Boat repairing refers to services provided by specialized companies that focus on the maintenance, repair and refurbishment of boats of various types. This market caters to a diverse range of clients, including individual boat owners, commercial enterprises and military organizations. Boat repairs are necessary to ensure the safety, functionality and longevity of vessels, addressing issues such as damage from collisions, fire, submergence, groundings and transport.
The boat repairing market consists of sales by entities (organizations, sole traders and partnerships) of boat repairing services that include hull repairs, engine maintenance, electrical system checks and cosmetic refurbishments. These services are essential for maintaining the operational efficiency of boats, whether they are used for recreational purposes, commercial activities or military operations. Boats typically need repairs after accidents, due to wear and tear, or when preparing for new voyages. Complementary services include regular maintenance checks, cleaning and upgrades.
The global boat repairing market was valued at $4,704.21 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Expansion Of Global Maritime Fleet
The increasing expansion of the global maritime fleet contributed to the growth of the boat repairing market in the historic period . As the maritime fleet grows, more boats and vessels are in operation, leading to greater wear and tear, which necessitates routine maintenance, repairs and refurbishments, to ensure safety and performance. This growing demand for boat repair and maintenance services is driven by the need to extend the operational lifespan of vessels, meet regulatory standards and enhance the overall efficiency and safety of the maritime fleet. For instance, in October 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, in January 2022, the global fleet achieved a total carrying capacity of 2.2 billion deadweight tons (dwt), marking an increase of 63 million dwt, compared to 2021. Therefore, the increasing expansion of the global maritime fleet drove the growth of the boat repairing market.
Innovative App-Based Platform Revolutionizes Boat Repair Services
Companies operating in the boat repairing market are developing innovative platforms for boat repairing services. The platform aims to streamline the scheduling and execution of boat repairs, minimizing time and effort for boat owners. For instance, in March 2024, Boat Planet, a US-based boat repair start-up, relaunched its app-based boat service platform with a revised business model and new funding. The updated model is designed to enhance efficiency and streamline services for boat owners. Boat Planet's platform enables users to seamlessly connect with certified service providers and access a variety of boat repair and maintenance services directly through the app.
The global boat repairing market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 21.54% of the total market in 2023.
Boat Repairing Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the 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.
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Where is the largest and fastest-growing market for boat repairing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The boat repairing market global report from The Business Research Company answers all these questions and many more.
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 history and forecasts market growth by geography. It places the market within the context of the wider boat repairing market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by propulsion and by services.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the boat repairing market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by propulsion and by services in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for boat repairing providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Recreational Boats; Commercial Boats; Military Boats; Other Types
- 2) By Propulsion: Motorized Boat; Non-Motorized Boat
- 3) By Services: Collision Damage; Fire Damage; Submergence Groundings; Transport Damage
- Companies Mentioned: MarineMax Inc.; General Dynamics Corporation; West Marine Products Inc.; Groupe Beneteau S.A.; Malibu Boats Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; boat repairing indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.