Global Marine Insurance: Boating Industry Growth

Feb 20, 2013 | Blog Post | 0 comments

In today’s economy, many industries and companies are forecasting financial losses. Some have entered 2013 with the goal of maintaining enough profit to keep their company or industry functioning. It is difficult to find an industry with a trend toward positive growth and expansion. The boating industry, however, continues to be a profitable and growing industry.

marine-insurance-boat-industry-growthTwo-thirds of the world is covered in water. Experts in the boating industry have taken note of that fact and used it to help create profitable and successful maritime companies. Whether they sell boats, offer boat insurance or services, or are the manufacturers of powerful outboard motors, companies within the boating industry continue to enjoy profitability and positive growth. Over the next five years, the boating industry is anticipated to exceed 8.5% growth and grow to a profitability of as much as $30.63 billion by 2017. The demand for boating and marine equipment is high and experts do not see that demand slowing any time soon.

Some increases in boat sales can be attributed to storm damage and boat insurance holders receiving replacements, but industry growth has been seen in all aspects of the boating industry and is not contained to just one country or region. The boating industry anticipates growth across all nations around the globe. In terms of equipment shipments, the United States is expected to be the leader in boating industry purchases. Italy, the United Kingdom, Germany, and France closely follow it. The European market is anticipating a higher rate of growth than other markets around the world thanks to its current boating market expansion.

The Asian continent is by no means exempt from this anticipated growth. The continued economic development in Asian countries such as China, Korea, and India are expected to spill over into the boating industry in the next few years, which will provide the boating market with an even bigger economic boost.

Which category of boats and marine equipment are in demand, you ask? In the European market, the demand for luxury watercraft has increased greatly over recent years. This has provided an excellent increase in the profitability of European boat makers. The demand for recreational boats and boating equipment has been on the increase around the world. Private boaters are using their disposable income to bolster the sales of inboard and outboard motors, inboard boats, outboard boats, stern drive boats, and personal watercraft. This trend can be seen throughout the world and is by no means confined to a single country or locality.

For 2013, projected sales and profits in the boat industry are looking excellent. If you decide to do your part to fuel the boating industry by purchasing a boat this year, make sure that you have boat insurance coverage on it from day one.  You can get a detailed or quick boat insurance quote online.

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