January wrapped up with main powerboat segments down 16.3% compared with January 2023, with 3,627 new registrations versus 4,333. The total industry finished 24.8% lower than the start of last year, with 5,483 new boats sold compared with 7,294.
“It’s hard to put a finger on exactly what it was,” says Michael Schwartz, director of equity research at Truist. “In some regions, boat shows were wiped out by bad weather, and with freezes and snowfalls, no one was in the mood to buy a boat.”
He was referring to data provided by Statistical Surveys, a Michigan-based firm that compiled new-boat registration data from 31 states, representing about 59% of the U.S. recreational boating market.
In January, there were 889 new aluminum fishing boats registered. This was down 13.4% from the previous year’s 1,027. Pontoon boats sold in January numbered 712, a 16.3% decline from last year’s 851. Outboard-powered fiberglass boats from 11 to 50 feet checked in at 1,658 new sales, an 18.9% decrease from 2,045 in January 2023. Ski Wake saw 191 boats sold in January, which was 17% down from 230 in the same month a year ago.
“Small changes in unit volume can add up to big percentages,” Schwartz says. “When you talk about aluminum boats, where are they more heavily concentrated? In northern climates and the Great Lakes.”
In individual categories, the trends that ended 2023 carried over, showing that premium boats were still strong. Fifteen yachts larger than 66 feet were documented, a 25% increase compared with the 12 sold in January 2023. Yachts measuring 41 to 65 feet remained level, with 46 new registrations in the first month of 2023 and 2024. Sterndrive and inboard-powered bowriders and deckboats were within 1.1%, with 90 new boats sold in January compared with 91 the year before.
One of the biggest reversals came in the personal watercraft category, which had been seeing big jumps toward the end of 2023. In January, there were 1,036 units sold, a 42% drop from 1,787 the previous year. These roller-coaster numbers were also seen in the powersports industry because thousands of units were waiting for the same part, often a microchip, to be installed so the final product could be delivered. After the vehicles sat for months, the chips arrived, and product shipped in high volumes. Now that supply chains have settled, the deliveries are becoming more consistent.
“PWC is playing out of a six-month lag from what the rest of the powerboat industry is seeing,” Schwartz says.
Jetboats were down 21.4% with 103 registered in January compared with 131 in the previous year. Some 78 new sailboats were purchased in January, a 21.2% decline from 2023’s 99. The always curious “all others” category was way down, with 466 new sales in January, a 34.7% plummet from 714 in 2023.
In total, there were 5,483 registrations to start 2024. Florida led the way with 2,047, followed by Texas at 592, Michigan at 316, North Carolina at 291 and California at 259.
This article was originally published in the April 2024 issue.
