Sources: TrueNorth Marine, Weather.com, Seatrade-Maritme.com, MarketWatch, National Marine Manufacturers Association, CNBC, MarketsAndMarkets.com, BoatingIndustry.com

According to TrueNorth Marine, there were 4 major factors in maritime shipping that were trends in 2021 – and they’ll continue to be trends in 2022, and possibly beyond.

Weather

In 2020, there were a record-breaking 30 named storms on the Atlantic; and 19 of them were classified as hurricanes, with six being major (winds 111 mph or greater). In 2021, there were only 21 named storms (13 hurricanes, 4 major).

In 2022, the hurricane season is expected to be at least 65 percent more active, per a Colorado State University study via Weather.com.

With that said, more than shipping will be affected. Storage and maintenance issues could also come into play: i.e., prolonged storage due to aftermath of storms, damage to vessels due to high winds/other factors.

Maritime Regulations and sustainability

Per TrueNorth, 2020 and 2021 were important years in regard to regulations and sustainability factors.

The following is from TN’s recent assessment/predictions:

2021 is sure to be a big year for regulators. This fall the Marine Environmental Protection Committee agreed to amendments to the IMO regulations which will result in big changes if adopted. Notably the amendments would involve a public rating system for vessel efficiency as well as require owners to cut vessel emissions by 40% (from 2008 levels) by 2030. While the amendments have been agreed, the decision on whether they will really be adopted will come in 2021 at the MEPC 76.

Another big change which could come in 2021 is the inclusion of vessel owners in the EU’s emissions trading scheme. In order to meet their emissions goals, the EU has been weighing implementing a carbon trading market for shippers operating in the EU. This major change could take effect as soon as Jan 01st 2022, and while the details of the legislation remain unclear this is one trend to keep a close eye on as more information is released over the coming year.

Seafarer Safety

This will always be a trending topic in the marine industry. The global pandemic has impacted the quality of safety for workers and passengers, causing many companies to change their business models and implement term limits for its labor forces. This was especially true in Australia in 2020 and 2021, per TN.

Technology

Tech drives everything, and the maritime industry is no different. From navigation and logistics, to just about every other corner of the industry, technology will have a say in the future progress. One main factor is the industry’s push to decarbonize. Emission tech will be a significant topic for years to come.

Recreation

Other trends that will continue shaping the boating industry are as follows. Remember, despite the major industrial shipping complex, recreational boating remains No. 1 in the maritime space.

• Fishing - the No. 1 activity on the water.
• Ethanol and motor repairs - maintenance is always critical.
• Diesel engines - are they right for your vessel?
• Increasing number of safety devices - safety on the water is always top priority.
• Rental opportunities - get a boat for a few hours, days, or even a month.
• Access challenges - where you can and can’t launch.
• Aging Boaters - helping experienced boaters make the best of their time.
• Diversity of Users - boating is for everyone.
• Affordability – best use of money.
• Focus on Family – it’s always great spending time with loved ones on the lake.

According to a case study by LinchpinSEO, the following factors will also be primary concerns in 2022, driving the maritime industry into a new era. Sales, fuel consumption, renewable energy, safety and affordability are among the top trends on the horizon.

1. Fishing by the minute – Fishing boats mark an enormous slice of the pie when it comes to sales. In fact, 2022 will beat 2019 boat sales by a hefty two percent. This brings the number of projected boat sales to approximately 285,900 boats. That amounts to 782 boats sold per day. This total amounts to approximately one boat sold every other minute.
2. Fuel – Marine fuel will become safer throughout 2022 and beyond in that sulfur emissions, for the first time in history, will be capped at just .5 percent of total exhaust volume.
3. 100 percent – Renewable diesel fuel will continue to dominate the marine-fuel market, and the surprising thing about this type of diesel fuel is that it is 100-percent renewable. It achieves this lofty height of environmental consciousness in that it is made from vegetable oils.
4. Safety – 2022 is projected to be two to three percent safer than preceding years. In fact, death rates are expected to peak at a mere 600 deaths annually.
5. Safe boating by the numbers – Although boating is becoming safer, drownings are projected to make up the majority of boating-related deaths due to boaters not wearing life preservers or flotation devices. This lack of precaution stems from drinking and underestimating the possibility of going overboard. Additionally, both swimming fatigue and swimming while alone contribute to the statistic that 71 percent of all boat-related accidents in 2022 will be due to drowning as a result of not wearing a flotation device. Although the number of deaths, in general, is projected to cap at approximately 600, this number could be lowered to approximately 150 to 180 people if boaters ensured everyone wore a life preserver.
6. Affordability is relative – The average boat sale is a whopping $146,904. This number is derived from the boating industry revenue of $42,000,000,000 divided by the projected number of boats sold, which tops out at 285,900. Note: this number might be somewhat skewed because expensive boats, such as yachts, can tilt the data upward with only a few sales.
7. Setting sail – Auckland, New Zealand, is known as the city of sails as it boasts more boats per person than anywhere else. In fact, the number of actual boats owned projected for 2022 tops at 960,000 boats, which represents nearly one boat for every three people.
8. Safe swimming – Unfortunately, because of alcohol and the nature of boats not staying in one place as they float around the surface of the water, over 170 deaths are projected to result from head injuries due to propeller strikes. It is not clear whether the boat drifts into swimmers or whether swimmers surface into or dive beneath the boat where the accident occurs.
9. A boat is not a car – The observation that a boat is not a car is obvious, but knowing something is true is not the same as having the experience and the muscle memory necessary to successfully steer a boat safely. Consequently, the primary cause of accidents in the boating industry is a collision between two boats. These collisions result in a 60-percent chance of being injured but only a .47-percent chance of dying.
10. Timing is everything – In terms of being injured, Saturday represents the most dangerous day of the week. In 2022, on this day of the week, there will be a projected 800 to 900 injuries and between 150 and 175 deaths. You might think that night-time boating will result in the most accidents, but the most dangerous time to be on the water is between 2:30 pm and 4:30 pm when over 800 to 900 accidents are expected.

According to Seatrade-Maritime.com, the shipping industry will live by the following trends in 2022.

• carriers, especially beneficial cargo owners, attempting to negotiate longer terms to build more stability into their operations;
• importers taking greater control over their inventory – shipping earlier and cutting items which are either very expensive or unprofitable;
• centralizing of freight and supply chain solutions; and
• automation and digitization.

According to MarketWatch, these manufacturers will be key players in the market during 2022:

● Bayliner

● American Sail Inc

● Baja Marine

● White River Marine Group

● Sea Ray

● Grady-White Boats

● Mahindra and Mahindra Ltd

● Boston Whaler Boats

● Chaparral Boats, Inc.

● MASTERCRAFT

● Malibu

Boats of the future will ride much smoother and efficiently if the current projections hold true. According to YachtWorld, there are several innovations on the horizon that will shape the way people use their recreational vessels.

• Carbon fiber and composite construction will decrease weight of boats and allow for more efficient fuel consumption and smoother rides across the water.
• Smart boats will soon be everywhere, utilizing solar panels and other power management systems, decreasing the need for gasoline.
• Electric-powered yachts? Yes, those are in development as well.

Leisure and record sales

With travel restrictions being lifted in many areas, people will be able to get out and enjoy social activities – and that means more boating, per TravelDailyNews, which sees an increase in recreational boating in 2022. More fishing, more watersports, more leisure cruises on the lake or river.

All of this activity will have positive effects on the boating market.

According to CNBC, boat sales in the United States increased by 9 percent in 2021, leading many to believe that another spike is around the corner. A 13-year-high sales year ($47 Billion) in 2021 certainly provides enough reason to believe that 2022 will set more records in sales. Experts say that manufacturers can’t keep up with the demand.

The report also states that the average cost of watercraft is $13,000. Additionally, 61 percent of boaters earn fewer than $75,000 per year.

The National Marine Manufacturers Marina Association reported that retail sales of new powerboats in the USA increased by roughly 12 percent, with nearly 310,000 new untils solid in 2020. This number is expected to increase in 2022, as the 2021 numbers are still being tallied.

• Wake boats were up nearly 20 percent to 13,000 units in 2020
• Personal craft were up nearly 8 percent, up to 82,000 units in 2020

Outdoor recreation, per NMMA, makes up about 2.1 percent of the USA’s GDP, generating $788 Billion. Boating and fishing are two of the most popular outdoor activities, bringing in nearly $24 Billion annually.

In Canada, boating and fishing generates roughly $5.6 Billion. Nearly 12,000,000 Canadians participate in fishing and boating every year. North America is expected to generate more revenue than any other region in the world. Leisure boating is the No. 1 recreational activity in North America.

In Michigan, new boat, motor trailer and accessory sales increased 12 percent, nearing $1.3 Billion in 2020. Recreational boating has an economic impact of roughly $7.8 billion in Michigan and employs nearly 40,000.

Europe could also grow, as the 25 percent tariff on American-made boats has been lifted.

On a global scale, the recreational boat market is expected to grow from $16.4 Billion USD to $23.6 in 2027, per MarketsandMarkets.com. Expendable income, increase in tourism and the rise of autonomous technology are three key areas that should fuel growth, per the report.

The following companies are expected to continue dominating the recreational market in 2022:

• American Sail Inc.
• Ferretti, Sunseeker
• Beneteau
• Brunswick
• MacGregor
• Azimut-Benetti
• Hunter
• Hobie Cat Corporation
• Princess Cruise
• Bavaria Yachtbau
• Catalina Yachts

First-time boat buyers rose 10 percent from 2019 to 2020. Industry experts expect similar growth from 2020 to 2021. In 2020, nearly 415,000 new buyers entered the market. They’re younger and 1.5 times more likely to be women.

Powerboats are among the most popular, and 95 percent are manufactured in the USA, per DiscoverBoating.com.

In 2021, the public often had to wait 3-6 months for a new boat. That should no longer be an issue in 2022, as supply chains are beginning to slowly restore.

Outboards are in

In 2020, more than 330,000 new outboards were sold, ranging from a 6-38 percent increase across all horsepower segments, per Boating Industry.com. Outboards are expected to account for the largest marketing size in 2022.

The following companies are expected to rule the outboard market in 2022

• Honda
• Suzuki
• Yamaha
• Volvo Penta
• Mercury

More and more manufacturers are concentrating on adaptability, making craft easier to access and enjoy for those with disabilities and other challenges. Lower seats and redesigned accessories and some of the most common changes.

The further development of super yachts continues to be one of the largest segments of the maritime industry. However, smaller segments have certainly made major impacts on the market. Due to the popularity of fishing tournaments, the demand for vessels has increased in already high-demand regions, such as the Great Lakes and southern regions of the USA.