10th Korea International Boat Show; May 25-28, 2017
10th Korea International Boat Show; May 25-28, 2017
SINCE 2007, the number of leisure boats in Korea has grown from 5,000 to 25,000 and the operational marinas have risen from one to 20, organisers announced at the 10th Korea International Boat Show (KIBS).
The four-day show at KINTEX (Korea International Exhibition & Convention Center) attracted 45,231 visitors, an 11 per cent increase on last year and another indication that public interest in leisure boating continues to grow in Korea.
Industry consultant Mike Derrett, involved as an advisor in the launch of KIBS in 2008, said yachting in Korea was not only growing but appealing to a different sector of society compared to other Asian markets.
“There are strong signs that Korea is developing well as a middle-class boating market, perhaps the only one in Asia, with interest primarily in boats from 20ft to 35ft,” Derrett said.
“In my opinion, the three key ingredients for market growth over the last 10 years have been a strong economy, with GDP per head well over US$30,000; a long coastline (3,500km), much of which is suitable for leisure boating and fishing, a strong national pastime; and strong central and provincial government support in developing a vibrant boat show, a key factor for growth.”
Kenny Kang, CEO of CKIPM Marine Group, which imports yachts and develops marinas, said sailing yachts, multihulls and fishing boats were popular.
“The market is gradually developing. We sold eight Beneteau and Lagoon yachts in the last two years. The small outboard motor models are also popular as fishing is a key part of the market, with 5 million leisure fishermen in Korea,” said Kang, whose company represents brands including Beneteau, Lagoon and Monte Carlo Yachts.
“There are also new marina projects underway, which will add to the 20 that have opened in the last 10 years. Ourselves, we have four new marina projects under way that will add over 1,000 berths.”
Kim Chan-soo, President of Marine Land, one of Korea’s longest- established boat dealers, said: “Last year, we sold over 40 boats and invested in a new showroom facility in Seoul. I feel the culture of leisure boating is becoming established in Korea and the market is certainly growing.”
