Prior to the recession, operators benefited from sustained world economic growth. When the world economy soured, new ship orders collapsed. Boatbuilders' heavy reliance on Western markets has since translated into weak revenue growth. As the global economy has begun to recover, increased international trade volumes have boosted demand for new ships and slightly aided industry revenue. While shipbuilders' profit margins are healthy overall, boatbuilders have experienced worse conditions over the past five years due to the discretionary nature of their products. In the short term, industry competition is expected to increase as ship building capacity exceeds demand worldwide. To protect profit, some shipbuilders will specialize in high-value and high-technology ships.
Companies in this industry operate shipyards or boatyards. Shipyards are fixed facilities with dry docks and fabrication equipment capable of building ships, including barges, cargo ships, container ships, ferryboats, fishing boats, passenger ships, patrol boats and sailing ships. While ships are intended primarily for commercial use, boats are defined as watercraft typically suitable or intended for personal use and include cabin cruisers, dinghies, motorboats and rowboats.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.