- At $3 billion, Florida has largest U.S. recreational marine market
- Projected to grow 6.5 percent over the next six years
- Victory Marine to build its own boats and trailers to target Florida market
A recent report shows why Victory Marine Holdings Corp. (OTC: VMHG) looks shipshape as it sails into Florida’s $3 billion recreational marine market. Compiled by industry analysts at Global Market Insights, the report (http://nnw.fm/s8PJd) forecasts that the “recreational boating market share in the U.S. will surpass $28.5 billion by 2024.” The drivers of this market expansion can be traced to the rise in disposable income, as the economy grows, and the application of cutting-edge technologies that are making moderately priced pleasure craft as à la mode as more luxurious models. Consumer behavior is playing a part, too. “Rising usage of boats for tourism, leisure, and water sport activities such as kayaking, river rafting, sailing, and racing are expected to significantly enhance the production of pleasure crafts & boats, in turn propelling U.S. recreational boating industry size.”
As Florida is the state with the largest recreational marine market in the U.S., the industry in the Sunshine State is set to float on the rising tide, as is Victory Marine, which has its operations there. Victory Marine markets pleasure craft on behalf of top manufacturers. The company plans to be doing the same for its own proprietary designs soon. Victory Marine is also moving into the production of boat trailers, going full sail in a fast growing market. The Florida recreational marine industry is projected to enjoy “YOY growth of 6.5 percent over 2018-2024.”
In October 2018, Victory Marine announced a tentative agreement to lease a 7,000 square foot manufacturing facility located in Miami, Florida, that will serve as the new location for Excalibur Trailers USA Corp., a wholly owned subsidiary of Victory Marine Holdings (http://nnw.fm/sD2DU). This is a lucrative market. As powerboat sales go up, so do sales of trailers. Most powerboats are sold with a trailer, and over 95 percent of such boats are less than 26 feet in length. If all goes according to plan, Victory Marine expects to begin manufacturing its proprietary line of boat trailers by the end of the year.
Victory Marine continues to pursue its aim of manufacturing its own line of watercraft. The company’s CEO, Orlando Hernandez, has just returned from the United Arab Emirates (UAE), where he attended the Abu Dhabi International Boat Show and met with several boat manufacturing companies. As a result, Victory Marine is getting closer to completing an agreement that would enable it to manufacture overseas under conditions of strict supervision and quality control that would satisfy the U.S. market.
Through wholly owned subsidiary Victory Yacht Sales Corp., Victory Marine has been providing yacht sales, brokerage and consulting services. The company has represented many world-class yacht manufacturers, such as Johnson Yachts, Mazu Yachts, Sunreef Luxury Catamarans, Heliothrope Catamarans and Argos Nautic.
A recent Regulation A Securities Offering Statement sets out Victory Marine’s business strategy. The company plans to (i) initiate aggressive online and offline marketing campaigns to build market awareness and recognition of its brand; (ii) increase sales via increased advertising; (iii) introduce new services into the marketplace; and (iv) hire additional key employees to help strengthen its organizational capability. The $5 million in proceeds expected to be raised in the offering will enable the execution of these initiatives.
For more information, visit the company’s website at www.VictoryMarineHoldings.com
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