Boat Building Market Report 2025

The boat building market size has grown strongly in recent years. It will grow from $37.84 billion in 2024 to $40.62 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rising population, increase in demand for recreational boats, low-interest rates, and strong economic growth in emerging markets.

The boat building market size is expected to see strong growth in the next few years. It will grow to $51.55 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to technological advances, rapid urbanization, and a rise in investment in the maritime industry. Major trends in the forecast period include autonomous boats, 3d printing, application of robotics, and advanced composite materials for boat building.

The rising demand for recreational boats is expected to enhance the boat-building market. Recreational boating is a favored leisure activity worldwide, with many individuals engaging in activities such as water skiing, fishing, and travel. For example, in January 2023, the National Marine Manufacturers Association, a U.S.-based organization, reported that the recreational boating industry in the U.S. is valued at $170 billion. The National Marine Manufacturers Association (NMMA) represents 85% of the recreational boat, marine engine, and accessory manufacturers in the country. Consequently, the increase in recreational boating is likely to bolster the demand for the boat-building market.

Expanding Fishing Activities Fueling Growth In The Boat Building Market.

The swift growth of fishing activities is anticipated to drive the boat-building market in the future. Fishing activities involve catching fish or other aquatic creatures for food, sport, or commercial use. Small boats are particularly suitable for fishing in shallow waters, as they tend to be more affordable and easier to operate and maintain than larger vessels. The popularity of recreational fishing, the rising demand for seafood products, and the expansion of fishing tourism are all factors contributing to the trend of fishing activities. This growth has led to increased sales of small boats, particularly specialized fishing boats and other small watercraft suitable for both recreational and commercial fishing. For instance, in September 2023, the GOV.UK, a UK government website, stated that in 2022, the UK imported 647 thousand metric tons of sea fish valued at £3.7 billion, reflecting an increase in value compared to previous years. Therefore, the rapid growth of fishing activities is fueling the expansion of the boat-building market.

The emergence of autonomous boats stands as a notable trend within the boat-building market, with leading companies striving to develop cutting-edge autonomous vessels to maintain their competitive edge. For instance, in June 2023, Torghatten ASA, a Norway-based shipping company, partnered with Zeabuz to unveil the world's maiden emission-free autonomous ferry, MF Estelle. This pioneering vessel integrates advanced autonomous technology, enhancing passenger experiences for the company's 70 million travelers and establishing a benchmark for sustainable maritime transportation. Additionally, in September 2022, DNV collaborated through a memorandum of understanding (MOU) with Hyundai Heavy Industries (HHI), Avikus, and Liberian International Ship & Corporate Registry (LISCR) to advance autonomous ship technology. This joint initiative aims to conduct a comprehensive study on autonomous navigation systems aboard ships, facilitating the industry and flag states in adopting this technology.

Prominent entities within the boat-building market are strategically embracing innovative technologies to fortify their market positions. The Internet of Things (IoT) technology has gained prominence in boats, offering a plethora of functionalities such as improved monitoring of boat systems and conditions, heightened safety features, upgraded navigation and communication capabilities, and more efficient vessel operations. For example, in August 2022, Radian IoT Inc., a US-based Big Data company, introduced the Radian M2 device and its accompanying Software as a Service (SaaS) platform. The Radian M2 device integrates a GPS receiver and an array of sensors to track a boat's movement and performance. Leveraging IoT technology, it transmits this data to mobile devices or cloud platforms, enabling remote monitoring and access to historical data. The SaaS platform complements this by offering real-time data visualization, historical analytics, and proactive alerting for anomaly detection. This comprehensive suite empowers boat owners and operators with robust vessel management capabilities.

In May 2024, Release Boatworks, a U.S.-based manufacturer of sportfishing boats, acquired Gamefisherman for an undisclosed sum. This acquisition allows Release Boatworks to enhance its product range, utilize shared expertise, and expand production capacity while providing an exceptional customer experience in the custom sportfishing market. Gamefisherman is a U.S.-based builder of custom sportfishing vessels.

Major companies operating in the boat building market include Brunswick Boat Group, Groupe Beneteau, Azimut-Benetti Group, Ferretti S.P.A., 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, General Dynamics, Jiangyin Xinjiang Fiberglass Reinforced Plastics Co. Ltd., Wendeng Minghui Industry Co. Ltd., YaGuang Technology Group Company Limited, Qingdao Haoyun Boats Co. Ltd., Mahindra & Mahindra, SHM, Mazagon Dock Shipbuilders Ltd., Laxmipati Engineering Works Ltd., Garden Reach Shipbuilders & Engineers Ltd., Kawasaki Heavy Industries Ltd., Sumidagawa Shipyard Co. Ltd., Yamato Motor Co. Ltd., Yamaha Amakusa Works Co. Ltd., 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, Ribcraft, Cockwills, Williams Performance Jet Tenders, Shetlands Boats, Sibriver, Boatyard Varyag, Galeon, Parker Poland, Delphia, Sunreef Yachts, OneWater, Brunswick International Limited, Pelican International Inc., Campion Marine Inc., Neptunus Yachts International Inc, Bombardier Recreational Product Inc., 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.

Boat building involves the art of constructing boats and ships from materials such as wood, steel, aluminum, or fiberglass. This craft is employed to create vessels for a range of purposes, including fishing, transportation, leisure, and defense. The process encompasses design, material selection, and assembly to guarantee the boat's durability and performance.

The primary categories of boat building include recreational boats, commercial boats, military boats, and other types. Recreational boats are intended for leisure purposes and can be further classified into motorboats and sailboats. These boats find applications in various sectors, including private, commercial, and military use.

The boat building market research report is one of a series of new reports that provides boat building market statistics, including boat building industry global market size, regional shares, competitors with a boat building market share, detailed boat building market segments, market trends and opportunities, and any further data you may need to thrive in the boat building industry. This boat building 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.

North America was the largest region in the boat building market in 2024. Asia-Pacific was the second largest market in the global boat building market share. The regions covered in the boat building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat building market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The boat building market include revenues earned by entities by constructing trawler, tug, deck boat, dingy, lifeboat, sailboat, and cuddy. 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.