MARKET TRENDS
BY KRYSTINA SKIBO
After seeing the highest sales volume in 20 years in 2020 , demand for outboard engines remained steady in 2022 as unit sales surpassed 300,000 for the third consecutive year , reaching 305,900 units , according to the National Marine Manufacturers Association ( NMMA ).
Even though unit sales were down slightly , it ’ s not necessarily a bad thing . Jim Loftus , Director of Strategic Planning / Business and Products , American Honda Motor Co ., says sales are just going back to normal after a Covid boom .
“ During Covid , everything outdoors went nuts ,” he says . “ 2021 was really popular for any outdoor product . We peaked at 350,000 units sold , which was the strongest year for us . Traditionally , we see 300,000 unit sales in outboard engines . But because of interest rates , we ’ re seeing outboard engine sales trend back to what we ’ ve seen in the past .”
Younger generations getting into boating
One particular trend that Loftus has seen pop up since Covid is the younger generation ’ s interest in boating . “ For the first time ever in our industry , three-out-of-four new boat buyers with outboard engines were millennials . A lot of Gen Y have also moved into the marine market which is fantastic because a concern of ours for years was that our industry would disappear ,” he notes .
Lightspeed research between April 2023 and March 2024 found that even though baby boomers are still the top purchasers of outboard engines , the millennial generation spent the second highest amount on the unit purchase price , at an average of $ 6,466 .
In Lightspeed ’ s study , baby boomers purchased 40 % of outboard engine units sold . On average , they spent $ 5,591 on the unit purchase price . Millennials purchased 19 % of the units , while Gen Z spent an average of $ 6,946 on the unit price and purchased 2 % of the units .
A focus on carbon neutrality
Another notable trend that Loftus mentioned , along with Ben Speciale , President , Yamaha U . S . Marine Business Unit , is that the marine
BEN SPECIALE
industry should be focusing on reducing its carbon footprint .
“ Innovation and technology will recreate opportunities to move towards more carbon neutrality ,” says Speciale . “ That is why Yamaha has , and will , invest in the people and resources needed to create the next generation of marine systems .”
26 may 2024 www . boatingindustry . com