The European marine industry is growing
The French Nautical Industries Federation (FIN) presented, a few days before the Cannes Yachting Festival, the statistics of the french yachting sector , announcing sales of 5.09 billion, up +5% in 2018. The positive trend is confirmed in the rest of the European Union. UCINA, the Italian trade association, welcomed at the opening of the Genoa boat show a double-digit growth of 10.3% to reach 4.27 billion euros. British Marine, the British association, took advantage of the opening of the Southampton show to announce a cumulative turnover of 777 million pounds (875 million euros), up 21.3%.
Different types of boats in different countries
On the UK side, growth was mainly driven by increased exports of inboard cruising powerboats (+11.4%) and RIBs (+5.5%). More than 65% of new boats built in the UK in 2018 were for export. Equipment represents a small share in the sector.
Italy remains the leader in the 24+ meter yacht sector, with 379 superyachts on order or under construction in 2018, for an average length of 37 meters. The number of units is 3 times higher than its runner-up in the niche, the UK. A specialist in inboard motorboats, Italy ranks far behind for outboard units, with 1.8% of the global market share, while with 3.7% of that of sailboats, it takes 6th place in exports behind France at 34.2%. Equipment accounts for 1.2 billion euros in cumulative sales and marine engines for 358 million euros.
Figures to be qualified
While optimism is the order of the day in these three European countries, some concerns remain. UCINA, FIN and a fortiori British Marine, have all underlined the risks linked to the Brexit for their industry. Boater confidence in the UK domestic market is down and could impact the boating industry. The domestic market there is stagnant. The increase in boat sizes and the export share of European shipyards also makes them more sensitive to ongoing international trade wars.
