NMMA expects strong growth to continue - Trade Only Today

NMMA expects strong growth to continue

The NMMA is touting the marine industry’s 2016 gains, emphasizing that it is one of the “few American-made industries.”
Author:
Updated:
Original:

The National Marine Manufacturers Association is touting the marine industry’s 2016 gains, emphasizing that it is one of the “few American-made industries.”

The group expects sales to have grown between 6 and 7 percent in 2016, with an estimated 250,000 boats sold this year as consumer confidence continues to rise.

Dollar sales of recreational boats are expected to rise between 10 and 11 percent from $8.4 billion, the NMMA is telling national consumer and business media.

The group predicts that an incoming Trump administration and Republican-controlled House and Senate will help the largely U.S.-based industry continue to thrive.

“I think [the new administration] is going to be very good for boating,” NMMA president Thom Dammrich told Trade Only Today. “I think it’s going to be an administration that will be very friendly to recreation.”

As one of the few original American-made industries — 95 percent of boats sold in the United States are made in this country — recreational boating is seeing some of its healthiest gains in nearly a decade, a trajectory the NMMA expects to continue through 2018.

Annual U.S. sales of boats, marine products and services totaled $36 billion in 2015 and are expected to climb 3 percent in 2016, to $37 billion.

Annual U.S. retail sales of new boats, marine engines and marine accessories totaled $17.4 billion in 2015 and are expected to grow to $19.1 billion in 2016.

The group also identified top boating trends to watch in 2017 — a continued increase in larger boat sales; a continued focus by manufacturers on introducing affordable and versatile boats to appeal to younger generations; increasingly intuitive marine technology; and a continued rise in a sharing economy around boating.

The recreational boating industry in the United States has an annual economic impact of more than $121.5 billion — a figure that includes direct, indirect and induced spending — supporting 650,000 direct and indirect American jobs and nearly 35,000 small businesses, the group said.

“With the U.S. boating industry having one of its strongest years in the last decade, and manufacturers saying, ‘We’re back!’, it’s likely we will reflect on this period as a golden age for our economy and our industry,” Dammrich said in a statement distributed to mainstream media.

“Economic indicators are working in the industry’s favor — a continuously improving housing market, strong consumer confidence, growing disposable income and consumer spending, and low interest rates all contribute to a healthy recreational boating market. Looking ahead, 2017 is likely to bring new dollar and unit sales gains on par with or better than 2016, and this trend will likely continue through 2018.”

The story has been picked up by Bloomberg Radio across the country.

Also appearing in national media was an article at Men'sFitness.com that included Discover Boating in its article, "52 tricks to make everything better in 2017."

Number 45 was “Take out a boat,” and it highlighted the boat-sharing economy and chartering as accessible options for readers while driving people to DiscoverBoating.com to find all of their boat rental, charter and class options in one place.

Related

Azimut Benetti Group Sees Robust Sales in Asia-Pacific Market

The Italian conglomerate is reporting total sales of over 150 million euros in the region.

MasterCraft Investor Pushes Company to Explore Sale

Reuters reported that the investor is pushing for an acquisition.

Quick Hits: October 27, 2020

Caterpillar reports Q3 results; Camper & Nicholsons grows its sales team; and the Water Sports Foundation adds a content director.

Garmin Unveils A Wealth of New, Fishy Products

Striker Cast, a fishfinder and a chartplotter are all designed to help anglers catch fish.

What Will the Biggest Challenge Be in 2021?

Workforce, inventory, consumer demand, absence of boat shows — this month’s Pulse Report asks dealers to look ahead.

MRAA’s Dealer Week Previews on Thursday

Registration is open now for the premier dealer event. Plus, quicker response times to leads is a must-have in today’s market place.

Boat Buyers are Frustrated

Sales skyrocketed during the pandemic, but dealers now have a problem with the customer experience

Hinckley Announces an Outboard-Powered 35

The Maine builder’s newest model is slated to splash next summer