Boat Building in Canada - Industry Market Research Report

Rough waters: Economic growth in the United States and Canada is expected to drive the industry forward

The Boat Building industry in Canada has exhibited a moderate level of revenue volatility over the past five years. As the Canadian dollar weakened, the industry grew as improving economic conditions domestically and in the United States raised demand for industry vessels. The pandemic fostered strong boat sales as rising household incomes and wealth in addition to affordable borrowing conditions, drove demand for industry output. Recreational boating activity also rose in popularity, benefiting operators. Over the past five years, revenue has been growing at a CAGR of 5.5% and is expected to reach $762.5 million in 2023. This includes an expected 6.8% increase in 2023. Profit is expected to climb to 5.2% of revenue in 2023 from 4.1% in 2018. This industry comprises enterprises that build boats, which are defined as watercraft not built in shipyards and typically intended for personal use. This does not include enterprises engaged in the Ship Building industry in Canada. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.