A Sea of competition Competition in the maritime sector can only and will increase; large financial investment in the Asia Pacific market is adding more and more logistics companies, specifically warehouses and ports, to an already saturated industry.
The constant improvements of supply chain technology will also fuel competition by improving the processes of ports that invest in logistics software. With more companies operating at high levels of efficiency, the reach, expansion and competitiveness of smaller businesses is set to increase.
Lastly, the rise in demand to match global population increases and the popularity of e-commerce will add to the workload of ports and container movements; several smaller businesses will no doubt emerge in a bid to capitalise on an industry that is constantly progressing.
Digitisation Automation within the logistics industry will render paper-based operations obsolete in the coming period. All forms of multi-modal delivery chains will be more efficient and cost effective in the long term, thanks to the constant evolution and popularity of Supply Chain Management systems.
The global maritime sector will be able to rely on digital documentation, making shipping transactions more seamless by removing convoluted processes such as training and certification, international operations, quality control, container management, remote surveying and port warehouses.
Toys, such as jet skis, water skis, and canoes, are becoming a primary rather than a secondary part of the voyage. Support vessels often carry additional toys, as well as tenders to cater for this need. In addition, cinema rooms are becoming increasingly popular, and content is expected to be of the highest quality with regard to picture, sound, and speed. Online film libraries and the latest movies now can be bought directly from the studios and are becoming the norm. Because of this, effective internet connections are essential to the yachting experience.
New build sector The 40 metre plus new build market has exhibited very stable and consistent characteristics over the last five years and output levels are predicted to deliver steady growth of 3.2% CAGR through to 2024, equivalent to an average of 75 new deliveries per year into the marketplace.
It appears that the 70 and 90 metre plus industry niches are growing faster in percentage terms than the smaller LOA segments. This has an exponential effect on the size of the addressable market in terms of the square
meterage (m2) and consequently value (€). The estimated market value of the new build paint market alone was €140m and this is forecast to increase to an estimated €175m by 2022.
Worldwide recreational boating trends looking forward to 2026
• The Recreational Boating Market size exceeded USD 43 billion in 2019 and is poised to grow at a compound annual growth rate (CAGR) of over 5% up to 2026.
• At this time it is almost impossible to factor in either a negative or positive effect of COVID-19 on anticipated market values.
• Rising disposable income across North America and Europe is enabling consumers to increase expenditure on marine leisure activities, thereby fuelling the market growth.
• Increasing economic conditions and rising popularity of coastal and marine tourism across the globe will drive the market revenue.
• Increasing participation of consumers in recreational boating activities and water-based sporting events is further driving the market size.
• Increasing fishing activities coupled with rising investment in the rental boat sector are supporting the market demand.
• Increasing government initiatives across Asia Pacific are creating opportunities for the recreational boating market. The government authorities’ spending on development of boating infrastructure is a major factor supporting market growth in the region.
• Public and private sectors in countries including Japan, Thailand, China, and Australia are focusing on creating awareness among population to support the market growth.
• The outboard recreational boating market in the US accounted for around 60% revenue share in 2019 due to technological advancements, light weight, fuel economy, and more interior space. These boats
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