DUBLIN--(BUSINESS WIRE)--The "Boat Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global boat repairing market as it emerges from the COVID-19 shut down.
The global boat repairing market is expected to grow from $6.33 billion in 2020 to $6.81 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The 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 $8.75 billion in 2025 at a CAGR of 6.5%.
Companies Mentioned
- Brunswick
- Riviera
- Holyhead Boatyard
- Ancasta International Boat Sales
- Survitec Survival Craft
- Daewoo Shipbuilding & Marine Engineering
- Hyundai Heavy Industries
- Mitsubishi Heavy Industries
- Samsung Heavy Industries
- General Dynamics
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
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The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider boat repairing market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The boat repairing market section of the report gives context. It compares the boat repairing market with other segments of the boat repairing market by size and growth, historic and forecast.
The maritime industry that includes shipping, boating, and sailing activities is one of the industries that has been majorly impacted due to the spread of COVID-19 disease. This epidemic has halted boating repair and related activities due to the shutdown of facilities. All commercial and marine recreational activity and personal pleasure boats have also been suspended to control the spread of the coronavirus. According to the Willis Towers Watson insights, over 3 billion citizens have been under lockdown resulting in a slowdown of economic activity and sinking of the global economy by -3.0%. The delay in re-establishing the supply chain networks and logistics capabilities will impact the boat building and repairing industry.
Robots are used for performing many activities in the maritime industry, from cleaning and maintenance to full-on driverless craft, to reduce the risk for humans and to increase the efficiency of the process. For instance, the Robotic Hull Bio-Inspired Underwater Grooming Tool, also called the Hull BUG, is a small robot that attaches to the underside of a vessel to clean the surface. According to the Sea Robotics estimates, 5% of fuel efficiency from regular cleanings saves about $15 billion per year in fuel costs and reduces 1 billion tons of greenhouse gas emission. Robots are expected to offer green and eco-friendly benefits.
The increasing demand for recreational boats is anticipated to boost the demand for the boat building market. Recreational boating is a popular leisure activity across the globe. Many people participate in recreational boating activities such as water skiing, fishing, and travel. According to the National Marine Manufacturers Association (NMMA), in 2018, the estimated number of boats in the USA was 15.8 million, including the boats that are not registered. The US recreational boating industry saw a seventh consecutive year of growth in 2018 with the retail unit sales of new powerboats of about 280,000 units in 2018, highest since 2007 and the sales grew by approximately 3-4% in 2019. The surge in recreational boating is likely to contribute to the demand for the boat repair market.
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