Riding with your own boat over the waves of the sea or a lake is still the ultimate feeling of freedom for many people. It is therefore not surprising that the global boat industry continues to flourish. Last year, sales in the industry were 4.4% higher than in 2015. In the coming years, the industry will continue to grow at a similar pace, according to a study by Interconnection Consulting.
Southeast Asia is the market of hope
The total volume of the global market amounted to 14.5 billion Euros last year and is expected to rise to 15.2 billion Euros this year according to Interconnections forecast. Overall, however, market saturation appears in some regions. In Israel, the Middle East, Switzerland, Lebanon, the ports capacity has already been exhausted. By far the largest boat market is the USA, with more than one-third (35.2%) of global sales. Asia (excluding the Middle East) is the third-largest region with 10.4%. Although the market in Southeast Asia is still in its infancy, the region is predicted to have great potential: "The rapid economic development, the increase in disposable income and the growing number of dollar millionaires and low market saturation are very good prerequisites for future growth," claims Jan Hudak, author of the study.
Large and small boats
The prices for motorboats and sailing yachts vary widely throughout the world. This disparity is particularly evident in smaller boats. For large boats, the price is defined internationally, explains Hudak. Overall, the category with the largest boats (15m to 24m) is also the worlds largest, with a market share of 28.1%. This is followed by the category with the smallest boats (3m to 7.5m) with a market share of 20.2%. The advancement and new innovations in the field of mechanical engineering lead to an increasing proportion of built-in motors, which are gaining market shares in contrast to engine installations outside the country.
Catamarans are in fashion
Catamarans will constitute the biggest growth market in the future and are growing worldwide more than the global boat market. In some regions, growth rates of 20% or more are achieved with the two hulls. The growth in sales in the motorboat segment - the highest-selling product group - amounted to 4.6% last year and will continue to grow in the coming years. Sailing boats increased their sales by 3.5% in 2016.
Copyright: Interconnection, Publication free of charge for coverage regarding the study and InterConnection Consulting