Export and refit markets bolster gloomy Swedish marine industry
“Last year was a tough one for boat manufacturers, boat dealers and equipment companies,” says Annika Lindqvist, GMBA’s representative for Sweden. “Consumers are – and continue to be – hesitant and price sensitive. Fewer boats and less equipment and accessories have been sold, service companies have also been affected – but not as severely.”
Despite this, Lindqvist believes there are some glimmers of hope.
“More expensive boats are still selling relatively well, as the higher net worth customer segment is less price sensitive.
“The domestic market is slow but export is better due to our weak krona. We have a good reputation for quality and innovation in the area of equipment and apparel and Sweden exports a great deal in those segments. The refit and repair sector remains steady and is more stable than boat sales, as is usually the case. In fact, the refit and repair market remains the backbone of the Swedish leisure boat industry.”
Lindqvist is hopeful for more upturns – in a survey conducted in August 2024 by the Swedish Marine Industry Federation, Sweboat – around 42 to 43 per cent of the 124 respondents had a positive outlook for 2025 due to lower inflation and interest.
“In terms of electrification, while Sweden saw a boost of electric boats in use regionally at the beginning of 2020 it has slowed down significantly. And it seems the focus of the Swedish industry has changed towards solutions for fuel efficiency. We also see an increased effort in research and development within hydrofoiling.”
Global Marine Business Advisors, GMBA, is a network of 20 marine industry spanning five continents providing comprehensive support across various disciplines and sectors of the maritime world.
