According to Boats Group, a boating industry analysis firm, said that the boating market began to normalize last year as buyer interest shifted and the total number of boats sold globally decreased for the first time since the pandemic-driven boom.
In 2022, the number of boats sold was down 4.3% compared with 2019. However, the global average boat value was up 29.5% compared to 2019.
“For the first time in three years, we’re seeing consumer demand soften. However, our marketplaces’ share of voice is the highest it’s ever been, which is a very positive sign for the health of the industry,” said Courtney Chalmers, vice president of marketing at Boats Group. “The effects of the demand and supply chain disruption during the pandemic are also still very apparent. Boats continue to move off the market faster and sales remain higher than before the surge.”
According to Trident Funding, a leading marine lending company, boat loan applications were up by 80% in 2022 compared to 2021. Trident reports loan amounts were smaller than in 2021, primarily driven by rising interest rates.
“Borrowers are feeling the elevated boat prices and rate increases, yet are looking to continue their adventures on the water, just in a more affordable way,” said Mark Breeden, president of Trident Funding. “The substantial rise of applicants last year shows boaters’ dedication to their lifestyle and is encouraging for the industry as we transition from the boating boom that occurred during the pandemic. As the supply chain and inventory levels normalize, we look for the market to provide increased ways for consumers to enjoy their time on the water.”
Inventory levels also made a significant comeback last year, as listings were a mere 4.5 percent below 2019, driven by new boats coming to market. This considerable growth is yet another signal that the industry is nearing more balanced supply and demand conditions.
For the full boating market report, click here.
