PUBLISHER: The Business Research Company | PRODUCT CODE: 1643984
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643984
A marina is a specialized facility designed to serve as a safe harbor for recreational boats and small vessels, offering a wide array of services and amenities tailored to meet the needs of boat owners. Marinas provide docking spaces, or berths, where vessels can be securely moored, either temporarily or on a long-term basis. These facilities typically feature floating docks, piers and sometimes breakwaters, which protect vessels from waves and weather. Marinas are commonly located near popular coastal, riverine and lakefront areas, catering to tourists and local boat enthusiasts alike, while contributing to the local economy through tourism and leisure spending.
The marinas market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing docking facilities, boat storage and related services for recreational boating. It encompasses amenities like fuel docks, maintenance and rental services for private and commercial vessels.
The global marinas market was valued at $14,324.96 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%.
Growth In Manufacturing And Heavy Industries
The growth in manufacturing and heavy industries contributed to the expansion of the marinas market by driving increased demand for transportation and logistics services via waterways. As industrial production and trade volumes surged, particularly in regions with access to major ports and coastlines, the need for efficient maritime transport and dock facilities grew. This led to the development of marinas that could accommodate not only commercial vessels but also recreational boats and yachts. Additionally, the economic boom generated by heavy industries attracted affluent individuals and tourists, further boosting demand for leisure boating and marina services. For instance, in August 2022, according to Investopedia, the US-based leading source of financial content, in 2020, China's manufacturing and industrial sector accounted for approximately 38% of the country's gross domestic product (GDP). Additionally, in June 2022, according to Bain & Company, Inc., a US-based management consulting company, India's manufacturing exports surged to an unprecedented $418 billion in FY21-22, marking a remarkable growth of over 40%, compared to the previous year's $290 billion. India's manufacturing sector contributed 3.1% of the country's gross domestic product (GDP). Therefore, growth in manufacturing and heavy industries supported the growth of the marine and ports construction market during the historic period.
Focus On Enhancing Luxury Offerings To Attract High-End Customers
Major companies operating in the marinas market are enhancing luxury offerings to appeal to the growing segment of high-end boating enthusiasts. As the demand for premium marina experiences is rising, marinas are expanding their services to cater to superyachts and luxury vessels. In May 2023, Nakheel, a UAE-based real estate development company, launched a luxury marina destination at Dubai Islands, enhancing the region's appeal for boating enthusiasts. This state-of-the-art marina features 248 wet berths designed for vessels up to 47 meters long, along with 40 dry berths for trailers up to 20 feet. Additionally, it can accommodate up to 13 superyachts simultaneously, making it a premier choice for luxury boating experiences.
The global marinas market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 7.0% of the total market in 2023.
Marinas Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global marinas market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for marinas? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The marinas market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider marinas market; and compares it with other markets.