INDUSTRY VOICES
Looking ahead to 2025
BY BILL YEARGIN
2024 WAS A CHALLENGING YEAR for the boating industry . The boating market , unfortunately , continued to decline – new unit sales were down about 10 % year-over-year based on the information I saw just before writing this article – when many of us believed it would flatten out . As I write this , month-over-month market data is still declining .
We also had threats in Washington , D . C ., particularly on the regulatory front . A proposed and misguided vessel speed restriction on boating off the Atlantic coast was most threatening for our industry . In other parts of the U . S ., we fought threats related to both restricting wake surfing and general boating access .
We do have challenges , but there are a couple of things we should consider as we contemplate these challenges . First , we are in a cyclical industry , and the market will improve ; it always does . Whether we are in good or tough times , we should avoid getting captured by the moment . Second , we are a strong and resilient industry led by seasoned leaders ; challenges make us better .
As we look ahead into 2025 , I believe we have some reasons to be optimistic . We have navigated through much of the demand pull forward resulting from COVID , which should help stabilize the boating market and eventually turn it around . Interest rates are dropping , with more reductions projected . We have reason to believe that the new administration will mitigate many of our regulatory concerns .
While a new approach to trade , the threat of potentially higher tariffs will likely present challenges for our industry . However , most economists seem to view this upcoming year positively . Additionally , we know that consumer confidence is a critical predictor of boating markets , and it has been improving .
Most importantly , the boating industry has something few others can match : Blue Mind . Blue Mind is the concept identified by the late Dr . Wallace J . Nichols , whose research proves that people are healthier physically , mentally , emotionally , and spiritually when they are in , on , under , or near the water . When people want to invest in themselves , their friends , their families or any of their relationships , they just need to think boating .
And , fortunately for our industry , we are represented by a great organization , the National Marine Manufacturers Association ( NMMA ). As Chair of the NMMA , I work closely with the NMMA board of directors , which
includes many extraordinary boating industry leaders . I also work closely with Frank Hugelmeyer , NMMA CEO , and his team of outstanding association executives who represent us well . Together , the NMMA board , in concert with our NMMA team , advocates for our industry with local and federal government leaders and agencies . We are also working to develop our boating markets within demographics that have not been historical boaters . Additionally , through certification and other means , we are working to ensure boating is safe and reliable .
We will undoubtedly continue to have bumps in the road ahead . However , overall , our industry has a bright future .
We must continue developing innovative , market-driving products that allow folks to improve their lives by spending time on the water with family and friends . If we do that , we will thrive in whatever 2025 and beyond bring .
Happy New Year , and all the best for a wonderful 2025 !
Bill Yeargin is CEO of Correct Craft and Chair of the National Marine Manufacturers Association ( NMMA .) He has authored six books including the bestseller Education of a CEO .
www . boatingindustry . com december 2024 / january 2025
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