LA INDUSTRIA NAUTICA EN 2018 Datos economicos y tendencias · 3 In some geographical areas boating...

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



Yards localization in the two main manufacturing areas:

Focus on EUROPE


Geographical localization of the boatbuilding companies by turnover



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


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


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


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


MARKET TENDENCIES 1ST SEMESTER 2018

World


MARKET TENDENCIES 1ST SEMESTER 2018

Europe

6.

MARKET

ORIENTATION


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


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


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!

[email protected]

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