The naval race if World War I never begins

How would naval shipbuilding develop if World War I never happened?

Germany would lose the numerical race, but a continuing qualitative contest among Britain, the United States, Japan, Italy, and France would drive larger and more powerful designs.

The Anglo-Japanese alliance might survive longer without the pressures created by the war. Germany's numerical challenge to Britain had effectively ended by 1912-13 because it could not match the scale of British orders. The competition would continue in quality as the United States and Britain produced four to eight capital ships a year and advanced toward 16-inch guns. Japan would try to remain in the race until financial limits intervened, while Italy continued smaller batches of innovative ships. France would contribute occasional strong designs among less successful ones, leaving a multi-power design race even after the Anglo-German numbers contest was decided.