Summary
Major players in the boat repairing market are Brunswick, Riviera, Holyhead Boatyard, Ancasta International Boat Sales, Survitec Survival Craft, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, and General Dynamics.
The global boat repairing market will grow from $5.56 billion in 2022 to $6.17 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The boat repairing market is expected to grow to $9.22 billion in 2027 at a CAGR of 10.6%.
The boat repairing market include revenues earned by entities by repairing sport fishing boats, motorboats, sailboats, pontoon boats, bay boats, runabouts, and watersport boats.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Boat repairing is the service provided after the sale of the boats because it involves giving the boat regular maintenance.
Asia Pacific was the largest region in the boat repairing market in 2022.North America was the second-largest region in the boat repairing market.
The regions covered in the boat repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The main types in the boat repairing market are recreational boats, commercial boats, military boats, and other types.Recreational boats refer to boats that are used for recreational purposes.
The various propulsion systems include motorboats and sailboats. These provide services such as collision damage, fire damage, submergence, groundings, and transport damage.
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. For instance, in 2021, The National Marine Manufacturers Association (NMMA), representing North American recreational boat, engine, and marine accessory producers, reports that retail unit sales of new powerboats in the U.S. grew last year by approximately 12% compared to 2019. More than 310,000 new powerboats were sold in 2020, which is a record for the recreational boating industry. The surge in recreational boating is likely to contribute to the demand for the boat repair market.
The maritime industry, which includes shipping, boating, and sailing activities, is one of the industries that has been majorly impacted due to the spread of the COVID-19 disease.This epidemic has halted boating repair and related activities due to the shutdown of facilities.
All commercial and marine recreational activities and personal pleasure boats have also been suspended to control the spread of the coronavirus. According to Willis Towers Watson insights, over 3 billion citizens have been placed under lockdown, causing economic activity to slow and the global economy to sink by -3.0%. The delay in re-establishing the supply chain networks and logistics capabilities will impact the boat building and repairing industry.
Robots are used in many activities in the maritime industry, from cleaning and maintenance to full-fledged driverless craft, to reduce human risk and increase process efficiency.For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also called the Hull BUG, is a small robot that attaches to the underside of a vessel to clean the surface.
According to Sea Robotics estimates, 5% of fuel efficiency from regular cleanings saves about $15 billion per year in fuel costs and reduces 1 billion tonnes of greenhouse gas emissions.Robots are expected to offer green and eco-friendly benefits.
Therefore, advanced robotics that is influencing maritime operations is a key trend in the maritime industry.
The countries in the boat repairing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The boat repairing market research report is one of a series of new reports that provides boat repairing market statistics, including global market size, regional shares, competitors with a boat repairing market share, detailed boat repairing market segments, market trends and opportunities, and any further data you may need to thrive in the boat repairing industry. This boat repair market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
