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The boat building market has witnessed substantial growth, elevating from $34.77 billion in 2023 to $37 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.4%. This growth in the historic period is attributed to a rising global population, an increased demand for recreational boats, low interest rates, and robust economic growth in emerging markets. In the forthcoming years up to 2028, the market is expected to maintain its momentum, reaching $47.21 billion at a CAGR of 6.3%. The forecasted growth is fueled by technological advances, rapid urbanization, and increased investment in the maritime industry. Key trends in this period include the emergence of autonomous boats, the application of 3D printing, the integration of robotics, and the utilization of advanced composite materials in boat building. Noteworthy strategies adopted by players in the boat building market involve investments in expanding manufacturing operations, infrastructure enhancement, and strategic acquisitions and mergers to fortify their service offerings.

The demand for the boat-building market is expected to surge due to the increasing popularity of recreational boats as a leisure activity globally. Recreational boating enthusiasts engage in various water-based activities, including water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), U.S. sales of boats, marine products, and services totaled $56.7 billion in 2021, marking a 12.7% increase from 2020. The growth in recreational boating is poised to contribute significantly to the demand for the boat-building market, indicating a market size increase from $X billion in 2023 to $Y billion in 2024 at a compound annual growth rate (CAGR) of Z%. Looking ahead to 2028, the market is anticipated to reach $W billion.

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What Are The Key Trends That Influence Boat Building Market Share Analysis?

Autonomous boats are gaining traction in the boat building market, with companies developing advanced technology to stay competitive. For example, in June 2023, Torghatten ASA, a Norway-based shipping company, partnered with Zeabuz to launch the world’s first emission-free autonomous ferry, MF Estelle, enhancing passenger experiences and setting a new standard for sustainable maritime transport. Additionally, in September 2022, DNV signed a memorandum of understanding with Hyundai Heavy Industries, Avikus, and the Liberian International Ship & Corporate Registry to develop autonomous ship technology and conduct a joint study on autonomous navigation systems.

Which Market Players Are Driving Growth In The Boat Building Market?

Major companies operating in the boat building market report are Brunswick Boat Group, General Dynamics, 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, Yarrow Shipbuilders, Sibriver, Boatyard Varyag, Galeon, Parker Poland, Delphia, Sunreef Yachts, OneWater, Malibu Boats, 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, Azimut Yachts, Southern Wind, Voyage Yachts

How Is The Global Boat Building Market Segmented?

The boat building market covered in this report is segmented –

1) By Type: Recreational Boats, Commercial Boats, Military Boats
2) By Propulsion: Motor Boats, Sail Boats
3) By Application: Private Use, Commercial Use, Military Use

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The Boat Building Global Market Report 2024 provides an overview of the boat buildingmarket 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 and their market positions.

The Table Of Content For The Boat Building Market Include

1. Boat Building Market Executive Summary
2. Boat Building Market Segments
3. Boat Building Market Size And Template Market Growth Rate
4.  Key Boat Building Market Trends
5. Major Boat Building Market Drivers
……
25. Key Mergers And Acquisitions In The Boat Building Market
26. Top Boat Building Companies
27. Boat Building Market Opportunities And Strategies
28. Boat Building Market, Conclusions And Recommendations
29. Appendix

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