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Boat And Yacht Industry Offers Huge Growth Potential
At a time when the domestic shipping industry is witnessing a dry run, the boat and yacht industry is sailing high. It is one sector that has remained unfazed despite the deepening of the global economic crisis.
Still in its nascent stage, the industry currently comprises around 100 companies, most of which are small and mid-sized players. Realising the immense growth potential of this sector in India, big players like Mahindra & Mahindra (M&M) are also foraying into it.
On February 19, the $6.7 billion Mahindra group ventured into the leisure boating industry with the announcement of its first boat Mahindra Odyssea at the Mumbai International Boat Show (MIBS).
The corporate group is looking to play a pivotal role in the organised growth of the domestic boat industry as well as in the development of Indian waterways. The untapped potential of India’s vast coastline and water bodies for water transport and marine-based activities prompted M&M to enter this segment.
According to industry experts, several other major players may foray into the boat and yacht industry soon, once they wake up to its huge prospects. The robust growth of the industry is attracting many more small and large companies to venture into it. With the small and mid-sized companies doing brisk business, corporate groups are also looking to cash in on the opportunities offered by the sector.
Several experts feel that government sops can help the boat and yacht industry scale greater heights. Although India has a vast and beautiful coastline, its potential has not been fully utilised so far.
Moreover, developing the existing waterways could increase the options of water travel. However, this development necessitates the establishment of more jetties across the country. If the necessary infrastructure is in place, India can overtake Canada, which has more boats than cars.
About the Author
David Parks is a well known author and has written articles on Buy Trade Leads and B2b, suppliers, Manufactures and many other subjects.
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