This report describes and explains the boat repairing market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global boat repairing market reached a value of nearly $6.06 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.22% since 2018. The market is expected to grow from $6.06 billion in 2023 to $9.29 billion in 2028 at a rate of 8.90%. The market is then expected to grow at a CAGR of 9.40% from 2028 and reach $14.55 billion in 2033.
Growth in the historic period resulted from increasing demand for recreational boats, expansion of global maritime fleet and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period was stringent laws and regulations.
Going forward, the expansion in the tourism and travel industry, frequency of boating accidents and increasing government initiatives will drive the growth. Factor that could hinder the growth of the boat repairing market in the future include supply chain disruptions.
The boat repairing market is segmented by type into recreational boats, commercial boats, military boats and other types. The recreational boats market was the largest segment of the boat repairing market segmented by type, accounting for 62.54% or $3.79 billion of the total in 2023. Going forward, the commercial boats segment is expected to be the fastest growing segment in the boat repairing market segmented by type, at a CAGR of 9.65% during 2023-2028.
The boat repairing market is segmented by propulsion into motorized boat and non-motorized boat. The motorized boat market was the largest segment of the boat repairing market segmented by propulsion, accounting for 91.28% or $5.53 billion of the total in 2023. Going forward, the non-motorized boat segment is expected to be the fastest growing segment in the boat repairing market segmented by propulsion, at a CAGR of 10.52% during 2023-2028.
The boat repairing market is segmented by services into collision damage, fire damage, submergence groundings and transport damage. The collision damage market was the largest segment of the boat repairing market segmented by services, accounting for 50.93% or $3.08 billion of the total in 2023. Going forward, the collision damage segment is expected to be the fastest growing segment in the boat repairing market segmented by services, at a CAGR of 9.69% during 2023-2028.
North America was the largest region in the boat repairing market, accounting for 39.08% or $2.37 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the boat repairing market will be Africa and Middle East where growth will be at CAGRs of 11.24% and 10.66% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 9.94% and 9.88% respectively.
The global boat repairing market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 21.54% of the total market in 2023. MarineMax Inc. was the largest competitor with a 3.76% share of the market, followed by General Dynamics Corporation with 3.36%, West Marine Products Inc. with 2.71%, Groupe Beneteau S.A. with 2.63%, Malibu Boats Inc. with 2.29%, Survitec Group Limited with 2.03%, Hatteras Yachts Inc. with 1.41%, Viking Yacht Company with 1.38%, Hinckley Yachts LLC with 1.13% and Princess Yachts International Limited with 0.84%.
The top opportunities in the boat repairing market segmented by type will arise in the recreational boats segment, which will gain $2.07 billion of global annual sales by 2028. The top opportunities in the boat repairing market segmented by propulsion will arise in the motorized boats segment, which will gain $2.88 billion of global annual sales by 2028. The top opportunities in the boat repairing market segmented by services will arise in the collision damage segment, which will gain $1.81 billion of global annual sales by 2028. The boat repairing market size will gain the most in the USA at $958.64 million.
Market-trend-based strategies for the boat repairing market include focus on developing innovative platforms for boat repairing services, focus on strategic partnerships and collaborations among major players and focus on mergers and acquisitions to strengthen position in the market.
Player-adopted strategies in the boat repairing market include focus on expanding business capabilities through strategic acquisitions, focus on strengthening business operations through strategic partnerships and focus on expanding operational capabilities through new product developments.
To take advantage of the opportunities, the analyst recommends the boat repairing companies to focus on streamlining boat repair services with innovative platforms, focus on the fastest-growing market segment, focus on collision damage segment, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels through strategic partnerships, provide competitively priced offerings, continue to use B2B promotions and focus on enhancing customer experience.
The global boat repairing market reached a value of nearly $6.06 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.22% since 2018. The market is expected to grow from $6.06 billion in 2023 to $9.29 billion in 2028 at a rate of 8.90%. The market is then expected to grow at a CAGR of 9.40% from 2028 and reach $14.55 billion in 2033.
Growth in the historic period resulted from increasing demand for recreational boats, expansion of global maritime fleet and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period was stringent laws and regulations.
Going forward, the expansion in the tourism and travel industry, frequency of boating accidents and increasing government initiatives will drive the growth. Factor that could hinder the growth of the boat repairing market in the future include supply chain disruptions.
The boat repairing market is segmented by type into recreational boats, commercial boats, military boats and other types. The recreational boats market was the largest segment of the boat repairing market segmented by type, accounting for 62.54% or $3.79 billion of the total in 2023. Going forward, the commercial boats segment is expected to be the fastest growing segment in the boat repairing market segmented by type, at a CAGR of 9.65% during 2023-2028.
The boat repairing market is segmented by propulsion into motorized boat and non-motorized boat. The motorized boat market was the largest segment of the boat repairing market segmented by propulsion, accounting for 91.28% or $5.53 billion of the total in 2023. Going forward, the non-motorized boat segment is expected to be the fastest growing segment in the boat repairing market segmented by propulsion, at a CAGR of 10.52% during 2023-2028.
The boat repairing market is segmented by services into collision damage, fire damage, submergence groundings and transport damage. The collision damage market was the largest segment of the boat repairing market segmented by services, accounting for 50.93% or $3.08 billion of the total in 2023. Going forward, the collision damage segment is expected to be the fastest growing segment in the boat repairing market segmented by services, at a CAGR of 9.69% during 2023-2028.
North America was the largest region in the boat repairing market, accounting for 39.08% or $2.37 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the boat repairing market will be Africa and Middle East where growth will be at CAGRs of 11.24% and 10.66% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 9.94% and 9.88% respectively.
The global boat repairing market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 21.54% of the total market in 2023. MarineMax Inc. was the largest competitor with a 3.76% share of the market, followed by General Dynamics Corporation with 3.36%, West Marine Products Inc. with 2.71%, Groupe Beneteau S.A. with 2.63%, Malibu Boats Inc. with 2.29%, Survitec Group Limited with 2.03%, Hatteras Yachts Inc. with 1.41%, Viking Yacht Company with 1.38%, Hinckley Yachts LLC with 1.13% and Princess Yachts International Limited with 0.84%.
The top opportunities in the boat repairing market segmented by type will arise in the recreational boats segment, which will gain $2.07 billion of global annual sales by 2028. The top opportunities in the boat repairing market segmented by propulsion will arise in the motorized boats segment, which will gain $2.88 billion of global annual sales by 2028. The top opportunities in the boat repairing market segmented by services will arise in the collision damage segment, which will gain $1.81 billion of global annual sales by 2028. The boat repairing market size will gain the most in the USA at $958.64 million.
Market-trend-based strategies for the boat repairing market include focus on developing innovative platforms for boat repairing services, focus on strategic partnerships and collaborations among major players and focus on mergers and acquisitions to strengthen position in the market.
Player-adopted strategies in the boat repairing market include focus on expanding business capabilities through strategic acquisitions, focus on strengthening business operations through strategic partnerships and focus on expanding operational capabilities through new product developments.
To take advantage of the opportunities, the analyst recommends the boat repairing companies to focus on streamlining boat repair services with innovative platforms, focus on the fastest-growing market segment, focus on collision damage segment, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels through strategic partnerships, provide competitively priced offerings, continue to use B2B promotions and focus on enhancing customer experience.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Boat Repairing Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Boat Repairing Market Segmentation
11 Boat Repairing Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Boat Repairing Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Boat Repairing Global Market Opportunities And Strategies To 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global boat repairing market as it emerges from the COVID-19 shut down.Reasons to Purchase::
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- 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 research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
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? The boat repairing market global 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 history and forecasts market growth by geography. It places the market within the context of the wider boat repairing market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by propulsion and by services.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the boat repairing market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by propulsion and by services in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for boat repairing providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Recreational Boats; Commercial Boats; Military Boats; Other Types2) By Propulsion: Motorized Boat; Non-Motorized Boat
3) By Services: Collision Damage; Fire Damage; Submergence Groundings; Transport Damage
Key Companies Mentioned: MarineMax Inc.; General Dynamics Corporation; West Marine Products Inc.; Groupe Beneteau S.A.; Malibu Boats Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
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; boat repairing indicators comparison.
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.
Companies Mentioned
- MarineMax Inc.
- General Dynamics
- Corporation
- West Marine Products Inc.
- Groupe Beneteau S.A.
- Malibu Boats Inc.
- Survitec Group Limited
- Hatteras Yachts Inc.
- Viking Yacht Company
- Hinckley Yachts LLC
- Princess Yachts International Limited
- Clearbot
- Cochin Shipyard Ltd
- Sea Machines Robotics India Pvt. Ltd
- Dhruva Space
- A H Wadia Boat Builders
- Oceanalpha USV
- Sealartec
- BEMAC Corporation
- Huangpu Wenchong Shipyard
- Changzhou Baote Yacht Co., Ltd.
- China COSCO Shipping
- Heysea Yacht
- Larsen
- Toubro Shipbuilding Limited
- Cockwells Modern and Classic Boatbuilding Ltd
- Southwest Shipyard specializes
- Hardy Marine
- Pendennis Shipyard
- MB92 Group
- Amico & Co
- Palumbo Superyachts
- Atlas Elektronik UK
- AutoNaut Ltd
- Arksen
- U-Boat Worx
- AB Yachts
- Ferretti S.p.A.
- Groupe Beneteau
- Alva Yachts
- Fincantieri Yachts
- Timeless Yachts
- K2sea
- Autotesto
- Remontowa
- Seatech Engineering
- Vard Tulcea
- Zodiac Hurricane Technologies, Inc
- Legend Boats
- Brunswick Corporation
- Watershed Innovation LLC
- Boat Planet Inc
- Century Marine
- OneWater Marine Inc.
- Stone Harbor Marina
- CO2 Inflatables
- Upstate Marine
- SWS Marine Group
- M2O Marine
- Malibu Boats, Inc
- The MasterCraft Boat Company
- MarineMax, Inc
- Grady-White Boats Inc
- Bayliner Marine Corporation
- Azimut Yachts
- Marina Santa Marta
- Wilson Sons
- MARVAL SpA
- Glan.SRL
- Alfatec Marine Engineering S.A
- Starnav Serviços Marítimos Ltda
- ShipTech
- Astivik Shipyard
- COTECMAR
- Ferroalquimar S.A.
- Astemar Ltda
- Dustour Marine Wooden Boats Trading
- Marine Services Co. Ltd
- Israel Shipyards Ltd
- Zamil Shipyards
- Nordmarin LLC
- Sindbad Marine LLC
- Automech Group
- Xpress Marines
- D3 Marine Services LLC
- Turbomot Marine Engineering LLC
- Class Marine
- Solas Marine Services Group
- Antalya Vessel Co., Ltd
- AL-Shorouk
- Alhoutyam Ltd
- Egyptian Ship Repair & Building Company
- The Boating Shed
- Mobile Marine Services
- Offshore Maritime Services (OMS)
- Yachtport SA
- Elshcon Nigeria Limited
- Hydro Marine And Boats Services Limited
- Suez Canal Authority (SCA)
- South Red Sea Shipyard
- West Africa Marine Service Limited
- Niger Benue Transport Company (NBTC) Ltd
- MAKO Marine
- DORMAC
- Manten Marina
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 285 |
| Published | August 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 6.1 Billion |
| Forecasted Market Value ( USD | $ 14.6 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 105 |
