Main powerboat segments were down 18% at the end of June with a total of 36,726 new registrations recorded. Dealers continued to battle high inventory levels, while consumers remained disappointed with interest rates and the availability of financing.

Looking at individual segments at the end of June, personal watercraft led the way in new models with 39,872 sold year-to-date. This was a 20% drop compared with the previous year. Pontoon boats came in next with a total of 34,232 through 2024, a 15% decline versus halfway through 2023.

Continuing to perform well, freshwater fishing was the lone segment not in the red, with 13,782 new registrations, a 2% gain year-over-year.

The data for new-boat registrations was provided by Info-Link, a Florida-based firm that compiles new-boat registration numbers from the Coast Guard and individual states.

Eric Wold, chief financial analyst for B. Riley Securities, says buyers are anxious because of high interest rates and the uncertain economy. Manufacturers are trying to work with dealers by providing incentives, but they’re not enough.

“The fact that consumers aren’t buying, even with those great deals, shows things are just really tough for them,” Wold says. “If we start seeing people get comfortable that we’re on a path to lower interest rates, we could see people buying a boat out of season so they’re ready for next year.”

Saltwater fishing numbers were 13,782 sold so far this year, a 10% drop compared with 2023. Runabouts measuring between 15 and 26 feet and towboats between 19 and 26 feet were both down 16% versus 2023. Runabouts checked in at 9,656 units sold so far this year, while towboats were at 5,007 for 2024. Rounding out the categories, cruisers/yachts larger than 27 feet showed 2,687 new registrations in 2024, a 7% decline.

For the month of June, there were 35,427 new registrations across all segments. Some 12,863 PWC were sold, which was down 21.5% compared with last year. Pontoon was next, with 8,705, a 24.9% decline from 2023, followed by freshwater fish at 6,085 units. This was a 7.6% reduction from 2023. Saltwater fish checked in at 2,787 new registrations, which was down 17%. Runabouts continued to struggle, with 2,374 new boats sold, a 26.3% decrease compared with 2023, while the towboat category was off 22% with 1,370 units sold. For the cruiser/yacht segment, 551 new boats were sold, an 18.7% reduction versus 2023’s 678. The unclassified/other category had 692 hulls registered, a 16.9% decline from 2023.

Looking at powerboat registrations by state through June, Florida led the way with 32,421, followed by Texas at 17,544, Michigan with 12,284, Minnesota at 9,501 and New York at 8,298.

In addition to concerns about the economy, some people who bought boats during the pandemic are returning to their previous activities, which means they’re not using their boats and are putting them up for sale.

“It’s uncertain how many people who got into boating during the pandemic no longer care,” Wold says. “Participation is still there. You still see evidence of people boating.” 

This article was originally published in the October 2024 issue.