Boats of any size can be found just about everywhere in the world. From large commercial boats to small fishing boats, the market continues to see significant growth. Is this growth expected to continue? Which segments are seeing the most changes? Del City digs into these questions and more to help explain the many facets of the marine industry.
A large portion of growing boat sales are attributed to boat shows both domestically and internationally. According to the National Marine Manufacturer’s Association (NMMA), the marine market sees the highest spike in sales from January to March. Most boat buyers (especially for large industrial boats) do not purchase directly at the show, but instead use these shows as research to purchase within the next couple months. Major boat shows such as the International Boat Builders’ Exhibition & Conference (IBEX) and the Fort Lauderdale International Boat Show (FLIBS) both take place in October or early November. This gives buyers plenty of time to choose the correct vessel for their business as well as take advantage of great deals from the show. According to NMMA, shows in the boating industry can generate up to 50% of sales for manufacturers and dealers. With new marine shows being adding yearly, the events for boat buying are expected to expand both the number of boats purchased as well as revenue.
Boat and exhibition shows are not the only contributing factor to the marine industry’s explosive growth. Marine vessels are often seen as a major American-made industry, with around 95% of the boats solid in the United States are manufactured in the United States. In terms of recreational boats, this is partly to do with consumer spending and an increased amount of disposable income. In terms of large commercial vessels or industrial boats, it can likely be attributed to a consistent growth in business success. When companies are seeing larger economic growth, they need not only more marine vessels but also larger vessels. This in turn makes the company more efficient while transporting more goods; this then continues the cycle of business success and purchasing of more marine vessels.
With the larger boats, the industry is seeing one consistent trend—big boats are back in more ways than ever. Commercially, industrially, and recreationally, boat sizes are getting larger and larger as the years continue. In 2015, small recreational and power boats dominated the market. In the past couple years, the heightened sales of much larger vessels has seen gains around three percent. Considering the higher prices tags on significantly larger boats, this floats larger commercial vessels and yachts above the typical seed, power, or fishing boats.
What else is changing in the marine industry? The boat technology is more advanced and growing by the minute. Although this is also helpful for recreational boating, increased technology is where commercial and industrial vessels really shine. Because these boats are larger and hold significantly more cargo than a six person pontoon, they are constantly being updated. This includes upgrades such as lighting, GPS technology, weather resistant tools, and protective wiring. Many products are now certified as “marine grade” in order to withstand the harsh conditions that industrial and commercial boats endure on their long treks. This in turn makes the boats more efficient and safe for both short and long commutes.
Overall, it is expected that the marine industry will not be slowing down any time soon. With an expected value of $5.04 billion by 2023, the marine composite industry is expected grow faster than many other industrial markets. To find the perfect products for your marine application, Del City created a catalog to be your one-stop shop. To read more about how to keep your boat safe and efficient, check out our blog article. For any product questions, please don’t hesitate to reach out to Del City at 1-800-654-4757.