Boat Building Market Growth Potential: Key Insights for 2024-2033
Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!
How Will the Boat Building Market Grow from 2024 to 2033?
There has been a robust growth in the boat building industry in recent years. It is predicted to expand from a market size of $34.77 billion in 2023 to $37 billion in 2024, experiencing a compound annual growth rate (CAGR) of 6.4%. The significant growth in this historical period is due to factors such as a burgeoning population, surge in demand for recreational boats, favourable interest rates, and robust economic growth in developing markets.
The market size of boat building is forecasted to experience robust growth in the upcoming years, expanding to $47.21 billion in 2028 with a compound annual growth rate (CAGR) of 6.3%. This growth in the projected period can be ascribed to technological progress, swift urbanization, and amplification in investments within the maritime sector. Noteworthy trends for the prediction period encompass autonomous boats, 3d printing, application of robotics, and pioneering composite elements for boat building. The strategies adopted by market players in the boat building realm include investment in the enlargement of manufacturing operations, infrastructure enhancement, and mergers and acquisitions to intensify their service offerings.
Claim Your Free Sample of the Global Boat Building Market Report Today!
https://www.thebusinessresearchcompany.com/sample.aspx?id=3479&type=smp
What Aspects Are Influencing the Growth Rate of the boat building Market?
The escalation in the requirement for recreational boats is predicted to enhance the demand for the boat production market. Recreational boating, which encompasses activities like fishing, water skiing, and journeying, is a widely enjoyed pastime worldwide. The National Marine Manufacturers Association (NMMA), a representative entity for recreational boat, marine equipment, and engine manufacturers, stated that the total 2021 yearly sales for boats, marine products, and services in the U.S. reached $56.7 billion, reflecting a 12.7% rise compared to 2020. Consequently, the upward trend in recreational boating is predicted to bolster the boat production market’s demand.
What Are the Critical Segments of the Boat Building Market?
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
What Trends Are Redefining Consumer Expectations in the Boat Building Market?
The rise of autonomous boats is a growing trend within the boat manufacturing industry. Leading companies in the sector are investing in the creation of advanced autonomous boats to secure their market position within a competitive landscape. For example, a shipping company based in Norway, Torghatten ASA, teamed up with Zeabuz, a Norwegian technology firm, to unveil the first emission-free autonomous ferry globally, named MF Estelle, in June 2023. This move improved the experiences of the company’s 70 million customers through high-end autonomous technology and also acted as a pioneer for eco-friendly maritime transport. Additionally, in September 2022, DNV signed a Memorandum of Understanding (MOU) with Hyundai Heavy Industries (HHI), Avikus, and the Liberian International Ship & Corporate Registry (LISCR) for the development of autonomous shipping technology. The collaborative MoU involved a shared research initiative into onboard ship autonomous navigation systems, with the aim of facilitating the acceptance of the technology within the industry and the flag states.
Order Now for Fast Delivery of Your Boat Building Market Report!
https://www.thebusinessresearchcompany.com/report/boat-building-global-market-report
What Are the Leading Regions in the Boat Building Market Expansion?
North America was the largest region in the boat building market in 2023. 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 Boat Building Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the boat building market, its market share, and analyzes key competitors along with 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
Discover Related Reports by The Business Research Company:
Physical, Engineering, And Life Sciences Global Market Report 2024
Warship And Naval Vessels Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/warship-and-naval-vessels-global-market-report
Inland Water Freight Transport Global Market Report 2024
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
