Global Boat Repairing Market Set For 9.3%% Growth, Reaching $9.51 Billion By 2028
Boat Repairing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The boat repairing market has seen considerable growth in recent years2. The market, valued at $6.1 billion in 2023, is expected to surge to $6.67 billion in 2024, showing a compound annual growth rate CAGR of 9.4%. This historical growth can be attributed to factors such as evolving consumer preferences and expectations, the impact of the insurance industry, the availability of skilled labor, environmental factors, and the evolution of boat designs.
Experiencing the Growth of the Boat Repairing Market
Anticipations suggest continued robust growth for the boat repairing market in the coming years. The market is expected to climb to $9.51 billion in 2028, showing a compound annual growth rate CAGR of 9.3%. Factors spearheading this growth in the forecast period include a rise in the demand for specialized services, an emphasis on environmental sustainability, innovations in materials, a growing boating industry, and the impact of the insurance industry. Furthermore, major trends for this period include specialized repair services, the use of advanced materials, the integration of digital tools, eco-friendly repair methods, and remote monitoring and diagnostics.
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What's Steering the Boat Repairing Market Growth?
The surging demand for recreational boats is a prime factor expected to boost the demand for the boat-building market. Recreational boating has become increasingly popular as a global leisure activity. Water skiing, fishing, and travel are amongst the popular activities many partake in. Evidence of this growth is reflected in data from the National Marine Manufacturers Association NMMA, where annual U.S. sales of boats, marine products, and services reached $56.7 billion in 2021, showing a 12.7% increase from 2020. This increase in recreational boating is set to contribute significantly to the boat building market's demand in the future.
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Who Stands Among Key Players in The Boat Repairing Market?
Numerous major companies operate in the boat repairing market. Some of these include Hanwha Group, HD Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Yamaha Motor Corporation, Brunswick Corporation, Samsung Heavy Industries Co. Ltd., Groupe Beneteau S.A., Malibu Boats Inc., Ferretti S.p.A., MasterCraft Boat Company Inc., West Marine Products Inc., Survitec Group Limited, MarineMax Inc., Princess Yachts International Limited, and Sunseeker International Limited, among others.
Boat Repairing Market Trends and Segmentation3
Advanced robotics influencing maritime operations is an emergent trend within the maritime industry. Robots are being implemented for a range of activities, from cleaning and maintenance to full-fledged driverless crafts, to reduce human risk and increase process efficiency. For instance, the Hull BUG Robotic Hull Bio-Inspired Underwater Grooming Tool is a small robot that cleans the underside of vessels, improving fuel efficiency and reducing greenhouse gas emissions.
The boat repairing market is segmented into:
1 By Type: Recreational Boats, Commercial Boats, Military Boats, Other Types.
2 By Propulsion: Motor Boats, Sail Boats.
3 By Services: Collision Damage, Fire Damage, Submergence, Groundings, Transport Damage.
A Regional Look at the Boat Repairing Market
Asia-Pacific was reported as the largest region in the boat repairing market in 2023, with North America coming up as the second largest. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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