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Boat Restoration Market Report 2030

The global boat restoration market is expected to grow at a CAGR of 11.5% during the forecast period of 2022 to 2030. The total deadweight tonnage (DWT) capacity of the world’s commercial marine fleet increased by 81 million between January 2019 and January 2020. The size of the worldwide marine fleet was 1.3 million units in 2010, and reached about 2 million units at the end of 2020, representing a growth of 53%. Therefore, growing numbers of ships and their capacities are driving growth in the global market for ship repair and maintenance services. Due to the rise in the manufacturing industry in a number of countries, there has been an increase in the amount of goods that are exported, which has led to an increased need for new ships. In order to cut costs, this can be created by changing or modifying an existing ship that is now inoperable. As a consequence, this leads to a growth in the market for ship repair and maintenance services as a result of an increase in the use of ships. The continuous development of infrastructure and seaborne trades for export or for security purpose use for ships assist the growth of the ship repair and maintenance service market. These developments allow for the restoration of existing ships and the transformation of old ships into new ships. As a result, the market is expected to grow at a healthy CAGR during the forecast period.

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The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the market for ship and boat building and repairing in 2020. This is due to the fact that supply chains have been disrupted as a result of trade restrictions, and consumption has decreased as a result of lockdowns imposed by governments all over the world. COVID-19 is an infectious disease that can cause symptoms similar to those of the flu, such as a high temperature, a cough, and difficulty breathing. In 2019, the virus was discovered for the first time in Wuhan, which is located in the Hubei region of the People’s Republic of China. Since then, it has spread throughout the world, particularly in Western Europe, North America, and Asia. The availability of parts and components from various nations throughout the world is an extremely important factor for companies that make transportation equipment. Manufacturers were forced to suspend production because they lacked the necessary parts and components due to the increased number of governments that limited the transfer of commodities between countries. Additionally, as a result of a fall in consumer demand brought on by numerous countries’ implementation of lockdowns, sales of brand-new autos experienced a large decline. Throughout the entirety of 2020 and into 2021, the outbreak continued to be detrimental to businesses. Despite this, it is anticipated that the ship and boat building and repairing market will recover from the shock over the course of the forecast period.

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Ship repair and maintenance services companies are now employing ecologically sustainable process in order to comply with domestic and international standards and laws. This reduces the possible damage that these operations have to the environment. The market for ship repair and maintenance services is undergoing a substantial transformation as a direct result of the Internet of Things (IoT). Ship owners now have the ability to connect onboard sensors to the shore with the assistance of the internet of things (IoT), which enables improved ship and fleet management. This has resulted in data analytics, which in turn makes it possible to optimise the maintenance of boats, the planning of routes, and the management of cargo.

In 2021, it is anticipated that bulk carriers will hold more than 30% of the market share for vessels categorised as bulk transport. Ships specialised in carrying unpackaged bulk cargo, such as coal, grains, ore, and cement, are known as bulk carrier ships. The demand for bulk carriers is particularly high in developing countries like India, Brazil, Mexico, and the countries of the ASEAN. Electrical and instrumentation repairs, including electrical motors, generators, and electrical equipment maintenance and repair, are estimated to be major forms of repairs. This is based on the fact that these types of repairs are common. According to the findings of the study, it is estimated that the hull part segment would hold a leading share in the global market. This segment accounted for roughly 29% of total sales in 2021. Because the hull is such an essential component of the ship’s overall body structure, it must be inspected and maintained on a regular basis to ensure that the vessel functions properly and remains safe.

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In 2021, the Asia-Pacific region held the greatest share of the global market for boat repairs. Within the international market for boat repairs, North America was the second-largest region overall. China will continue to be one of the primary markets over the course of the forecast period. The vast majority of shipbuilding activities that took place in China in 2019 amounted for more than 50% of the entire number of ships constructed everywhere else in the world. It is anticipated that India will achieve a compound annual growth rate (CAGR) of more than 10 % during the forecast period.  The expansion of the tourism industry and rising seaborne trade activities are the primary contributors to India’s economic development and growth. Leading manufacturers and service providers are keeping an eye on the India market for a number of reasons, including the availability of inexpensive labour and raw materials as well as favourable regulations from the Indian government. Another aspect that is helping the market grow is the prominent development that has been taking place in shipbuilding activities across Europe. The primary reason for this is the significant changes and improvements that have taken place in regions such as Croatia, the Nordics, and the Netherlands. Throughout the duration of the forecast, it is anticipated that this will continue to drive the market ahead.

In order to provide ship repair services in a timely manner, businesses that operate in the ship repair services market are working toward the goal of implementing technical advances and enhancing their overall methods. In order to broaden their sphere of influence and establish a stronger presence on a global scale, key companies are engaging in strategic alliances, mergers, acquisitions, and collaborations. Key companies operating in this market segment include 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, and others.

Key Market Trends:

  • The global boat restoration market is expected to grow at a CAGR of 11.5% during the forecast period of 2022 to 2030.
  • In 2021, it is anticipated that bulk carriers will hold more than 30% of the market share for vessels categorized as bulk transport.
  • Hull segment accounted for roughly 29% of total sales in 2021.
  • In 2021, the Asia-Pacific region held the greatest share of the global market for boat repairs. Within the international market for boat repairs
  • North America was the second-largest region overall. China will continue to be one of the primary markets over the course of the forecast period.
  • It is anticipated that India will achieve a compound annual growth rate (CAGR) of more than 10 % during the forecast period. 
  • Key companies operating in this market segment include Brunswick, Riviera, Holyhead Boatyard, Ancasta International Boat Sales, Survitec Survival Craft, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, and General Dynamics and others.

Boat Restoration Market is segmented into:

ATTRIBUTEDETAILS
Research Period2020-2030
Base Year2021
Forecast Period2022-2030
Historical Year 2020
Unit USD Million
SegmentationBy Vessel Type (2020-2030; US$ Mn)
By Application (2020-2030; US$ Mn)
By Component (2020-2030; US$ Mn)
By End User (2020-2030; US$ Mn)
Region Segment (2020-2030; US$ Mn)
Covid-19 Impact (2020-2021; US$ Mn)

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