The recreational marine market in the United States is a mature market, with retail spending in 2020 of approximately $49 billion spent on new and used boats, engines, trailers, accessories and other associated costs, according to estimates from the National Association of Marine Manufacturers (NMMA).
Pleasure boating competes with all other leisure activities for consumers’ limited free time.
There are currently approximately 16 million recreational boats owned in the United States, including outboards, inboards, sterndrives, jet drives, sailboats, and personal watercraft.
In the United States, the management of the Marine Products company believes that the five largest states for boat sales today are Florida, Texas, Michigan, Minnesota and Wisconsin.
Marine Products competes in the sterndrive category with three lines of Chaparral boats and in the outboard category with its Robalo sport fishing boats, OSX Sport Luxury and select SSi and SSX models.
Industry sales of new outboard boats in the United States during 2021 totaled 53,471 units and represented approximately 73% of all new fiberglass power boats sold between 18 and 36 feet in length.
Sales of new outboard boats had an estimated total retail value of $3.8 billion, with an average retail price per unit of approximately $71,000.
Approximately 62% of Marine Products unit sales in 2021 were outboard boats compared to 63% in 2020.
Sales of new sterndrive boats in the United States during 2021 totaled 7,165 units and represented approximately 10% of all new fiberglass power boats sold in the 21- to 34-foot hull lengths.
Meanwhile, sales of new sterndrive boats had an estimated total retail value of $800 million, with an average retail price per unit of approximately $115,000.
About 38% of the company’s unit sales in 2021 were sterndrives, compared to 35% in 2020.
Chaparral’s products are categorized as sterndrive boats and outboard boats, and Robalo’s products are categorized as outboard boats. Industry-wide sterndrive boat unit sales have declined steadily during the last three years.
The recreational boat manufacturing market remains highly fragmented, although several large public companies own, or have started to acquire, a diversified group of recreational boat manufacturers.