As Summer Starts, U.S. Boat Sales Continue to Climb

The following article is courtesy of the National Marine Manufacturers Association:

With Memorial Day weekend, the unofficial start of boating season, upon us, and the NMMA is reporting that the $36 billion U.S. boating industry is seeing some of its highest sales in nearly 10 years.

According to data from the new 2016 Recreational Boating Statistical Abstract, unit sales of new powerboats rose 6 percent in 2016, with 247,800 boats sold, and are expected to increase an additional 6 percent in 2017 – a trajectory NMMA anticipates will continue through 2018.

“Economic factors, including an improving housing market, higher employment, strong consumer confidence, and growing disposable income, are creating a golden age for the country’s recreational boating industry,” notes NMMA President Thom Dammrich. “Summer is a busy selling season for our industry, and we expect steady growth to continue across most boat categories through 2017 to keep up with the acceleration in demand for new boats.”

Demand continues to grow across nearly all powerboat segments. Outboard boat sales, which represent 85 percent of new traditional powerboats sold, were up 6.1 percent in 2016 to 160,900 units.

Sales of new ski and wakeboard boats, used for popular watersports such as wakesurfing and wakeboarding, saw a double-digit increase, up 11.5 percent to 8,700 boats. New personal watercraft sales, often considered a gateway to boat ownership, rose 7.3 percent to 59,000 craft, and jet boats, smaller fiberglass boats that use jet engine technology to propel the boat, saw an increase of 8.7 percent, with 5,000 boats sold.

Sales of yachts (33’ and up) saw gains of 3.5 percent, reaching a seven-year high of 1,715 units in 2016.

“One of the standout areas of growth in 2016 was among yachts — a category that has been slower to rebound as high net worth individuals looked to remain more liquid post-recession,” notes Dammrich. “Additional trends driving economic growth for the industry include the creation of more affordable, versatile boats manufactured to appeal to a new generation of boaters, more intuitive marine technology making it easier to get on the water and operate a boat, and an emphasis on shared experiences with the introduction of more boat rental and shared boat ownership apps as well as boat clubs.”

U.S. Recreational Boating by the Numbers 

Annual U.S. sales of boats, marine products and services totaled $36 billion in 2016, an increase of 3.2 percent from 2015, according to NMMA’s 2016 Recreational Boating Statistical Abstract.

The recreational boating industry in the U.S. has an annual economic impact of more than $121.5 billion (including direct, indirect and induced spending), supporting 650,000 direct and indirect American jobs and nearly 35,000 small businesses.

The following states led the nation in sales of new powerboat, engine, trailer and accessories in 2016:

• Florida: $2.5 billion, up 5 percent from 2015
• Texas: $1.4 billion, up 5 percent from 2015
• Michigan: $868 million, up 9 percent from 2015
• Minnesota: $710 million, up 9 percent from 2015
• North Carolina: $689 million, up 11 percent from 2015
• New York: $688 million, up 14 percent from 2015
• Wisconsin: $622 million, up 9 percent from 2015
• California: $615 million, up 15 percent from 2015
• Georgia: $551 million, up 11 percent from 2015
• South Carolina: $544 million, up 10 percent from 2015

Americans aren’t just buying new boats: there were an estimated 981,600 brokerage boats (powerboats, personal watercraft, and sailboats) sold in 2016, totaling $9.2 billion in sales, an increase of 2 percent from 2015.

There are an estimated 12.1 million registered/documented boats in the U.S. in 2015. Ninety-five percent of boats on the water (powerboats, personal watercraft, and sailboats) in the U.S. are small, measuring less than 26 feet in length and can be trailered to local waterways.

Sailboat sales rebounded in 2016 with 6,500 sailboats sold, an increase in unit sales of 16.1 percent over 2015 driven by a 23.4 percent increase in the ‘20 ft. or less’ category. Boating is predominantly “middle-class” with 72 percent of boat owners having a household income less than $100,000.

NMMA will continue to release its 2016 Recreational Boating Statistical Abstract data by section throughout the summer.