Marine Vessel Market Size, Share, Growth Analysis, By Type(Commercial (Bulk Carrier, Container Ship, Tanker, Auto Carriers), By System(Marine engines, Sensor systems, Control systems, Electrical systems), By End-User(OEM, Aftermarket), By Region - Industry Forecast 2024-2031

The global marine vessels market in North America was worth USD 8.80 billion in 2020. Because of the rise in shipbuilding in the United States, which is attributed to OEMs located there, the region dominates the shipbuilding industry globally. The market in the area is predicted to be driven by this aspect.

In 2020, Asia-Pacific had the highest global marine vessels market share, and it is predicted that it would maintain its leadership during the projection period. Key shipbuilding firms in nations like South Korea and Japan, such as Hyundai Heavy Industries Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co., and Imabari Shipbuilding Co. Ltd., are responsible for the expansion of the market in this area. China, Japan, and the ROK have maintained their dominance in the shipbuilding industry, representing 92.5% of new vessel deliveries in 2019.

The second-largest market for marine boats is thought to be in Europe. The major shipbuilder in the western area is Fincantieri S.P.A. The European shipbuilding sector maintains its position as a pioneer in innovation and a provider of technology as well as cleaner and safer ships. The European Union (EU) shipping industry provides USD 165 billion to the yearly GDP development of the EU with its diversified fleet of commercial boats.