The import of rowing boats, canoes, and pleasure boats, excluding sailboats, to Malaysia has witnessed fluctuating trends over the past decade, peaking at 242.06 thousand kilograms in 2023. From 2013 to 2023, the market experienced significant rises and falls, including a notable 63.96% increase in 2013 and a substantial drop of 23.14% in 2014. Despite these fluctuations, the overall trend from 2018 to 2023 has been positive, with a compound annual growth rate (CAGR) of 1.47%, suggesting modest but consistent growth.
Year-on-year variations from 2022 to 2023 remained stable, with an increase of only 2.54%, following a 2.66% increase the previous year. Looking forward, the forecast indicates a steady growth rate with a 5-year CAGR of 1.92%, resulting in a projected import volume of 273.42 thousand kilograms by 2028.
Future Trends to Watch For:
- Technological advancements in boat materials and manufacturing could affect import volumes.
- Economic factors such as exchange rates, tariffs, and global trade policies may cause fluctuations in import trends.
- Growing interest in recreational water sports could boost demand for pleasure boats.
