Boat Building Global Market Report 2021: COVID 19 Impact and Recovery to 2030 By TBRC

Segments covered: By Type – Recreational Boats, Commercial Boats, Military Boats, Others; By Propulsion – Motor Boats, Sail Boats; By Application – Private Use, Commercial Use, Military Use

/EIN News/ -- LONDON, April 13, 2021 (GLOBE NEWSWIRE) -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

According to The Business Research Company’s research report on the boat building market, the global boat building market is expected to grow from $34.76 billion in 2020 to $37.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The boat industry growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $48.36 billion in 2025 at a CAGR of 6.8%.

The marine market size is however expected to still be impacted by the COVID-19 situation and its economic implications. With the majority of countries under government-imposed lockdowns, there has been a severe decrease in boating across the globe as boatyards have been forced to shut down. Operations of boat building companies and related industries, including terminals and ports, have been affected due to personnel having been advised to refrain from traveling or reporting to work. Thus, this negatively impacts the labour-intensive boat building and repairing market.

The Business Research Company’s report titled Boat Building Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major boat building companies, boat building market share by company, boat building manufacturers, boat building market size, and boat building market forecasts. The report also covers the global boat building market and its segments.

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North America is the largest region in the boat building market, accounting for 37.2% of the total in 2020. It is followed by the Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the boat building market will be the Middle East and the Africa where growth will be at CAGRs of 9.4% and 8.6% respectively during 2020-2025. These will be followed by North America and South America, where the markets are expected to register CAGRs of 7.9% and 7.3% respectively during 2020-2025.

The global market for boat building is supported by the large base of consumer population in both developed and developing countries, and large urban populations, with high spending on recreational and commercial activities such as transportation and water sports. North America and Europe are well-established and mature markets where there is a high demand for both recreational and commercial boats. Developing regions such as Asia-Pacific, the Middle East, and Africa are fast-growing markets.

The major players covered in TBRC’s boat building industry report are Armstrong Marine USA Inc., Brunswick Corporation (BC), Survitec Group, Ancasta International Boat Sales Ltd, Metal Shark, Gulf Craft LLC, Dakota Creek Industries Inc., and Main Iron Works.

Economic growth and a rapidly growing urban population is expected to increase the demand for new boat building during the forecast period. Rising urbanization is generating high requirement for water transport and recreational activities. Globally, around 60% of urban settlements remain to be built. Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam and the Philippines, which are becoming increasing popular for export-oriented manufacturing. According to the World Bank, urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to boost the growth of the boat building market.

With urbanization comes increased investment. The boat building market is expected to be driven in the forecast period by rising investment in the maritime industry. The Maritime India Vision-2030, a 10-year blueprint with the aim of overhauling the Indian maritime sector, envisages INR 3 lakh crore (US$ 41 billion) investment in port projects that in turn promise to generate employment for 2 million persons. According to Deloitte Port Advisory, alternative trade routes, strategizing for a new competitive advantage, growing opportunity in niche markets and increased use of technology will be the future of global ports and will drive investment in the maritime industry. Moreover, increasing investments in inland water transportation is anticipated to drive the boat building market during the forecast period. For instance, in January 2021, the Government of India, the Government of West Bengal, and the World Bank signed a $105 million project to improve the inland water transport infrastructure in Kolkata, West Bengal.

Boat Building Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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