Boat Repairing Global Market Report 2022

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 is expected to grow from $4.96 billion in 2021 to $5.56 billion in 2022 at a compound annual growth rate (CAGR) of 12.1%. The market is expected to grow to $8.42 billion in 2026 at a compound annual growth rate (CAGR) of 10.9%.

The boat repairing market consists of sales of boat repairing and related services by entities (organizations, sole traders, and partnerships) that operate shipyards or boatyards. Only goods and services traded between entities or sold to end consumers are included.

The main types in the boat repairing market are recreational boats, commercial boats, military boats, other types.Recreational boats refer to the boats that are used for recreational purposes.

The various propulsion include motorboats, sailboats. These use services such as collision damage, fire damage, submergence, groundings, and transport damage.

Asia Pacific was the largest region in the boat repairing market in 2021.North America was the second-largest region in the boat repairing market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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 percent compared to 2019. More than 310,000 new powerboats were sold in 2020, which levels the recreational boating industry. The surge in recreational boating is likely to contribute to the demand for the boat repair market.

The maritime industry that 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 activity and personal pleasure boats have also been suspended to control the spread of the coronavirus. According to the Willis Towers Watson insights, over 3 billion citizens have been under lockdown resulting in a slowdown of economic activity and sinking of the global economy 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 for performing many activities in the maritime industry, from cleaning and maintenance to full-on driverless craft, to reduce the risk for humans and to increase the efficiency of the process.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 the Sea Robotics estimates, 5% of fuel efficiency from regular cleanings saves about $15 billion per year in fuel costs and reduces 1 billion tons 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.