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The boat building market size has grown strongly in recent years. It will grow from $34.77 billion in 2023 to $37 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rising population, increase in demand for recreational boats, low interest rates, and strong economic growth in emerging markets.

The boat building market size is expected to see strong growth in the next few years. It will grow to $47.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to technological advances, rapid urbanization, and rise in investment in the maritime industry . Major trends in the forecast period include autonomous boats, 3d printing, application of robotics, and advanced composite materials for boat building. player-adopted strategies in the boat building market include investing in expanding manufacturing operations, improving infrastructure and acquisitions and mergers to strengthen their service offerings.

Market Overview -
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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Surging Demand For Recreational Boats Drives Growth In The Boat-Building Market
The increasing demand for recreational boats is anticipated to boost the demand for the boat-building market. Recreational boating is a popular leisure activity across the globe. Many people participate in recreational boating activities such as water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), representing recreational boat, marine accessories, and engine manufacturers, the annual U.S. sales of boats, marine products, and services totaled $56.7 billion in 2021, up 12.7% from 2020. Therefore, the surge in recreational boating is likely to contribute to the demand for boat building market.

Competitive Landscape -
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

Rising Interest In Autonomous Boats Revolutionizes The Boat Building Market
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 June 2023, Torghatten ASA, a Norway-based shipping company partnered with Zeabuz, a Norway-based technology company to launch the world's first emission-free autonomous ferry, MF Estelle, enhancing passenger experiences for the company's 70 million travelers with advanced autonomous technology and setting a precedent for sustainable maritime transportation. 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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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