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LA INDUSTRIA
NAUTICA EN 2018
Datos economicos
y tendencias
Palma, 8 Marzo 2018
Stefano Pagani Isnardi
UCINA
Estudios y estadísticas
1.
BOATING INDUSTRY
FACTS AND FIGURES
3
In some geographical areas boating is an immensely popular
activity:
▪ 150 million boaters in the US and Canada
▪ 36 million boaters in Europe
▪ 5 million boaters in Australia
▪ Global fleet of 30 million boats (90% < 8m)
▪ 25000 marinas
Effects in industry
▪ 100 000 direct companies (primarily SMEs)
▪ 1 million direct employees
▪ More than 45 billion euro in manufacturing turnover
BOATING IS AFFORDABLE FOR A MAJORITY OF MIDDLE INCOME EARNERS
The glamourous luxury segment only represents 2% of the industry in volume terms
THE RECREATIONAL BOATING WORLD
The basic figures
THE MARINE INDUSTRY IN THE MATURE MARKETS
A long and complex supply chain
BOATBUILDING + REFITBOATING TOURISM + SERVICES
MAINTENANCE + REPAIRMARINE EQUIPMENT
THE MARINE INDUSTRY IN THE MATURE MARKETS
A long and complex supply chain
Extensive indirect economic contributions from highly varied
supply chain and array of services related to recreational boating
2 examples from 2 different studies:
ITALY: For every 1 job in the core
boating manufacturing, further 7,4 jobs
are supported in the wider boating economy.
UK: The total economic contribution of boating tourism in terms of
Gross Value Added (GVA) is 14 times larger than the core boating
tourism industry.
2.
THE GLOBAL
BOATING INDUSTRY
MARKET
THE GLOBAL BOATING INDUSTRY MARKET
Key figures
▪ 100 000 direct companies (primarily SMEs)
▪ 1 million direct employees
▪ More than 45 billion euro in manufacturing turnover (>20 for new boats)
▪ 3 leisure marine manufacturing segments + boating tourism sector
YARDS + EQUIPMENT + ENGINES MARINAS + SERVICES
TRADITIONAL BOATING MARKETS
NORTH
AMERICA +
CARIBBEAN
EUROPE
AUS +
NZ
JAPAN
TRADITIONAL AND DEVELOPING BOATING MARKETS
RUSSIA
GULF
BRASIL
SOUTH
AFRICA
NORTH
AMERICA +
CARIBBEAN
EUROPE
AUS +
NZ
JAPAN
TRADITIONAL, DEVELOPING AND EMERGING BOATING MARKETS
RUSSIA
GULF
BRASIL
SOUTH
AFRICA
CHINA
SOUTH
AMERICA
INDIA +
SRI LANKA
SOUTHEAST
ASIA
SOUTH KOREA
NORTH
AMERICA +
CARIBBEAN
EUROPE
AUS +
NZ
JAPAN
TAIWAN
COMPANIES CONCENTRATIONMIN MAX
THE BOATING INDUSTRY
Yards localization in the two main manufacturing areas
source: Orbis database, 30.12 codeYear 2015 (or 2014 if n/a)
COMPANIES CONCENTRATIONMIN MAX
source: Orbis database, 30.12 codeYear 2015 (or 2014 if n/a)
THE BOATING INDUSTRY
Yards localization in the two main manufacturing areas:
Focus on EUROPE
THE BOATING INDUSTRY
Geographical localization of the boatbuilding companies by turnover
source: Orbis database, 30.12 codeYear 2015 (or 2014 if n/a)
THE BOATING INDUSTRY
Global turnover trends in boat production (bn€)
15
2325
1720 ~
1999 2006 2008 2014 2016
large
drop slow
recovery
15
INBOARD OUTBOARD SAILBOATS RIBs TOTAL
RoW
China
France
Germany
Netherlands
UK
Italy
US
source: Deloitte
2014 GLOBAL PRODUCTION SHARE
Boat manufacturing
3.
EXPORTS IN THE
BOATING INDUSTRY
MARKET
0
500
1.000
1.500
2.000
2.500
3.000
M$
Italy The Netherlands Germany UK USA
BOATING INDUSTRY EXPORT
Global export trends in boat production (M$)
source: ITC and UN-ComtradeHS 2012 classification, 890392 code
I
NL
D
UK
US
Rank Country Inflatables Sailboats Inboard Outboard TOTAL
1 Italy 54,8 41,7 1.793,7 35,9 1.926,1
2 The Netherlands 5,0 252,7 1.571,4 15,2 1.844,2
3 Germany 5,0 154,4 1.234,4 16,0 1.409,8
4 US 13,2 41,6 610,4 656,0 1.321,3
5 France 25,6 594,5 488,1 27,4 1.135,7
6 UK 19,0 90,0 871,5 12,1 992,7
7 Mexico 3,8 0,0 509,3 31,0 544,1
8 Poland 4,7 14,0 53,0 301,1 372,9
9 China 123,3 10,8 31,0 136,0 301,1
10 Finland 0,01 88,4 103,7 71,8 263,9
BOATING INDUSTRY EXPORT
2016 global export in boat production (M$)
source: ITC and UN-ComtradeHS 2012 classification, 8903 codes
4.
A GLANCE AT
SUPERYACHTS,
AN EXCELLENCE
OF THE
BOATING INDUSTRY
1900
3400
5200
5900
1997 2007 2017 2022
source: The Superyacht Group
THE GLOBAL SUPERYACHT FLEET (>30m)
Growth trends
constant
growth
THE GLOBAL SUPERYACHT ORDER BOOK (>24m)
Top building yards, 2018
source: Boat International▪ 773 SY on order in 2018
▪ Top 5 building countries: Italy (353), Turkey (75), Netherlands (65), Taiwan (61), UK (55)
▪ Top 3 builders are Italian
5.
BOATING INDUSTRY
MARKET TRENDS
THE BOATING INDUSTRY
Trends in the global market
▪ After a constant growth, the 2008 global crisis suddenly hit the sector
▪ Many manufacturing countries registered turnover drops over 60%
and 50% decline in new boat registrations
▪ Recovery in the US market since 2011 and in Europe since 2015
▪ The positive signals from the operators and from the boat shows
show a structural improvement in all the traditional markets
WILL IT
LAST?
MARKET TRENDS IN THE GLOBAL MARKET
2016-2017 key figures – Italy
2016
▪ Total turnover: +18,6%
▪ Internal market: +21,8%
▪ Direct employees: +1,9%
2017
▪ Expected a 2 digit growth
2018
▪ Survey December 2017
on UCINA members
Source: UCINA
MARKET TRENDS IN THE GLOBAL MARKET
2016-2017 key figures – Europe
▪ France: +8,2% in registrations (2016/17);
sailing boats -4% in last quarter of 2017
▪ Croatia: Positive trends for 2017 (+5-6%)
as in 2016; very popular destination for charter;
new taxation on boats could have a strong impact
▪ Germany: 4,2% increase; services sector very dynamic
▪ The Netherlands: small growth (+1-2%) in most segments
▪ Poland: production is continuously increasing, with the issue of lack of
capacity and skilled workers; internal market still small
▪ Finland: Small reduction in registrations (-1%) in 2017, especially for
motorboats (-4%) and sailing boats (-56%); PWC imports +30%; exports +4%.
▪ UK: Brexit caused uncertainty in the market but industry revenues increased
by +3,4% in 2017 (£3.12bn); 6th consecutive year of growth; weak pound:
exports +4,7% (£924M)
France registrations
Source: EBI + ICOMIA
MARKET TRENDS IN THE GLOBAL MARKET
2016-2017 key figures – Overseas
▪ United States:
• Consumer confidence
stronger than in 2008
• 142 million boaters; 15,8 million boats in use
• 95% of boats sold in the US are made in the US
• annual spending for boating in the US: 86 billion $
(36bn$ just for boats, engines, accessories and their related costs)
• Boatbuilding growth in 2017: +7% and expected to continue in 2018
• 24% exports to Europe
▪ Canada: great market improvement following recession; 2016/2017 very flat,
with no particular sign of growth for the current year; PWCs +10%
▪ Australia: buoyant domestic market; exports +8%, especially towards US;
significant charter growth; interest in Asian markets has dropped
Source: NMMA, ICOMIA
US: TRADITIONAL POWERBOAT RETAIL SALES
source: ICOMIAInternational Council Of Marine Industries Associations
AVERAGES 2-3 YEAR INDUSTRY OUTLOOK: 2013-2017
▪ ICOMIA’s annual mid-2017 survey of MIAs, representing 24
countries
▪ Progression in industry sentiment from 2013 to 2017
▪ The most recent responses show the highest average
assessment (+1.04) received from MIAs in 5 years
source: ICOMIAInternational Council Of Marine Industries Associations
MARKET TENDENCIES 1ST SEMESTER 2018
World
source: ICOMIAInternational Council Of Marine Industries Associations
MARKET TENDENCIES 1ST SEMESTER 2018
Europe
6.
MARKET
ORIENTATION
THE BOATING INDUSTRY
Future trends in the global market
I global economic
and political situation
II consumer and business
confidence
III boaters/owners demography
IV boat ownership patterns
V design trends demand
KEY FACTORS
I. GLOBAL ECONOMIC AND POLITICAL SITUATION
North America:
▪ US acts as a boost to the global marine industry, representing half of the global market
▪ US economy improvement since 2011 + strong $ since 2015
beneficial effects, lifting sales for US and int’l manufacturers
▪ New US policies in trade and tariffs could have effects in the global market
Europe:
▪ Slower improvements of the economy in the majority of EU countries
▪ Heavy recession effects in sales, leading to production overcapacity and multiple
acquisitions and mergers to realign industry to lower demand
▪ Recovery of domestic sales in strategic markets
▪ Return to profitability for companies
▪ Brexit uncertainties
RoW:
▪ Disappointing economic fundamentals and political
instability in countries with emerging markets:
boating sales generally stalled
▪ Decline in Russia, Brasil, China
▪ Good potential for Colombia, Panama, Singapore
II. CONSUMER AND BUSINESS CONFIDENCE
Consumer confidence as a barometer of boat markets health
▪ Consumer index booming in the US, increasing in the majority of Asia/Pacific,
slowly recovering in Europe, decreasing in South America
▪ However consumer and businesses are getting more immune to
the world’s unpredictable environment
▪ Positive industry sentiment in a 2-3 years horizon:
only 11.5% of MIAs express a negative outlook
▪ Very good results for the bigger boat manufacturers’ groups
in the 2 last financial years
▪ Other key factors out of the boating industry’s control:
• Tariffs
• Taxation of boats as “luxury goods”
• New restrictive legislation (boat use or environment)
III. BOATERS AND OWNERS DEMOGRAPHY
A new potential demand for the boating sector
4.8+2%
4.2+5%
5.1+9%
0.5
0.2
0.9
source: Capgemini(HNWI have investable assets of US$1 million or more)
Geographical
localization
of HNWIs (millions, 2015)
GLOBAL
15,4+4.9%
▪ World HNWI population 15.4 million
▪ Annual HNWI global growth rate +4.9% target for bigger yachts
▪ Higher growth in Asia-Pacific
III. BOATERS AND OWNERS DEMOGRAPHY
Ageing in traditional markets
If new markets can bring new buyers to the industry,
traditional markets as Europe, are facing
the ageing of customers and the demographic loss
DEMOGRAPHIC CHALLENGE
Many Marine Industry Associations (MIAs) are responding with specific
“grow boating” campaigns aimed at bringing newcomers into boating.
source: BVWW
GERMANY 2015
IV. BOAT OWNERSHIP PATTERNS
New models for boating
Habits of newcomers to boating:
▪ interested in sailing (growing boat licenses)
BUT
▪ spending less time on the water
▪ preference towards renting than owning
Flexible concepts of boat use:
▪ chartering
▪ boat sharing
▪ peer to peer boat rental
MATURE BOATING MARKETS → SHIFT IN BOAT OWNERSHIP PATTERNS
new challenges and opportunities
IV. BOAT OWNERSHIP PATTERNS
Sharing economy models
PAYING FOR USE, NOT FOR PROPERTY
Fast-growing number of
companies in the boating sector
How can the industry
face the changes?
A new counterpart
in the sale contract?
Will manufacturers
manage fleets?
V. DESIGN TRENDS DEMAND
Basic boat design features
SHAPE and ASPECT
▪ exteriors
▪ deck and interior layout
▪ customization level
PERFORMANCE
▪ hull type
▪ propulsion
▪ life-cycle
REGULATORY REQUIREMENTS are increasingly difficult to meet and
impact on all the design features of a boat:
▪ technical standards (e.g. ISO or ABYC) and certification systems
▪ environmental regulations (e.g. RCD, IMO)
▪ safety issues (e.g. stability, fire protection)
▪ equipment compliance
V. DESIGN TRENDS DEMAND
Shape and aspect
DECK and INTERIOR LAYOUT
▪ More limitations for charter boats due to
social issues (ILO crew accommodation parameters)
▪ Bigger engine rooms needed (SCR systems for SY)
▪ New exigencies from new markets (e.g. karaoke rooms)
▪ Increasing importance of the fly deck
▪ Redefining spaces: kitchen areas
▪ Wider glazing
CUSTOMIZATION LEVEL
▪ Interior furniture and materials
▪ Entertainment systems, domotics and IT
▪ Larger stern cockpit and beach platforms
▪ Tender & toy garages for SY
V. DESIGN TRENDS DEMAND
Performance
HULL TYPE
▪ Growing interest in long-range boats
▪ R&D on efficiency to reduce fuel consumption
▪ Growing market for catamarans
▪ Higher performances of sailboats
PROPULSION
▪ New strict emission levels (RCD, EPA, NOx)
▪ Pod engines / joysticks
▪ Hybrid inboard engines
▪ Electric outboard engines
LIFE-CYCLE
Higher expectation of service levels in every step:
▪ Smart manufacturing and IoT (Internet of Things)
▪ Continuous post-delivery assistance
▪ End-of-life managing (repair, refit, scrapping)
Gracias!