If the local lake appears to be bustling with boats lately, it’s not merely a figment of your imagination. New sales of recreational boats in 2018 reached their highest level in over a decade, as reported by the National Marine Manufacturers Association.
Sales of new boats—which include both powerboats and sailboats—increased by 4 percent in 2018, totaling 281,800 units sold, according to the NMMA. This marks a 5 percent rise over the figures from 2008, when the economy sharply declined under President Bush, resulting in significant job losses in the marine sector.
Total retail spending on recreational marine products and services rose for the eighth consecutive year in 2018, reaching $42 billion—an increase of 7 percent from 2017, based on the report. New boat purchases made up $14 billion of this total, reflecting a 10 percent increase from the previous year.
Almost two out of three new boats sold in 2018 featured an outboard motor. Manufacturers like Mercury Marine, Evinrude, Yamaha, and Honda are optimistic about continued growth in outboard sales, having launched several new outboard models.
Thanks to consistently pleasant weather throughout the year, Florida emerged as the leading state for retail sales of powerboats, outboard engines, boat trailers, and aftermarket accessories. Following Florida, the states with the highest marine retail sales are Texas, Michigan, North Carolina, and Minnesota. These five states together represented 36 percent of the $22 billion spent in these product categories.
A more detailed analysis of marine industry sales can be found in the NMMA’s 2018 Recreational Boating Statistical Abstract. Digital copies of this report are available at no cost for NMMA members and for purchase by non-members.
The NMMA is the primary trade association representing manufacturers of boats, marine engines, and accessories, advocating for recreational boating. To learn more about the organization, visit www.nmma.org.