport damage.
The boat repairing market research report is one of a series of new reports that provides boat repairing market statistics, including global market size, regional shares, competitors with a boat repairing market share, detailed boat repairing market segments, market trends and opportunities, and any further data you may need to thrive in the boat repairing industry. This boat repair market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The boat repairing market include revenues earned by entities by repairing sport fishing boats, motorboats, sailboats, pontoon boats, bay boats, runabouts, and watersport boats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Boat Repairing Market Characteristics3. Boat Repairing Market Trends and Strategies32. Global Boat Repairing Market Competitive Benchmarking33. Global Boat Repairing Market Competitive Dashboard34. Key Mergers and Acquisitions in the Boat Repairing Market
4. Boat Repairing Market - Macro Economic Scenario
5. Global Boat Repairing Market Size and Growth
6. Boat Repairing Market Segmentation
7. Boat Repairing Market Regional and Country Analysis
8. Asia-Pacific Boat Repairing Market
9. China Boat Repairing Market
10. India Boat Repairing Market
11. Japan Boat Repairing Market
12. Australia Boat Repairing Market
13. Indonesia Boat Repairing Market
14. South Korea Boat Repairing Market
15. Western Europe Boat Repairing Market
16. UK Boat Repairing Market
17. Germany Boat Repairing Market
18. France Boat Repairing Market
19. Italy Boat Repairing Market
20. Spain Boat Repairing Market
21. Eastern Europe Boat Repairing Market
22. Russia Boat Repairing Market
23. North America Boat Repairing Market
24. USA Boat Repairing Market
25. Canada Boat Repairing Market
26. South America Boat Repairing Market
27. Brazil Boat Repairing Market
28. Middle East Boat Repairing Market
29. Africa Boat Repairing Market
30. Boat Repairing Market Competitive Landscape and Company Profiles
31. Boat Repairing Market Other Major and Innovative Companies
35. Boat Repairing Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Boat Repairing Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on boat repairing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for boat repairing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Recreational Boats; Commercial Boats; Military Boats; Other Types
2) By Propulsion: Motor Boats; Sail Boats
3) By Services: Collision Damage; Fire Damage; Submergence; Groundings; Transport Damage
Key Companies Mentioned: Hanwha Group; HD Hyundai Heavy Industries Co. Ltd.; General Dynamics Corporation; Mitsubishi Heavy Industries Ltd.; Yamaha Motor Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Hanwha Group
- HD Hyundai Heavy Industries Co. Ltd.
- General Dynamics Corporation
- Mitsubishi Heavy Industries Ltd.
- Yamaha Motor Corporation
- Brunswick Corporation
- Samsung Heavy Industries Co. Ltd.
- Groupe Beneteau S.A.
- Malibu Boats Inc.
- Ferretti S.p.A.
- MasterCraft Boat Company Inc.
- West Marine Products Inc.
- Survitec Group Limited
- MarineMax Inc.
- Princess Yachts International Limited
- Sunseeker International Limited
- The Boston Whaler Group Inc.
- Gulf Craft
- Riviera Australia Pty. Ltd.
- Viking Yacht Company
- Hinckley Yachts LLC
- Hatteras Yachts Inc.
- Grady-White Boats Inc.
- Ancasta International Boat Sales Ltd.
- Regal Marine Industries Inc.
- Bertram Yacht
- Holyhead Boatyard Ltd.
- Bayliner Marine Corporation
- Azimut Benetti S.p.A.
- Sabre Yachts
- Oy Nautor AB
- Outer Reef Yachts Pty. Ltd.
- La Compagnie Du Catamaran SAS
- Pursuit Boats LLC
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 6.67 Billion |
Forecasted Market Value ( USD | $ 9.51 Billion |
Compound Annual Growth Rate | 9.3% |
Regions Covered | Global |
No. of Companies Mentioned | 34 |