Between 2014 and 2023, the production in the building of pleasure and sporting boats sector in Finland exhibited consistent growth, marked by some fluctuations. Starting at 249.8 million Euros in 2014, the sector experienced significant year-on-year variations such as a notable 17.17% increase in 2015 and a high 15.58% rise in 2019. However, the market saw a dip of -11.61% in 2021, reflecting perhaps the global impacts of the COVID-19 pandemic. By 2023, the production value stood at 346.6 million Euros.
The last two years exhibited a slight recovery with a 1.52% increase in 2022 and a 1.46% rise in 2023. Over the last five years (2019-2023), the sector's CAGR marked an average annual increase of 1.39%.
Forecasted data from 2024 to 2028 indicate steady growth, with a forecast 5-year CAGR of 1.09%. Specific future growth rates include incremental annual increases, with the sector anticipated to reach 371.1 million Euros by 2028, realizing a cumulative growth rate of 5.58% over the forecasted period.
Future Trends to Watch For:
- Technological advancements in boat construction enhancing efficiency and sustainability.- Rising consumer interest in recreational boating post-pandemic potentially boosting demand.- The impact of global economic conditions and regulatory changes on production capabilities and costs.- Increased focus on green technologies and eco-friendly materials in boat manufacturing.
