Thinking About Purchasing A Boat? Pick The Right One
- Sales of new powerboats in the U.S. increased by about 12% in 2020 to more than 310,000 compared with 2019 as per the marine association. Among the categories of boats consumers bought, freshwater fishing boats and pontoons boats were extremely popular, accounting for half of the powerboat sales.
- Boat sales skyrocketed during the pandemic. The trend,continued in 2021, shocked industry players who were certain they were in for rough times as the pandemic shut down the economy. Now, dealerships are struggling to maintain inventory and manufacturers are expanding production capacity to meet demand. Wait times for buyers have jumped from a few weeks to several months. What’s more, first-time buyers are entering the market in larger numbers, a sign that the growth has staying power.
- The global recreational boating market was valued at USD 29.0 Billion in 2019 and is projected to reach USD 35.4 Billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 5.1% from 2020 to 2027.
- As with any industry, the boating industry is fiercely competitive. It is also facing challenges due to environmental changes as well as changes in the way people spend their recreation time. Fuel, specifical ethanol, is also an ongoing concern.
- Consequently, boats are becoming more powerful, more luxurious, and more energy-efficient as the industry attempts to meet these challenges and allow water lovers worldwide to enjoy it in the only way it was meant to be enjoyed–at near-zero speed.
- That is correct; while they are on the water, most boats are used for fishing and relaxing, which means that most of the time, boats are sitting still. That said, there are a lot of economic and dynamic things happening on a boat floating peacefully on the water
- Although recreational boating is popular, the most popular use for boating is fishing. Whereas the increase in fishing just a few years ago was up two to four percent, it dropped in 2019. For 2022, fishing boats, center console boats and tritoons, sales are projected to regain ground up to two percent over last year’s losses, making for a profitable, fun season for water lovers.
- With know the popularty and limited supply of inventory, how do you choose the right boat for you?
- How do you find which boat is right for you and your family There are so many different types of boats out there that choosing the right boat for you, personally, can seem like a tough decision. Answering the “what boat is right for me” question begins narrowing down the choices depending on: what type of activities you like; how many people you usually take out; the size of the boats you’re interest in; the type of propulsion you favor; and whether or not you want a trailerable boat. This will help you select among these popular options...
- Rental Opportunity
- Try renting different types of boats, from tritoons to deck boats and day cruisers with various engine types, inboards, out boards. find the one that fits your boating style and needs.
- From fishing boats to yachts, the boat-rental industry is enjoying steady growth for business-to-consumer boat rentals. This growth is so strong that rentals are projected to continue growing through 2026.
- In terms of boat popularity, smaller boats at a length of up to 28 feet rank second, while boats ranging in length of 28 to 45 feet represent the strongest category in terms of popularity and revenue. Although boat rental for larger boats exceeding 45 feet remains strong, the market for this boat size is much smaller.
- In terms of usage, touring and charter rentals are popular, but direct-to-customer rentals represent the strongest area of growth. Falling in at a respectable fourth place are boats rented for day cruises.
- Aging Boaters
- Perhaps because boats are expensive, the average age of boating customers has always been in the middle-age range. However, the median age is increasing as younger people opt for other activities. Currently, the median age range is just over 50 years. Unless boat manufacturers are able to target a non-white market, this trend of aging boat buyers will gradually increase.
- Although boats still represent a relatively expensive option for recreation, their affordability is continuing to drive sales for personal watercraft as well as boat rental. This affordability has resulted from more efficient manufacturing techniques and better engine technology. In terms of engine technology, fuel efficiency has been one of the factors that have contributed to the affordability of boats
- Focus On Family
- While fishing is the top activity done upon a boat, family activities represent the largest category of growth for boat sales and rentals across the fishing, touring, and day-cruising markets. Because of the family-oriented boat market, pontoons are a very popular boat because they can serve as a fishing vessel and a water-based cabana.
- Because the pontoon is so versatile, it represents a huge revenue opportunity for those involved with manufacturing and sales. For instance, a pontoon can be–and often is–decked out with high-performance motors along with marine-sized refrigerators and appliances. Consequently, they are a revenue mainstay for boat sellers capable of customizing to customer needs.
- Bottom line is a boat is an investment not only in the cost of the boat, but an investment in a lifestyle for you and your family that can last a lifetime.
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