2018 Industry Trends Indicate A Great Year For Boating and Marina Industry
Trends throughout various segments of the industry indicate that 2018 is likely to be a good year for the boat and marina industry. We’ll take a look at a couple of those segments and the trends that point to why things are looking strong.
Additional information:
Manufacturing Trends:
This year will tend to be environmentally focused.
- Introduction of more all electric or hybrid boats
- Green and sustainable manufacturing practices and facilities
- More efficient engine/propeller performance and reduced emissions
- Mobile GPS tracking options and adaptations
- Digital Handling
- Increased use of wearable tech and personal safety beacons
- Self-sailing boats
Economic Trends:
The industry has had steady economic growth since 2007
- Consumer Confidence Index remains at all time high since 2000
- Crude oil prices remain low and are expected to rise at a lower rate than in 2017
- Interest rates remain low and favorable
Additional information:
Marketing Trends:
Core base remains but younger generations are gaining interest.
- Core boater is still 55+, affluent and committed to boating
- Millennials are an up-and-coming purchasing powerhouse that need to be catered to through digital and social media
- Better transparency in industry educating consumer in costs of boat ownership
- Boat buyers expect hybrid or electric models
- Boat buyers expect versatile models with more features and innovations
- Boat buying experience to mimic car buying experience with transparency of cost
With new emerging demographics and the demand for environmentally friendly boats and manufacturing, we’re seeing some changes in the industry. But all signs point to these being positive changes. Here’s to a great 2018!
