Sector
The Aicon Group operates in the design, production and sale of luxury motor yachts. Active in this sector since 1999, Aicon has chosen to position itself in the luxury motoryachtMotoryachtImbarcazione a motore di tipo flybridge, open e navetta entrobordo cabinata di lunghezza superiore ai 40 piedi e inferiore agli 80 piedi. segment, from 40 ft. up, and in the megayachtMegayachtNave a motore di tipo flybridge, open e navetta di lunghezza superiore ai 24 metri o agli 80 piedi entrobordo cabinata (nella definizione di segmento di mercato). segment (+80').
Within this segment Aicon produces both FlybridgeFlybridgeImbarcazione e nave da diporto planante a motore entrobordo cabinata con ponte superiore collocato sul cielo della tuga, dove è posizionata una seconda postazione di guida (la principale si trova all'interno del cabinato). and OpenOpenImbarcazione e nave da diporto a motore priva di ponte superiore aperto con unica postazione di guida interna. Può essere sia cabinata entrobordo (avente uno o più motori sistemati all'interno dello scafo) che con motore entrofuoribordo (motore munito di un'appendice, il piede poppiero, che sopporta l'elica protendendosi fuoribordo). boats and has recently entered, through the acquisition of the Morgan brand, the lobster boats and fast commuters markets.
The Group's strategy has been concentrated since the very beginning of its activity on the luxury motor yacht sector because it was considered to be the one with a higher growth potential as well as presenting the highest countercyclical prospects.
The dimensions of the market above 40ft, between 2000 and 2007 register an average growth within the sector of about 9.84% annually, with a value dimension which is estimated in 2007 to have been above €10.8 million.
The same Altogamma study projects the value of the above market for 2010 to be equal to approximately 13 billion euro thus showing a total estimated growth of 14.4% with respect to 2007. According to estimates, this growth will be driven by the megayachtMegayachtNave a motore di tipo flybridge, open e navetta di lunghezza superiore ai 24 metri o agli 80 piedi entrobordo cabinata (nella definizione di segmento di mercato). segment, with a percentage which goes from +18% for the segment over 15 million euro, 13% for the boats in the 3.5 million -7 million euro range to 15% for the boats included between 7 and 15 million euro, whilst the growth forecast for yachts in the 750,000.00 to 3.5 million euro range is significantly lower, equal to 4%.
For a number of years now, the market has been gravitating towards the megayachtMegayachtNave a motore di tipo flybridge, open e navetta di lunghezza superiore ai 24 metri o agli 80 piedi entrobordo cabinata (nella definizione di segmento di mercato). segment. This is the segment Aicon has decided to concentrate on in the near future in its strategy of range expansion.
In addition, the same study is witness to the fact that the greatest growth in the sector will take place in the area which, from a geographical point of view, can be catalogued as the "rest of the world", in other words, the area not including the United States and Europe represented by the so-called "emerging countries".
The forecast for the next few years therefore projects a comforting development scenario especially for the near future, by pointing out the great potential that the market still guarantees. However, the previous business year, and in particular the 2008/2009 season, has proven to be very atypical and has seen a momentary stop in boat purchases.
The international economic crisis and the climate of uncertainty which has hit the economic and financial worlds have in fact conditioned the luxury yacht target clientele, which although less affected than others by the economic cycle nevertheless has preferred to put off important investments such as those connected to the purchase of a boat, and wait for a more positive period.
Many orders, also of large-sized megayachts have been cancelled or postponed. whith a consequent general negative effect in the nautical field.
Beyond the economic contraction at European level, in the last years are affirming Eastern Europe and Ex Yugoslavia that represent two of the principal frontiers which will spur future development: countries such as Croatia, Russia, Montenegro, Slovenia, and Bulgaria have become important potential sales markets. They are countries which are now fully equipped and are further expanding their marine and service accommodation potential, and have a customer base which is attracted above all by large boats (that represent a real status symbol) and has the economic potential which allows purchases without the necessity of financing.
Similar dynamics characterize other international areas such as the Middle East and South America, characterized by a large concentration of wealth in the hands of few, whilst India and China continue to represent markets which have yet to explode but have a high potential, where infrastructures are being built (more quickly in India), and where large vessels are increasingly becoming an expression of social status. It is in these places in fact that the highest growth of High Net Worth Individuals is registered, which according to the Merrill Lynch and Cap Gemini WWR data 2008 totals 10.1 million individuals in the world, a 6.3% growth with respect to the previous year. Countries such as India, China, as well as the Arab Emirates and Russia register a percentual growth rate noticeably superior to the world average.
Therefore, if on an global level it is reasonable to think that the nautical market can expect many years of increasing growth trend ahead, thanks to the emerging markets and to the growth already present in the areas which are experiencing a development trend (Greece, Cyprus, Turkey), nevertheless the present moment is strongly conditioned by the economic crisis which characterizes the countries which till today have driven the market and in general the world economy.
Source: NMMA, Icomia, Alatagamma 2008 World Wide Markets Monitor, IBI, Dati ICE, Show Boats International, Ucina La Nautica in Cifre, World Wealth Report Merryl Lynch e Cap Gemini.
