$34.76 billion in 2020 to $37.14 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The boat industry 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 $48.36 billion in 2025 at a CAGR of 6.8%. The marine market size is however expected to still be impacted by the COVID-19 situation and its economic implications. With the majority of countries under government-imposed lockdowns, there has been a severe decrease in boating across the globe as boatyards have been forced to shut down. Operations of boat building companies and related industries, including terminals and ports, have been affected due to personnel having been advised to refrain from traveling or reporting to work. Thus, this negatively impacts the labour-intensive boat building and repairing market.