On the water, of course! While this past year has brought much uncertainty, one thing we are sure of is that more people became new boaters to get out on the water. It’s one of the few activities that provides a safe way to enjoy friends and family, and everyone wants to be part of the fun.
There has been a significant increase in demand for boats. According to the National Marine Manufacturers Association (NMMA), growth in the marine industry was predicting a 2% increase before the pandemic hit. Instead, the industry saw an increase of 12% – the highest jump in 13 years and it does not look like it’s slowing down in 2021.
The largest segment of that growth has been new or first-time boaters. While this is great for the industry and for the boating community, it means that there are no trade-ins entering the market as existing inventory is purchased, which creates a supply and demand imbalance.
The second piece of that supply-demand imbalance is on the manufacturing side. The marine industry requires a significant number of raw materials. Unfortunately, there are several other industries requiring some of those same metals, plastics, wood, etc., which has resulted in a shortage. Fiberglass and the specific resin that is used to laminate boats is scarce throughout the entire country right now.
While manufacturers are working hard to meet demand, availability will be very limited this season. We will likely see an increase in consumers wanting to trade-in for other used vessels while we all wait for the shiny new objects to appear in showrooms again.
As we wait for things to stabilize, enjoy the vessels currently on the water and we’ll be here to help keep it running all summer so you can stay on the water where you belong.