A challenging year for the Finnish boating industry, but companies are already predicting a turnaround

A key indicator for boating in Finland is the number of registered boats, which began to rise after the financial crisis in 2013 and peaked during the pandemic year of 2021. All boats longer than 5.5 meters or equipped with a motor over 15 kilowatts (20 horsepower) are recorded in the boat register. In 2024, new boat registrations decreased by 19.6% compared to the previous year, but the trade of used boats remained very lively.

The boating industry employs about 3,500 people in Finland, and according to a preliminary estimate, the turnover for Finnboat's member companies was close to 800 million euros.

“2024 was still a challenging year for the boating industry, but a survey conducted among Finnboat's members at the end of the year predicts a turnaround. Another promising sign is that significantly more boats than last year will be showcased at the Helsinki Vene Båt show, which marks the start of the upcoming boating season", says Jarkko Pajusalo, CEO of the Finnish Marine Industries Federation Finnboat.

According to Pajusalo, consumer caution and weak purchasing power have particularly been noticeable in the sales of the most popular boat class, namely smaller outboard boats. However, the recovery of purchasing power is expected to gradually improve the situation.

"In Finland, boating is an activity that engages almost the entire population, and the recovery of demand for small and medium-sized outboard boats depends on consumers' purchasing power and confidence in their own economy. The recovery of purchasing power in Finland and in neighboring markets started to gain momentum during the second half of last year, but it has been significantly slower than expected," says Pajusalo.

Over 90% of the new boats sold in Finland are no longer than seven meters long. Last year, 1,161 new boats under seven meters were registered, and 41 boats over ten meters.

The registration of new watercraft decreased by nearly 20 percent

In 2024, a total of 2,631 new watercrafts were registered (3,272 in 2023). Motorboats accounted for 1,895 registrations (2,359), while 31 rigid inflatable boats (RIB) were entered into the register (51). The number of registered jet skis was 653 (785).

Finns trust well-known domestic brands, and the top ten list of newly registered motorboats is dominated by Finnish manufacturers. Buster maintained first place (350 registered boats), followed by Suvi in second place (184). Faster climbed to third place (180). Silver, Yamarin, and Terhi also exceeded one hundred new registrations.

The jet ski brand Sea-Doo maintained first place in the statistics for all watercraft (569 registrations).

The number of newly registered sailboats amounted to 17, which is the same as the previous year. The most popular brand was the French Beneteau, with four registrations. The largest sailboat registered in Finland was a 16-meter-long Beneteau Oceanis 51.1. In addition to homebuilt boats, one sailboat manufactured in Finland was registered – a 15-meter-long Swan 48, which was launched at Nautor's shipyard in Pietarsaari.

At the same time, the trade of used boats continued to be much more active than before the pandemic. According to the boat register maintained by the Finnish Transport and Communications Agency Traficom, a total of 23,506 ownership changes were registered, only a hundred fewer than the previous year.

"Boats are among the world's longest-lasting consumer capital goods, which means they change owners several times during their lifecycle", notes Pajusalo.

Registration of new watercraft in Finland 2020–2024

	2020	2021	2022	2023	2024
Motorboats:	3,361	3,699	3,242	2,359	1,895
Sailboats:	22	22	18	17	17
Inflatable/RIB:	68	104	78	51	31
Jet skis:	1,272	1,276	1,179	785	653
Other:	46	64	72	60	35
Total:	4,769	5,166	4,589	3,272	2,631

Ownership changes of watercraft 2020–2024

	2020	2021	2022	2023	2024
Motorboats:	24,759	23,93	18,394	19,218	19,012
Sailboats:	1,593	1,573	1,227	1,117	1,193
Inflatable/RIB:	112	109	119	136	145
Jet skis:	2,309	2,723	2,722	3,040	3,050
Other:	87	102	76	93	106
Total:	28,86	28,437	22,538	23,604	23,506

Number of units, source: Finnish Transport and Communications Agency Traficom. Note: The figures for sailboats include motorsailers.

 The export of watercraft decreased

According to customs statistics, the value of Finland's boat exports decreased by approximately 24% during January–November 2024 compared to the previous year. Over 3,000 boats were exported to 45 different countries. In terms of quantity, boat exports fell by 39%, while the export value dropped by 24%.

The USA became the largest export country in terms of value, with boat exports totaling 45 million euros. Norway was the second largest export country, where the number of boats exported decreased by 42% and the export value dropped by 44% to 32 million euros. Sweden was the third largest export country; the export value decreased by 58%, and over 1,200 boats were delivered there with a total value of 28 million euros.

During the first eleven months of the year, a total of 42 sailboats were exported, with a value of 125 million euros. Both the number and the declared export value decreased compared to the previous year. The main export countries for sailboats were the USA (35 M€), the Cayman Islands (14 M€), Norway (13.5 M€), France (13.2 M€), and Germany (12 M€).

Export statistics for the 10 largest export countries, 2024 1-11

	M€	units	Growth-%
USA	45,1	66	138,10 %
Norway	31,6	881	-44,50 %
Sweden	27,6	1265	-58,00 %
Germany	21,7	183	-6,60 %
France	20	24	-13,50 %
Great Britain	18,9	81	-35,50 %
Cayman Islands	14,4	2	-
Switzerland	10,2	56	-46,70 %
Turkey	10,1	49	36,70 %
British Virgin Isl.	6,8	1	135,00 %
Total export	252,6 M€	3 012	-22,60 %

Imports decreased by 35%

The largest import country for boats was still Mexico, from which 997 watercraft, mostly jet skis, were imported. Most of these were cleared through Finland into the EU and then exported to other parts of Europe. Imports from Mexico decreased by 46%. The second largest import country was Poland, where imports during January–November 2024 fell by 34% to 7.8 million euros and 107 boats. 109 boats were imported from Sweden, with a total value of 3.6 million euros. Imports from Sweden decreased by 15%.

Import statistics for the five largest import countries, 2024 1-11

	M€	units	Growth-%
Mexico	11,5	997	-46,00 %
Poland	7,8	107	-33,80 %
Great Britain	4	234	-59,60 %
Sweden	3,6	109	-15,00 %
France	0,9	3	18490,00 %
Total import	35,6	4 288	-34,80 %

Finland as a boating country with its archipelagos and lakes

The strongest boating regions were Uusimaa and Southwest Finland. In these areas, 40% of the country's new watercraft were registered. The most active boating municipalities, based on the number of newly registered watercraft, were Helsinki (206), Kuopio (114), Espoo (99), and Turku (97).

At the end of 2024, there were a total of 244,258 registered watercraft in Finland. The highest numbers were in Helsinki (17,379), Espoo (8,019), and Turku (7,559). Municipalities with over 5,000 registered watercrafts also included Parainen (7,135), Kuopio (5,762), Raasepori (5,504), and Porvoo (5,282). In addition to the registered watercraft, there are hundreds of thousands of small boats, especially in lake areas

The boating industry's economic barometer predicts a turnaround

As usual, Finnboat collected estimates from its members regarding turnover and staff at the turn of the year. 43% believe that turnover will remain unchanged. 44% of companies predict an increase in turnover, while 13% expect a decrease in turnover.

Despite the industry's layoffs, employment within the entire boating sector is expected to remain at a good level, indicating confidence in the industry's future. 68% of companies believe that the workforce will remain unchanged, and 23% predict that the workforce will increase in 2025. 9% of companies estimate that the workforce will decrease.

Workforce for 2025

• 23 % of companies predict that the workforce will increase (17% the previous year)
• 9 % of companies predict that the workforce will decrease (8% the previous year)
• 68 % of companies predict that the workforce will remain unchanged (75% the previous year).

Turnover for 2025

• 44 % of companies predict that turnover will increase (33% the previous year)
• 13 % of companies predict that turnover will decrease (19% the previous year)
• 43 % of companies predict that turnover will remain unchanged (48% the previous year)

In 2024, employee layoffs were implemented in 15% of the 116 companies that responded to the barometer (15% the previous year).