April 20 (Bloomberg) -- Furuno Electric Co., the world’s largest marine electronics maker, expects its sales of pleasure-boat products to triple to 30 billion yen ($326.6 million) in five years on demand from China, said President Yukio Furuno.
“A private-boating culture is emerging in China,” Furuno said at a meeting held for analysts in Tokyo yesterday. “The government is building marinas, expanding the potential of the country’s pleasure-boat market.”
The Hyogo, Japan-based Furuno said it holds about 20 percent of the 340 billion yen global market for marine electronics, according to company estimates. It also said it has 16 percent of the world’s 90 billion yen market for pleasure boat devices.
Furuno forecasts a net profit of 700 million yen for the fiscal year beginning March 1 from a 3.2 billion loss the previous year.
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