International Boat Industry – June-July 2019

ibinews.com International Boat Industry | JUNE–JULY 2019 43

COMPILED BY ARLENE SLOAN & MIKE DERRETT

STATS & FACTS

SOUTH KOREA

SEOUL

SHORT TERM Medium potential. The previously strong market has been
tempered by the slowing economy in 2018. However, Korea is still one of the
strongest small boat (20ft-25ft) markets in Asia
LONG TERM Strong potential for small and medium-sized boats with
associated equipment and services, likely to pick up fast given better economic
news. Government plans to support a network of 58 marinas, which have been
in place for 10 years, is a key driver for the future growth of the industry
MARKET STRENGTHS
z Largest Asia small boat market
z Government-backed training scheme to develop service and maintenance
skills is very far-sighted and is helping to create a strong image for leisure
boating
z Boating market is driven by enthusiastic local boaters who enjoy driving
and navigating the boats themselves. Unlike most other Asian boating
markets, there are few paid crew
MARKET WEAKNESSES
z Weakened economy in 2018/19 has slowed GDP growth to 2-3% per year
z Boating season is essentially April to October although fishing activities
do continue in the winter. Demand for small boats with enclosed
wheelhouses for winter use. Unlike other Asian markets, temperatures in
the winter dip to -15 C
z Low potential for larger power boats over 50ft

Completed (33)

Developing or under

construction (7)

In final planning phase (1)

33 marinas; more under construction

12,607 km of coastline

3,237 islands in surrounding waters

51.5 million population

26 million in the Seoul metropolitan area

7 million+ fishing participants (inland & sea angling)

Boat

imports

(value, USD millions)

Top source

countries for

boat imports

USA

Japan

China

Mexico

Germany

France

Hong Kong

Netherlands

Spain

Italy

Source: UN Comtrade

31,145 registered leisure boats; ↑ 13% in 2017

(Most popular: outboard-powered sport fishing boats)

19,922 motorboats

6,928 PWCs

3,472 inflatables

823 inflatables

64%

11%

22%

3%

47% growth in boat licenses issued over past 5 years

Note: Boat drivers’ licenses are required for all boats over 3m and 5hp

Source: Korea Coast Guard

0 50 100 150 200 250

5 year trend of annual licenses issued

I13,973

I13,973

I13,973

I13,973

I13,973

140,137

153,559

168,618

185,129

206,725

Boat Type 2016 2017 2018

Sailboats $4.3 $4.3 $3.1

Motorboats

(excluding outboards) $8.7 $16.3 $10.6

Outboards &

other boats $13.1 $11.2 $14.2

Total $31.6 $35.9 $28.9

IBI MARKET RATING

Source: Korea Coast Guard