Boat Building and Repairing Global Market Report 2024

The boat building and repairing market size has grown strongly in recent years. It will grow from $40.87 billion in 2023 to $43.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed during the historic period can be attributed to factors such as the increased expansion of the fishing industry, growth in the tourism sector, innovation in manufacturing, changing consumer preferences, global trade in boats, and the rise in boat shows and events.

The boat building and repairing market size is expected to see strong growth in the next few years. It will grow to $56.72 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to factors such as rising disposable income, the development of boating infrastructure, the adoption of electric and hybrid propulsion systems, the emergence of boat rental and sharing services, ongoing marine conservation efforts, and the growth of the luxury yacht market. Major trends expected in the forecast period encompass innovation in sustainable materials, the integration of advanced navigation and communication systems, customization for luxury and personalization, the adoption of 3D printing technology, and the utilization of digital tools for design and manufacturing.

The boat-building and repairing market is expected to witness growth due to the increasing occurrence of natural disasters. Catastrophic events such as hurricanes, floods, and storms can cause substantial damage to boats and vessels, necessitating repair and restoration work. In the United States, for example, the National Centers for Environmental Information reported 18 weather-related disasters in 2022, including tornado outbreaks, tropical cyclones, and severe weather, with a minimum economic impact of $1 billion. This trend is driving the boat-building and repairing market as the need for repairs rises.

The boat-building and repairing market is also set to benefit from the growing tourism industry. As the tourism sector expands globally, recreational activities such as boating and water sports gain popularity. Tourist destinations attracting more travelers contribute to the demand for boats, supporting the boat-building and repairing industry. According to the United Nations World Tourism Organization, international tourist receipts exceeded USD 1 trillion in May 2023, marking a 50% increase in real terms over 2021. The flourishing tourism industry is a significant driver for the boat-building and repairing market.

The boat building and repair market faced significant challenges in 2020 due to the outbreak of COVID-19, causing disruptions in supply chains and reduced consumption amid global lockdowns. The infectious disease, first identified in 2019 in Wuhan, China, led to trade restrictions and hindered the transportation manufacturing sector's reliance on global parts and components. Governments imposed restrictions on the movement of goods, compelling manufacturers to halt production due to shortages. The market also experienced a decline in sales of new automobiles as consumer demand decreased during lockdowns. While the outbreak negatively impacted businesses throughout 2020 and into 2021, it is anticipated that the boat building and repairing market will rebound over the forecast period, considering the nature of this "black swan" event, unrelated to fundamental weaknesses in the market or the global economy.

Continued technological advancements are expected to drive growth in the boat building and repairing market. Over the last decade, the global industry has witnessed various technological innovations, and this trend is projected to amplify. Emerging features in boats include autonomous driving, black finishing, wellness features, modern lighting, driver override systems, comprehensive tracking, active health monitoring, and reconfigurable body panels. These innovations are poised to propel the boat building and repair market during the forecast period.

3D printing technology is increasingly being adopted by boatbuilding companies for manufacturing. This additive manufacturing process involves constructing three-dimensional objects from a digital model by layering successive materials. Boat manufacturers benefit from 3D printing due to its adjustability, cost-effectiveness, and convenience. Companies are focusing on developing new products, particularly for fishing and water sports, leveraging 3D printing technology. Notably, high-end yachts are incorporating 3D printed parts, exemplified by the UMaine team in the USA, which utilized the largest prototype polymer 3D printer to build the largest 3D printed boat.

Major companies operating in the boat building and repairing market report are Berkshire Hathaway Holding Company Inc., Polaris Industries Inc., Fincantieri Società per Azioni, Brunswick Corporation, Bombardier Recreational Products Inc., Daewoo Shipbuilding & Marine Engineering Co. Ltd., Groupe Beneteau S.A., Azimut-Benetti S.p.A., Malibu Boats Inc., Hinckley Yachts, Chaparral Boats Inc., MasterCraft Boat Holdings Inc., Marine Products Corporation of America, Sunseeker International Limited, Chapman and Cutler LLP, Fountain Powerboats Inc., Bavaria Yachtbau GmbH, Ocean Alexander Yachts, Marlow Yachts, Palmer Johnson Yachts, Catalina Direct LLC, Avon Marine Ltd., Baja Marine Inc., Farr Yacht Design Ltd., Trawler Yacht Sales, Westerly Marine Ltd., Winnipeash Bay Boats Inc., Woodard Boats Inc., Nautic Global Inc., Ferretti S.p.A.

Asia-Pacific was the largest region in the boat building and repairing market in 2023. North America was the second-largest region in the boat building and repairing market. The regions covered in the boat building and repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat building and repairing market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The main types within the boat building and repairing market are boat building and boat repairing. This market pertains to facilities primarily used for the maintenance and construction of boats. The various propulsion systems encompass motorboats and sailboats, utilized for private, commercial, and military purposes.

The boat building and repairing market research report is one of a series of new reports that provides boat building and repairing market statistics, including boat building and repairing industry global market size, regional shares, competitors with a boat building and repairing market share, detailed boat building and repairing market segments, market trends and opportunities, and any further data you may need to thrive in the boat building and repairing industry. This boat building and repairing 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.

The boatbuilding and repairing market include revenues earned by entities by constructing hulls of boats and, for sailboats, the masts, spars and rigging. 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.