Insights Into The Boat Building Market’s Growth Opportunities Through 2023-2032 – Includes Boat Building Market Size
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increasing demand for recreational boats are expected to drive innovation in boat building manufacturing, thus driving the market during the forecast period.
The global boat building market is expected to grow from $32.60 billion in 2022 to $35.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The global boat building market size is expected to grow to $47.07 billion in 2027 at a CAGR of 7.5%.
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Global Boat Building Market Segments Include:
- By Type: Recreational Boats, Commercial Boats, Military Boats, Other Types
- By Propulsion: Motor Boats, Sail Boats
- By Application: Private Use, Commercial Use, Milatary Use
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global boat building market in 2021.
Major Market Players in the boat building market include Armstrong Marine USA Inc., Brunswick Corporation (BC), Survitec Group, Ancasta International Boat Sales Ltd., Metal Shark, Gulf Craft LLC.
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 September 2022, DNV entered a memorandum of understanding (MOU) with Hyundai Heavy Industries (HHI), Avikus, and Liberian International Ship & Corporate Registry (LISCR) to develop autonomous ship technology. According to the multilateral MoU, the entities will carry out a joint study on autonomous navigation systems on board ships to help the industry and flag states adopt the technology.
The Boat Building Global Market Report 2023 provides a boat building market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The boat building market forecast analyzes boat building market size, boat building market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Boat building refers to designing and constructing boats, as well as their systems. Boat building typically occurs in a specialized space known as a boatyard.
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