NMMA reports February industry data, new powerboat registrations up 4.2 percent in 2018

NMMA’s latest New Powerboat Registrations Report shows new powerboat registrations were up 4.2 percent in 2018 compared to 2017. 

Tow boats and personal watercraft remained growth leaders, up 10 percent and 8 percent respectively and accounting for nearly 30 percent of new boat unit sales. Registrations of new outboard boats, which comprise 64 percent of total new boat sales, were up 3 percent YOY.

For complete data by boat type, hull material, propulsion, and size going back five years, please view the full report here. 

According to NMMA’s December 2018 Monthly Shipment Report (MSR), total powerboat wholesale shipments grew for the ninth consecutive year in 2018, up 6.4 percent to close the year for NMMA’s control group of manufacturers (representing 77 percent of the powerboat market). 

Outboard boat wholesale shipments were up 3.5 percent in 2018 and were led by gains in bass boats, deck boats and runabout bowriders. Fiberglass sterndrive boats rebounded and ended 2018 up 3.3 percent. Ski/wakeboard boats led gains in the inboard boat segment, up 14.4 percent in 2018.

Click here to access the full report. 

In the latest Forecast on U.S. Boat Building Production from ITR Economics, growth in boat building production is expected to peak this summer before moderating slightly thereafter. 

According to ITR’s forecast, at its lowest (Spring 2020), production is expected to be on par with levels seen last winter (2018). By summer 2020, ITR is expecting steady acceleration in production through 2021. 

Recommendations for managing growth in this business climate include:

– Investing in workforce development;
– Ensuring quality control keeps pace with increasing volume;
– Expanding distribution channels and ensuring you have the right price escalator while spacing out price increases.