Wednesday 22 May 2024

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Global boat-building market to hit $47bn in 2027

DUBAI, March 30, 2023

The global boat-building market is expected to reach over $47 billion in 2027, at a CAGR of 7.5%, and the increasing demand for recreational boats in the Middle East and North Africa (Mena) region is a significant factor driving growth. 
Brands in Dubai are responding with their latest designs and innovations, and local manufacturers and suppliers exhibited their latest innovations at the Dubai International Boat Show 2023, which concluded after attracting over 30,000 visitors and industry players from across the globe to the Dubai Harbour for five days of demonstrations, displays, seminars, launches and workshops.
Al Rubban Marine, IMG Boats, Invincible Boats, Ocean Boats, Gulf Craft and Victory Yachts are among the prominent exhibitors that showcased their latest creations at the five-day event, with a focus on incorporating sustainable solutions. As the global movement towards environmental sustainability continues to reshape the maritime sector and the future of yacht architecture, yacht owners and clients are increasingly interested in innovative technologies that can create a greener yacht. 
Gulf Craft
Manufacturers such as Gulf Craft are responding to this demand by integrating sustainable solutions into their builds. Abeer Al Shaali, Deputy Managing Director of Gulf Craft, said: "We understand that clients prioritise sustainability and durability, and we are committed to supporting the path towards a sustainable future. We are committed to making our yachts more efficient, lightweight, and practical, always with the user's perspective in mind. Our latest yacht, the Majesty 111, showcases the latest trends in boat building, bringing the outside inside and creating a natural flow from exterior to interior. We believe that by incorporating nature and light into our designs, we are creating a truly unique and luxurious experience for our clients.” 
With brands from 60 countries featured at the show, local manufacturers and distributors exhibiting reported increased business from a diverse range of international markets. Paurush Farouk H, Sales Manager, IMG Boats commented that there is a strong market for Middle Eastern products outside the region; “In previous years, we primarily had interest from across the region, but this year we are receiving more serious leads from international markets, particularly Eastern Europe, and Australia,” he said.
Brands also reported that customisation and personalisation are high on the list of customer demands this year, as buyers are keen to reflect their personality through their purchases. Shahid Ahmed Jiwrak, Sales Manager, Ocean Boats, said: “We observed that visitors were very impressed by the options for customisation that Ocean Boats offer. This is very important because customers today want highly personalised products. These can range from walk-around cabins, forward or backwards-facing seats, centre consoles, a roof on the top of the steering wheel, and even bathrooms on board the vessel. As designers, we listen to all these preferences and incorporate them in the final boat design in the most innovative way possible, so that the customer gets a boat that suits their specific needs.” 
For local boat manufacturers and equipment suppliers that exhibited at Dubai International Boat Show 2023, the event played an essential role in providing a platform for the industry to present its excellence to the international market. Its almost 30-year legacy can be credited with attracting yacht companies to move their headquarters to the UAE or have permanent offices here, added Abdulaziz AlMeraikhi, Owner & Founder of Ultra Marine, a distributor of Invincible Boats.-- TradeArabia News Service


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