The latest numbers reported by the National Marine Manufacturers Association (NMMA) confirm what we’ve guessed (based on inquiries for boat insurance): American powerboat sales are on the rise. Even better, the NMMA predicts that growth will continue in 2018. It’s good news for sales jobs in the boat manufacturing sector. The domestic recreational boating industry provides roughly 650,000 American jobs directly and indirectly – no surprise since 95 percent of recreational boats sold in the United States are American-made. While nearly all segments show a rise in registrations, the NMMA reports that the marine vessels leading the increase at the end of 2017 were cruisers, pontoons, towboats, and personal watercraft. The stats reveal that registrations of outboard boats are up by five percent and vessels measuring 27 feet and larger are up by nearly nine percent.
The winter boat show season has been strong, which bodes well for the boat manufacturing industry into 2018. This is the time of year when people are looking to invest in recreational boats before the spring and summer season. “The close of 2017 marked our sixth consecutive year of growth in new boat sales and recreational boating expenditures, and we expect that trend to continue through 2018, and possibly beyond,” says Thom Dammrich, NMMA President, in a press release. “On the horizon, if economic indicators remain favorable to the recreational boating market with strong consumer confidence, a healthy housing market, rising disposable income and consumer spending, and historically low-interest rates, the outlook is good for boat sales.”
If you have attended boat shows this winter (a favorite pastime of our boat insurance specialists), you’ll find a broad selection of boats geared to new boaters and families looking to get out on the water. These include things like ski and wake boats, pontoon boats, and small personal boats. Other trends for 2018 are fishing boats for both saltwater and freshwater enthusiasts and mid-size cruisers.
Before purchasing your new boat remember to seek advice from boat insurance professionals to adequately protect your investment. Contact the marine insurance professionals at Global Marine Insurance to review your boat insurance needs. We’re always happy to discuss policy coverage, and we specialize in recreational and commercial boats.
