Demand for Large Boats on the Rise
The European market for leisure boats grew by 5.7% in value last year. Similar turnover increases of around 5% are also expected for 2023. Nevertheless, the positive turnover figures should not hide the fact that sales were down in all major European markets, although this also has to do with the increasing demand for larger boats, as a study by Interconnection Consulting shows.
The European boat market shows different developments in the north and south of the continent. While the market in Scandinavia, Great Britain and the Benelux countries shows major problems, the southern European market is characterised by a large charter business share, which promises more security in times of crisis than the private customer business. “It is much cheaper to rent a boat than to buy one,” says Adam Pasinski, the author of the study, explaining the advantage of the charter business in times of high price inflation. Italy, apart from being one of the most important charter destinations, benefits from a large market share in luxury yachts, which are less price-sensitive. While the markets in Scandinavia and Benelux showed sales declines of 4.4% and 5.8%, the declines in Italy and Spain were therefore comparatively moderate at 2.3% and 1.3% respectively. If the sales declines in Southern Europe are also more moderate in 2022 and 2023, the growth that is expected to set in across Europe from 2024 onwards will also be more subdued than in the northern markets. Countries such as France and Germany, which are located “in the middle” between North and South, will benefit above all from the demand for larger boats. France, for example, shows the biggest rise in turnover of 7.1%, although sales fell by 3.8%. The largest market, with a market volume of around € 740 million, is Germany, ahead of Italy with around € 610 million.
Large Boats are in Demand
Motor boats account for 73.6% of the total market. Compared to the world market, the sailboat segment also has a large market share in Europe with 20.1%. Catamarans still play a minor role, but have the greatest growth potential. Due to their better buoyancy in rough waters, as well as the permanently improved infrastructure at the docking stations for the space-filling boats, a further increase in demand is expected. The growth rate for the next few years averages 7.5% annually in this segment. In terms of boat sizes, it is apparent that large boats in particular are increasingly in demand. The growth rate of boats in the largest segment (51 to 80 Ft) is 6.8% annually in value, while the smallest segment (10 to 25 Ft) only has an average increase of 4.5%. Some of the largest boat suppliers in Europe are, in alphabetical order: Azimut, Bavaria, Beneteau Group, Benetti, Brunswick, Feadship, Ferretti Group, Hanse Yachts, Lürssen, Oceanco, Sanlorenzo.
Link to the report
26/04/2023
Copyright: Interconnection, Publication free of charge for coverage regarding the study and InterConnection Consulting.
