Boat Repairing Global Market Report 2024

The boat repairing market size has grown strongly in recent years. It will grow from $6.1 billion in 2023 to $6.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historic period can be attributed to factors such as consumer preferences and expectations, the influence of the insurance industry, the availability of skilled labor, environmental considerations, and the evolution of boat design.

The boat repairing market size is expected to see strong growth in the next few years. It will grow to $9.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for specialized services, a growing emphasis on environmental sustainability, innovations in materials, the expansion of the boating industry, and the impact of the insurance industry. Major trends expected in the forecast period encompass the provision of specialized repair services, the use of advanced materials, the integration of digital tools, the adoption of eco-friendly repair methods, and the implementation of remote monitoring and diagnostics.

The boat-building market is expected to witness increased demand, driven by the rising popularity of recreational boating activities globally. Leisure pursuits such as water skiing, fishing, and travel contribute to the growing demand for recreational boats. The National Marine Manufacturers Association (NMMA) reported that the annual U.S. sales of boats, marine products, and services reached $56.7 billion in 2021, reflecting a 12.7% increase from the previous year. This surge in recreational boating activities is poised to positively impact the boat-building market.

The boat repairing market is anticipated to experience growth propelled by the expanding global maritime fleet. The global maritime fleet encompasses various ships and vessels, including cargo ships, container vessels, oil tankers, and naval ships. The continuous growth of the maritime fleet results in increased operational demands, leading to wear and tear that necessitates regular maintenance and repairs. The need for boat repair and maintenance services arises to extend vessel lifespan, adhere to regulatory standards, and enhance overall efficiency and safety. In January 2022, the global fleet achieved a total carrying capacity of 2.2 billion deadweight tons (dwt), marking a 63 million dwt increase from the previous year, according to the United Nations Conference on Trade and Development. Hence, the expanding global maritime fleet is a significant driver for the boat repairing market.

The COVID-19 pandemic has significantly impacted the maritime industry, leading to disruptions in boat repair and related activities due to facility shutdowns. Commercial and marine recreational activities, including personal pleasure boats, have been suspended to curb the virus's spread. This has caused a slowdown in economic activity and affected the global economy, leading to challenges in re-establishing supply chain networks and logistics capabilities for the boat building and repairing industry.

Robots play a vital role in various activities, ranging from cleaning and maintenance to fully autonomous crafts, reducing human risk and enhancing process efficiency. For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also known as the Hull BUG, is a small robot designed to clean the underside of vessels. Robotics is becoming a key trend in the maritime sector, providing green and eco-friendly benefits by improving fuel efficiency and reducing greenhouse gas emissions.

Major companies in the boat repairing market are focusing on developing innovative diagnostic solutions. Remote diagnostics for boats involve the use of technology and digital tools to assess, monitor, and diagnose a boat's condition and performance remotely. Watershed Innovations, LLC, a subsidiary of Correct Craft, introduced the Osmosis telematics platform in September 2022. Osmosis connects stakeholders in the recreational marine industry, offering boat owners personalized information and enabling remote diagnostics for streamlined service. For OEMs, Osmosis provides valuable insights from the field, facilitating product improvements, over-the-air updates, and system calibrations.

Major companies operating in the boat repairing market report are Hanwha Group, HD Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Yamaha Motor Corporation, Brunswick Corporation, Samsung Heavy Industries Co. Ltd., Groupe Beneteau S.A., Malibu Boats Inc., Ferretti S.p.A., MasterCraft Boat Company Inc., West Marine Products Inc., Survitec Group Limited, MarineMax Inc., Princess Yachts International Limited, Sunseeker International Limited, The Boston Whaler Group Inc., Gulf Craft, Riviera Australia Pty. Ltd., Viking Yacht Company, Hinckley Yachts LLC, Hatteras Yachts Inc., Grady-White Boats Inc., Ancasta International Boat Sales Ltd., Regal Marine Industries Inc., Bertram Yacht, Holyhead Boatyard Ltd., Bayliner Marine Corporation, Azimut Benetti S.p.A., Sabre Yachts, Oy Nautor AB, Outer Reef Yachts Pty. Ltd., La Compagnie Du Catamaran SAS, Pursuit Boats LLC.

Asia-Pacific was the largest region in the boat repairing market in 2023. North America was the second-largest region in the global boat repairing market share. The regions covered in the boat repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boat repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types within the boat repairing market include recreational boats, commercial boats, military boats, and other types. Recreational boats are designed for leisure purposes. Various propulsion systems, such as motorboats and sailboats, are involved. The services offered encompass addressing issues such as collision damage, fire damage, submergence, groundings, and transport damage.

The boat repairing market research report is one of a series of new reports that provides boat repairing market statistics, including global market size, regional shares, competitors with a boat repairing market share, detailed boat repairing market segments, market trends and opportunities, and any further data you may need to thrive in the boat repairing industry. This boat repair 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 boat repairing market include revenues earned by entities by repairing sport fishing boats, motorboats, sailboats, pontoon boats, bay boats, runabouts, and watersport boats. 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.