Boat Building Global Market Report 2024

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 historical growth can be attributed to several factors, including a growing population, increased demand for recreational boats, low interest rates, and robust 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%. Anticipated growth in the forecast period is driven by technological advancements, rapid urbanization, and increased investment in the maritime industry. Key trends include the adoption of autonomous boats, 3D printing, robotics applications, and advanced composite materials in boat building, expanding manufacturing operations, enhancing infrastructure, and engaging in acquisitions and mergers to bolster their service offerings.

The rising demand for recreational boats is poised to significantly augment the boat-building market. Recreational boating stands as a widely favored leisure pursuit globally, encompassing activities such as water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), a body representing recreational boat, marine accessories, and engine manufacturers, the annual U.S. sales of boats, marine products, and services reached $56.7 billion in 2021, marking a notable 12.7% surge from 2020. Hence, the upsurge in recreational boating is poised to drive the demand within the boat-building market.

The swift expansion of fishing activities is expected to further propel the growth of the boat-building market. Fishing activities, whether for sustenance, sport, or commercial purposes, entail catching aquatic animals such as fish. Small boats hold particular appeal for fishing in shallow waters, as they tend to be more cost-effective, manageable, and easier to maintain compared to larger vessels. The escalation in fishing activities can be attributed to various factors, including the growing popularity of recreational fishing, heightened demand for seafood products, and the burgeoning fishing tourism sector. This surge has, in turn, amplified the sales of small boats, driving the demand for specialized fishing boats and other compact watercraft used in both recreational and commercial fishing. For instance, as per the UK Sea Fisheries Annual Statistics Report 2021, UK vessels landed 652 thousand tons of sea fish valued at 1,242.37 million pounds in 2021. This marked a 5% increase in quantity and an 11% increase in value compared to 2020. Therefore, the rapid expansion of fishing activities serves as a pivotal driver propelling the growth of the boat-building market.


The emergence of autonomous boats stands as a notable trend within the boat-building market, with leading companies striving to develop cutting-edge autonomous vessels to maintain their competitive edge. For instance, in June 2023, Torghatten ASA, a Norway-based shipping company, partnered with Zeabuz to unveil the world's maiden emission-free autonomous ferry, MF Estelle. This pioneering vessel integrates advanced autonomous technology, enhancing passenger experiences for the company's 70 million travelers and establishing a benchmark for sustainable maritime transportation. Additionally, in September 2022, DNV collaborated through a memorandum of understanding (MOU) with Hyundai Heavy Industries (HHI), Avikus, and Liberian International Ship & Corporate Registry (LISCR) to advance autonomous ship technology. This joint initiative aims to conduct a comprehensive study on autonomous navigation systems aboard ships, facilitating the industry and flag states in adopting this technology.

Prominent entities within the boat-building market are strategically embracing innovative technologies to fortify their market positions. The Internet of Things (IoT) technology has gained prominence in boats, offering a plethora of functionalities such as improved monitoring of boat systems and conditions, heightened safety features, upgraded navigation and communication capabilities, and more efficient vessel operations. For example, in August 2022, Radian IoT Inc., a US-based Big Data company, introduced the Radian M2 device and its accompanying Software as a Service (SaaS) platform. The Radian M2 device integrates a GPS receiver and an array of sensors to track a boat's movement and performance. Leveraging IoT technology, it transmits this data to mobile devices or cloud platforms, enabling remote monitoring and access to historical data. The SaaS platform complements this by offering real-time data visualization, historical analytics, and proactive alerting for anomaly detection. This comprehensive suite empowers boat owners and operators with robust vessel management capabilities.


In January 2021, Malibu Boats, a U.S.-based boat company, successfully acquired Maverick for $150 million. This strategic acquisition broadens Malibu's product portfolio and presents a substantial opportunity for expanding its footprint in the fishing and outboard boat markets. Maverick Boat Group, the acquired entity, is a U.S.-based manufacturer specializing in center console fishing boats, featuring well-known brands such as Maverick, Cobia, and Pathfinder.

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.

North America was the largest region in the boat building market in 2023. Asia-Pacific was the second largest market in the global boat building market share. The regions covered in the boat building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the boat building market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The boat building market include revenues earned by entities by constructing trawler, tug, deck boat, dingy, lifeboat, sailboat, and cuddy. 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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.