Americans bought $9 billion of new boats in 2016, and another $9 billion of preowned boats.
“The total amount of money Americans directly spent on recreational boating reached all-time high in 2016 of $36 billion,” said National Marine Manufacturers Association president Thom Dammrich in a state-of-the-industry address he gave last week on Capitol Hill.
That includes the $18 billion on boats themselves, another $6 billion for accessories, and the balance on insurance, finance, storage, and all the other things that go along with the boating industry, Dammrich said in a video taken of the address.
The industry is in its sixth year of growth, increasing by 6 percent last year, and the NMMA expects the growth to continue for another couple of years despite the traditional cycle lasting around five years.
Check out the whole video here.
“The industry today is doing very well, and sales are beginning to accelerate,” Dammrich said in another video of the talk.
Generally Dammrich gives the state-of-the-industry address at the Progressive Miami International Boat Show’s Innovation Breakfast, but this year is taking a new approach as he welcomes Department of the Interior Secretary Ryan Zinke, according to the NMMA.
Check out his slide deck here.