Pleasure and sports vessels market in Norway

Earlier Report Observations

The Norwegian pleasure and sports vessels market saw strong growth in physical volume from 2018 to 2021, expanding from 28 790 to 72 000 units. This increase was fueled by a rise in leisure boat ownership, with registered boats growing from nearly 950 000 to over one million by 2020, supported by high consumer demand. A concurrent trend toward smaller vessel sizes influenced average prices and contributed to a decline in the market's total value in 2019 and 2020.

After 2021, the market's value contracted, falling to 144.4 million USD by 2024. During this period, heightened customs controls and raised safety concerns from insurers like Tryg Forsikring over a high number of accidents pointed toward increased regulatory scrutiny. Household boat ownership continued to grow, reaching approximately 1 067 000 units by 2022, while logistics provider ASCO Norge expanded its terminal services beyond the oil and gas sector, indicating shifts in market support structures.

Production pleasure and sports vessels in Norway

In value, 2018-2021, M $ US

Production of pleasure and sports vessels in Norway has increased for the second consecutive year. In 2021, output reached 91.9 million US dollars, marking a 46.0% rise compared to 2020. However, over the period from 2018 to 2021, production decreased by 14.6%, which translates to an annualized decline of 5.1%. The lowest value was recorded in 2019 at 60.2 million US dollars, with the largest decline of 44.1% occurring that same year.

Annual dynamics of production in Norway in value, 2018-2021, M $ US

In kind, 2018-2021, unit

The market experienced significant fluctuations during this period. Production reached its lowest point in 2020 at 321 units and peaked in 2021 at 5 159 units, representing a 16-fold increase between these years. In 2021, production showed a dramatic uptick of 1,507.2% compared to the previous year. The largest decline was recorded in 2020 at 84.1%.

Annual dynamics of production in Norway in kind, 2018-2021, unit

Exports pleasure and sports vessels from Norway

Exports in kind, unit

The market displayed volatility over the observed period. Export volumes fell to their lowest point in 2019 at 3 371 units and peaked in 2021 at 7 758 units, with a 2.3-fold difference between these years. In 2021, cross-border shipments increased by 73.9% year-over-year. The largest decline was recorded in 2019 at 55.6%.

Annual dynamics of product's exports from Norway in kind, 2018-2021, unit

From 2018 to 2021, three main markets—Sweden, Germany, and Estonia—collectively accounted for 79.1% of Norway's total exports of pleasure and sports vessels in kind.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Norway in kind, 2018-2021

Exports in value, M $ US

Exports of pleasure and sports vessels from Norway have increased for the third consecutive year. In 2021, shipments abroad reached 47.8 million US dollars, up 45.1% compared to the previous year. Over the 2018-2021 period, exports grew by 149.1%, with a compound annual growth rate of 35.6%.

Annual dynamics of product's exports from Norway in value, 2018-2021, M $ US

Between 2018 and 2021, Sweden (29.1% of exports in value terms), the Netherlands (13.2%), and Denmark (9.0%) were the main destinations for Norway's pleasure and sports vessels exports by value, together representing 51.4% of total flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Norway in value, 2018-2021

Imports pleasure and sports vessels to Norway

Imports in kind, unit

The import market showed signs of volatility during this period. Imports hit their lowest point in 2019 at 32 771 units and peaked in 2021 at 74 602 units, with a 2.3-fold gap between these years. In 2021, deliveries increased by 73.4% year-over-year. The largest decline was recorded in 2019 at 2.3%.

Annual dynamics of product's imports to Norway in kind, 2018-2021, unit

Throughout 2018-2021, China (58.1% of imports in kind), Estonia (5.8%), and Finland (5.1%) formed the key group of partners for Norway's imports of pleasure and sports vessels in kind, jointly accounting for 68.9% of total flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Norway in kind, 2018-2021

Imports in value, M $ US

After a two-year decline, imports of foreign pleasure and sports vessels into Norway increased in 2021. That year, imports amounted to 288.0 million US dollars, showing a significant uptick of 40.4% compared to the previous year. Over the 2018-2021 period, imports rose by 15.4%, equating to an annualized growth rate of 4.9%. The lowest value was recorded in 2020 at 205.1 million US dollars, while the largest decline occurred in 2019 at 10.6%.

Annual dynamics of product's imports to Norway in value, 2018-2021, M $ US

From 2018 to 2021, Finland (24.1% of imports in value terms), Poland (22.7%), and the United Kingdom (7.9%) consistently held leading positions in Norway's import structure for pleasure and sports vessels by value, together accounting for 54.7% of total flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Norway in value, 2018-2021