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Boating market monitorMarket insight of the international recreational boating industry
Cannes , 12th September 2018
2
Disclaimer
• This report is not intended to be used as a general guide to investing or as a source of anyspecific investment recommendations and should not be construed as research or investmentadvice. The views and opinions expressed in this report are for informational purposes only anddo not constitute a recommendation by Deloitte to buy, sell, or hold any security or to make orrefrain from making any investment decision whatsoever.
• All information, estimates, projections and assumptions contained in this document are based onpublicly available data and documents, which have not been independently verified by Deloitte;other information were obtained from challenging interviews with industry experts and mainoperators.
• Deloitte does not express any form of guarantee about the accuracy, completeness ortrustworthiness of the data and information contained herein and declines any responsibility forany omission, error or interpretation of the data and information provided herein, and for anydecision that may be undertaken on the basis of the data and information presented herein.
• The contents of this report is designed for the sole use of Nautica Italiana Association Board andits associates and Fondazione Altagamma. The materials shall not be copied or given to any thirdperson or entity without the prior written consent of Deloitte.
• Public and private presentations of this report and/or parts of it, can be delivered just by Deloitterepresentatives.
• This document and our work do not constitute an investment advice. This document must not becopied, either in whole or in part, and is not intended for distribution to third parties without ourprior written consent.
33
Document objectives
• Global recreational boating market trend analysis bygeographical area and boat segment
• Global superyacht market insights
• Italian recreational boating industry evolution
Global boating market
55
Global boating market: retail value trend
Note: The new boating market does not include the PWC and other small boats less than 2.5 meters. The figures consider the revised estimates of NMMA and adjustment in the historical exchange rateSource: Deloitte analysis on data from boating industry associations, specialized media providers and interviews with global operators
~25.0
2008
18.9
2015
CAGR-8.4%
20.6
2017
16.9
2014
14.8
YoY+9.0%
CAGR+13.0%
CAGR+4.9%
2016
CAGR+6.1%
~15.0
1999
~23.0
2006
Evolution of global new recreational boats market value(Billions of €; percentage)
New Build
66
Global boating market: retail value by boat type
Inboard Outboard & Inflatables Sailboats
8.3
10.3
9.2
10.9
CAGR9.5%
2014 16 1715
CAGR17.8%
5.4
2014 15 16
6.5
17
4.5
7.4
CAGR 3.9%
15 17162014
2.32.12.22.0
YoY - 11.3% 12.2% - 19.9% 18.9%
Evolution of global recreational boats market value (Billions of €; percentage)
5.3% 14.7% - 9.4% -4.5% 7.4%
Note: The new boating market does not include the PWC and other small boats less than 2.5 meters. The figures consider the revised estimates of NMMA and adjustment in the historical exchange rateSource: Deloitte analysis on data from boating industry associations, specialized media providers and interviews with global operators
New Build
77
Global boating market: retail value by region
Inboard Outboard & Inflatables Sailboats
New boats market breakdown by geographical area(Percentage)
47%
Europe
RoW
NorthAmerica
2017
100%
24%
29%
Trend Trend Trend
23%
Europe
RoW
NorthAmerica
2017
100%
10%
67%
44%
Europe
RoW
NorthAmerica
2017
100%
45%
11%
FlatGrowth Decrease
Note: The new boating market does not include the PWC and other small boats less than 2.5 meters. The figures consider the revised estimates of NMMA and adjustment in the historical exchange rate. The geographical market breakdown considers the sell-out country of destination and not the owners nationality Source: Deloitte analysis on data from boating industry associations, specialized media providers and interviews with global operators
New Build
88
Superyachts market: deliveries evolution
Source: Deloitte analysis on data from The Superyacht Group and interviews with industry operators
Snapshot 2015-2017 evolution
132
17
134 131
1310
-2.1%
2015
Motor
149
Sailing
2016
147141
2017
81.4
+11.1%
2015
Sailing
2016
75.0
85.5
14.9
77.771.0
Motor
2017
4.0
100.4
3.7
GRT delivered by type(thousands GRT; percentage)
Units delivered by type(# of boats; percentage)
- -5.0%+6.0% -8.0% +34.0%YoY -YoY
99
Superyachts market: global build-up 2017
Source: Deloitte analysis on data from The Superyacht Group and interviews with industry operators
69
32
10 11
12
134
Total
141
30-39mt 40-49mt 50-59mt
71
80+mt60-79mt
35
Sailing
Motor
7
2
1
1
3
13
12
Superyacht market build-up 2017(# of boats; percentage)
Change in unit vs 2016
-18 0+3 +1 +6 -8
GRT (thousands)
17.0 6.814.4 14.7 47.5 100.4
Italian boating sector
1111
Italian shipyards: value of production (new build)
New build Value of Production (Billions of €; percentage)
YoY +14.0%
CAGR +13.1%
CAGR+6.2%
2017
CAGR-21.7%
2008
3.6
3.2
3.6
20092007
2.7
2006 2010 20122011 2015
1.7
2.3
1.4
1.8
2014
2.0
1.5
20162013
1.4
2.0
YoY - 11.4% -25.7%1.2% -24.8% -11.0% 1.5%-24.4% 7.9% 15.3%16.4% 14.0%
Source: Deloitte elaboration based on players financial statments and data collection from industry players
1212
Italian shipyards: 2017 production analysis (new build)
Note: Inflatable boats include RIBs and Maxi-RIBs The analysis by lenght is made on a panel of player for which data were availableSource: Deloitte elaboration based on players financial statments and data collection from industry players
8.6%
2.3
86.2%
5.2%
2017
Outboard
Inboard
Sailing
Inboard
Sailboat
Outboard &
Inflatable
Breakdown VoP new build 2017(Percentage)
+6.2%
<12mt 12-30mt
+29.7%
Performance by length class (2017 vs 2016 YoY)
<12mt >30mt12-30mt
+1.6%
+42.7%
0.0%
+13.6%
12-30mt
+12.6%
<12mt >30mt
+10.9%+13.2%
Segment performance
+23.5%
+14.3%
Total
>30mt
+12.8%
<12mt 12-30mt
+15.6%
+7.2%
+14.0%
1313
Italian shipyards: expected performance 2018
~2.511.9%
2017
2.3
2018E
VoP expected evolution(Billions of €; percentage)
Note: Inflatable boats include RIBs and Maxi-RibsSource: Deloitte elaboration based on players financial statments and data collection from industry players
Total
~0.1
~2.2 ~0.2
Sailboats
~2.5
Outboard & Inflatable
Inboard
Break 86.7% 8.5% 100%4.8%
Breakdown VoP new build 2018(Percentage)
1414
Italian shipyards: boat segments performance
VoP trend by boat segment(Billions of €; percentage)
Note: Inflatable boats include RIBs and Maxi-RIBsSource: Deloitte elaboration based on players financial statments and data collection from industry players
Inflatable & Outboard
2.0
0.2
1.8
SailboatsInboard
0.1 0.10.1
2.2
0.10.2
2016
2017
2018
YoY16-17
+13.2% +23.5% +14.3%
YoY17-18
~+10.7%~+10.9% ~+17.6%
1515
Italian shipyards: export vs domestic market
2013
1.4
93.0%
7.0%
1.5
6.5%
93.5%
Domestic
2017
2.3
88.2%
11.8%
1.7
91.3%
2.0
8.7%
Export
20162014 2015
85.9%
14.1%
Exported production share(Billions of €; percentage) YoY
16-17
+35.9%
+11.1%
Deloitte elaboration based on players financial statments and data collection from industry players
~87.0%-88.0%
2018E
~2.5
~12.0%-13.0%
Export
Domestic
Expected 2018(€ billion; percentage) YoY
17-18
+2.6%
+13.2%
1616
Italian shipyards: 2017 export analysis and 2018 trend
Export
Domestic
VoP 2017
0.3(14.1%)
2.0(85.9%)
2.3Breakdown export 2017
(Percentage)
APACNorth America
Western Europe
ROWCentral & South America
Total Export
Eastern Europe
4.6% 100.0%1.5%15.4%
22.3%
38.3%
18.0%
Note:The geographical breakdown considers the sell-out country of destination and not the owners nationality Deloitte elaboration based on players financial statments and data collection from industry players
Trend 2018
Growth Moderate growth Stable
1717
Superyacht market deliveries: Italian shipyard positioning
Source: Deloitte analysis on data from The Superyacht Group and interviews with industry operators
-4.7
-3.7+2.5
+3.0
-3.7
40%
13%
1%
Italy
+0.5
+3.6
39%
Nethelands
15%+2.2
10%
USA
1%
5%
China
1%
Taiwan
-1.3
3%
+1.5
RoW
6%
Turkey
5% 6%10%
6%3%
10%
UKUAE
7%
Germany
9% 9%
2017
2016
Superyacht deliveries market share by country(Percentage; delta p.p)
8%
33%
Nethelands
9%
USA
6%
20%
5%
Italy
22%
+23.9
0%
25%
China
0% 1%
-20.1
RoW
2%
+5.6
3%
8%
UK
2%2%
Taiwan
5%
+0.1-3.0+0.7
+1.8
UAE
-4.8-4.9
+0.7
43%
2%
TurkeyGermany
1%
2017
2016
Units
delivered
Gross
tonnage
1818
Superyacht market order book: Italian shipyard positioning
Note: (1) Latest available dataSource: Deloitte analysis and estimations based on countries boating associations. specialized media providers and company data and interviews with global operators
RoW
8.9%
1.6%
UAETaiwanGermany
3.6% 4.8%5.2%
Turkey
13.4%
UKNethelands
14.8%
Italy China
40.9%
USA
3.9%3.0%
Superyacht order book market share by country(Percentage)
0.6%1.2%1.3%
USA UAETaiwanUK RoW
12.3%
21.8%
Nethelands Turkey China
11.1%
1.6%
Italy
24.8%
1.8%
Germany
23.5%
Units
delivered
Gross
tonnage
1919
Key takeaways
Source: Deloitte Analysis
Boating Market Monitor 2018
• In 2017, the global boating market value is €20.6 billion registering a positive trend
compared to its historical values (+9.0% YoY 2016-17)
• The inboard market value is €10.9 billion and is the main boat segment, representing a
48% share of the entire retail global market. The outboard and inflatable segment shows
the best growth performance +14.7% YoY 2016-17 with a value of € 7.4 billion
• The Superyacht Market shows a positive trend in terms of gross tonnage delivered
(+11.1% CAGR 2015-17) with a shift of deliveries toward larger size yachts
• In 2017 the Italian production value is equal to €2.3 billion, growing YoY at 14.0%
• Focusing on length classes, the segment with the highest growth is the one between 12 and 30
meter (15.6%) followed by the superyacht (+30mt) segment (+12.8%)
• In 2018 the Italian production value is expected to reach ~€2.5 billion, growing at an
expected YoY of 11.9% confirming the positive trend of the past years
• The inboard segment is the main segment of focus for Italian shipyards and is expected to
have a share of 86.7% on total VoP in 2018
• In 2018 the segment with the highest growth in terms of production is expected to be the one
of Sailing Boats (~17% ) followed by the inboard segment (~10% )
• Italy confirms its position as market leader in the superyacht market in 2017 ranking #1
in terms of units delivered in 2017 #1 in terms of units under construction
Global Market
Italian Market
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