Recreational boating market to garner $35.4 billion by 2027 - photo © Allied Market Research
Dear Recipient Name
While we accept another four weeks of lockdown in Sydney, the future of our industry looks to be in good hands. Surge in inclination toward recreational water sport activities and rise in water-based tourism fuel the global recreational boating market growth.
Europe accounted for the highest market share in 2019, and is projected to maintain its lead by 2027. Boat and engine production firms stopped the production activities during the initial two quarters of 2020, due to supply chain disruptions, raw materials shortage, and scarcity of workforce.
According to the report published by Allied Market Research, the global recreational boating market generated $29.0 billion in 2019, and is expected to garner $35.4 billion by 2027, witnessing a CAGR of 5.1% from 2020 to 2027. The report provides an extensive analysis of changing market trends, major segments, key investment pockets, value chain, regional scenario, and competitive landscape. Increase in interest toward recreational water sport activities and surge in water-based tourism drive the growth of the global recreational boating market.
However, high initial costs of ownership and environmental concerns related to recreational boats hinder the market growth. On the other hand, technological advancements in boats and boat engines create new opportunities in the coming years.
Meanwhile new boat arrivals dominate our news this week. The new J/45 offshore cruiser offers freedom, comfort, and performance without compromise. It offers both unparalleled comfort (modern and bright interior, high-end upholstery and finishes) and large interior volumes (very large storage capacities and enormous volume in the living spaces). Remarkably, that comfort and space is achieved while reducing the wetted surface and being the lowest weight in its class! The new J/45 offshore cruiser has already exceeded all of expectations, double-digit speeds downwind and easy-to-reach wind speed in light winds! The J/45 will be present at the Cannes Yachting Festival from the 7th to the 12th of September.
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This July, Beneteau celebrated the arrivals of three yachts over 50 feet in Hong Kong, namely Lagoon's Sixty 7 motor yacht, Beneteau's Oceanis Yacht 54 and Beneteau's First Yacht 53 sailing yachts. The Sixty 7 was publicly presented at Aberdeen Marina Club (AMC) for her Asian-Pacific premiere on July 9th. Over 150 guests, friends and partners attended the premiere at AMC, one of the most well-equipped clubs in Hong Kong.
The owner chose the galley down configuration for this Sixty 7. The saloon in the main deck boasts more than 30m2 with two living areas: dining and relaxation. The lateral galley can be enjoyed for breakfast or as a comfortable space to relax. The guests were impressed by the spacious bow area and cockpit, the relaxing saloon where they could chill and social, as well as the flybridge with a grand view.
Also, in Hong Kong on July 14th, Beneteau's Oceanis Yacht 54 and First Yacht 53 had their Hong Kong premiere at Royal Hong Kong Yacht Club, one of the most prestigious sailing clubs in Hong Kong. Over 100 guests joined the premiere. They sipped the afternoon chill drinks specially prepared for the event, onboard visiting the two models and sharing their Beneteau owner stories.
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McConaghy are delighted to confirm that build has now commenced on the shipyard's first MC82p, with this model already sold to an experienced owner. Designed to offer contemporary on-water living with an apartment-like style, the MC82p is an appealing all-rounder: a confident long-range cruiser, family yacht and coastal weekender, as well as offering a desirable platform for commercial charter. The MC82p is the second McConaghy Multihull to benefit from an interior design by the Italian studio m2atelier, a partnership that began with the MC75 announced earlier this year, and naval architecture comes from Ker Design.
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People in the news includes Vetus who have announced the appointment of a dedicated Product Sales Manager for its new inflatable equipment brand, YellowV. Five-year Vetus Product Marketeer Nick Tuinenburg has been promoted to the newly created role with the objective of doubling the YellowV product line-up and turnover for 2022. With the watersport market continuing to expand, complete marine system supplier Vetus is targeting significant growth for the brand by channelling more focus and resources into product development, raising awareness and increasing sales.
YellowV offers an innovative range of inflatable products, including SUPs, inflatable platforms and boats for flat and white water, plus associated accessories. Launched in 2020, the brand's mission is to make watersport accessible for everyone, helping people get out onto the water and fit using smart, high-quality equipment.
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And from New Zealand, Hella Marine, the market leader in high-performance LED vessel and shore-side lighting solutions, has promoted Ramon Surrey to the role of sales manager, Asia-Pacific and the Middle East. Jeremy Singleton, head of Hella sales and marketing, made the announcement. For the past five years, Surrey held the position of product manager at Hella Marine, based out of the corporate headquarters in Auckland, New Zealand. His technical lighting knowledge, design and manufacturing experience made him ideally suited to step into a sales role. Surrey will focus on training and assisting OEMs, distributors and dealers with Hella Marine's lighting systems and capabilities.
While the next four weeks will be a test for NSW residents, we all look forward to the better times ahead when we can all going boating unfettered by restrictions. In the meantime, stay safe and well.
Peter Rendle - peter.rendle@marinebusinessworld.com
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