BULLISH MARKETS IN THE MARINE INDUSTRY:
Sales in marine and boating markets have been on a steady rise since the market crash of 2008. As GDP, job markets, and finance, continue to show strong recovery. DI (disposable income) markets such as recreational boating, watercraft, and sporting such as fishing, skiing, wake-boarding etc, have caught the residual effects of the positive fiscal growth. 2014 saw a 7-8% growth in the sector, which is the third consecutive year of growth. The 2015 year is forcasted to follow suit with a projected growth of an at least 5% annual increase from last season.
Retail expenditure in the marine markets has also shown great positive growth as well. In fact, 2014 saw a 5% increase, this eclipses the 2007 season which was the highest market on record. The biggestgrowth in boating sales is seen in Ski/Wake-board boats, fiberglass run-a bouts, and personal watercraft (wave-runners).
Here is a snippet from the NMMA report.
U.S. recreational boating facts and figures (Source: NMMA)
- Recreational boating retail expenditures (new and pre-owned boats and engines, trailers, accessories and services including fuel, repair, storage, insurance, taxes) increased 3.5 percent in 2013 to $36.8 billion.
- Sales of powerboats (outboard, sterndrive, inboard and jet boats) were up 2.4 percent in 2013, reaching a total of 161,130 units. Unit sales are expected to have increased 5-7 percent in 2014 once numbers are calculated.
- It’s not just new boats Americans are buying, there were an estimated 955,300 pre-owned boats (power, personal watercraft, and sail) sold in 2013.
- Made in America: Ninety-five percent of powerboats sold in the U.S. are made in the U.S. Recreational boating in the U.S. creates more than 338,500 marine industry jobs, supporting more than 34,800 businesses.
- Americans are taking to the water in record numbers: Of the 242 million adults in the U.S. in 2013, 89 million participated in recreational boating at least once during the year – up one percent from 2012.
- There were an estimated 12 million registered boats (power, sail, and some canoes/kayaks and other non-powered boats) in the U.S. in 2013 (the most recent data available).
- Ninety-five percent of the boats on the water in the U.S. are 26 feet or less.
- Seventy-two percent of American boat owners have a household income less than $100,000
National Marine Manufacturer's Association