The U.S. recreational boating industry kicks off its winter boat show season this month. The National Marine Manufacturers Association (NMMA), representing 85% of the country’s recreational boat, marine engine, and accessory manufacturers, reveals a slight dip in new powerboat retail sales for 2023, estimated at 1% to 3%, totaling 258,000 units. Projections for 2024 indicate sales at similar levels, with the industry addressing challenges such as fluctuating interest rates and shifts in consumer confidence. Looking forward, manufacturers aim to unveil innovative products and showcase emerging technologies at upcoming boat shows nationwide, featuring advancements from hydrogen-fueled engines to boats powered by sustainable marine fuels.
The U.S. recreational boating industry is gearing up for the winter boat show season, with the National Marine Manufacturers Association (NMMA) reporting varying trends in 2023 sales. While most new powerboat categories experienced estimated unit declines of 5% to 25%, the personal watercraft segment witnessed a remarkable surge, projected to increase by 20%-25% based on final 2023 sales data.
Frank Hugelmeyer, NMMA president, attributes the rise in personal watercraft interest to heightened price sensitivity amidst increased interest rates and inflation. Boating enthusiasts opted for personal watercraft as a bridge to their next boat purchase, contributing to an estimated 85,000-90,000 units out of the 258,000 total new units sold at retail in 2023.
The boating industry’s resilience is evident, with nearly 1 million first-time boat buyers from the pandemic era continuing to spend record time on the water in 2023, resulting in a substantial economic impact of $230 billion. As 2024 unfolds, the industry anticipates sustained interest in water-centric activities, driven by a collective desire for health, wellness, and an enhanced quality of life.
Recreational boating remains a crucial contributor to the U.S. economy, engaging approximately 85 million Americans annually and generating an economic impact of $230 billion. The industry supports 36,000 businesses and 812,000 jobs, reflecting a 36% increase from 2018, according to NMMA’s 2023 Economic Impact Study on Recreational Boating.
With winter heralding a robust selling season, boat shows across major markets like New York, Miami, and Chicago play a pivotal role in shaping retail sales for the year ahead. Unlike auto shows, boat shows serve as both marketing venues and retail sales drivers, where manufacturers and dealers unveil new product innovations and technologies.
The recreational boating industry, representing 0.7% of greenhouse gas emissions in the U.S. transportation sector, emphasizes innovation and self-regulation. Technological advancements showcased at winter boat shows include boats running on sustainable marine fuels, hydrogen, electric, and hybrid propulsion systems. The industry’s commitment to reducing environmental impact involves a technology-neutral decarbonization approach, accelerating sustainable marine fuel distribution, establishing marine electric technology standards, and increasing R&D investments in electric battery density and hydrogen propulsion systems.
U.S. Recreational Boating Highlights:
- In 2022, annual U.S. sales of boats, marine products, and services totaled $59.3 billion, marking a 4.4% increase from 2021.
- Boating and fishing are key contributors to the $1.1 trillion outdoor recreation economy, constituting 2.2% of the nation’s GDP.
- The industry supports over 812,000 American jobs and 36,000 businesses, with 95% of boats sold in the U.S. being domestically manufactured.
- Despite the common misconception, 61% of boaters have an annual household income of $100,000 or less.
- The majority of boats on U.S. waterways are under 26 feet, making them easily trailerable to local water access points.
- Leading states in new powerboat, engine, trailer, and accessory sales in 2022 include Florida, Texas, Michigan, North Carolina, Minnesota, New York, Wisconsin, California, Georgia, and Alabama.
The U.S. recreational boating industry’s trajectory showcases its resilience, adaptability, and commitment to sustainability amid evolving consumer preferences.
About NMMA: The National Marine Manufacturers Association (NMMA) is the leading trade organization for the North American recreational boating industry. NMMA member companies produce approximately 85 percent of the boats, engines, trailers, marine accessories and gear used by millions of boaters in North America. The association serves its members and their sales and service networks by bringing them together to expand domestic and international sales and marketing opportunities, support access to waterways, explore new technology and business solutions, and ensure a sustainable future for the recreational marine community. As the largest producer of boat and sport shows in the U.S., NMMA connects the recreational boating industry with the boating consumer year-round. Learn more at www.nmma.org and get engaged with us on Facebook, X and LinkedIn.