Demand for Accessories May Increase Amid Rising Boat Sales

a covered boatMore people have been buying personal watercraft in the US over the past six years, which has led to higher demand for accessories, according to the National Marine Manufacturers Association (NMMA).

Whether it’s a bass tracker boat cover or tarps, the increase in boat sales has had a positive impact on miscellaneous spending within the industry. In 2017, the NMMA said that transactions rose 5% year over year.

Growth Factors

One of the reasons behind the steady growth in sales includes the availability of more vessel types. Many dealers sell their products by marketing them as a family-friendly choice during a vacation. The availability of more models leads to no dominant player in the market.

For buyers, this means that you will find it much easier to negotiate prices due to the level of competition. While older Americans make up the biggest share of buyers, millennials are rapidly becoming a significant source of transactions.

Some dealers said that the first-time buyer rate in this age group has reached 50%. The launch of lower-priced models such as the Sea-Doo Spark served as a major factor for this.

Luxury Ships

If you’re wondering how much it would cost to own the most expensive yacht in the world, be ready to spend at least $5 billion. An unnamed Malaysian businessman spent $4.8 billion to buy the History Supreme in 2011.

The second most expensive luxury ship belongs to Russian billionaire Roman Abramovich, who spent almost $2 billion for the Eclipse yacht. Meanwhile, a royal family from Abu Dhabi is rumored to be the owner of the biggest private superyacht worth $600 million.

Whether or not personal watercraft sales amount to billions of dollars, the outlook remains bright for suppliers of equipment and accessories as more people are interested in owning a boat.