2024 Boating Market Update
The boating industry saw a return to stability in 2023, a trend that has carried over into 2024. According to the 2024 Mid-Year Market Index by Boats Group, factors such as high interest rates and inflation have caused a 7.6% decrease in global searches for boat purchases in the first half of 2024 compared to the previous year, indicating a small dip in consumer interest.
The boating market has also witnessed a 9.1% decline in overall sales year over year, revealing a striking disparity in the performance of new and used boats: new boat sales have risen by 5.3%, while used boat sales have dropped by 12.4%.
Key Takeaways:
- Boating industry stabilized in 2023, continuing in 2024.
- High interest rates and inflation caused a 7.6% drop in global boat purchase searches.
- Overall boat sales declined by 9.1% YoY.
- New boat sales rose by 5.3% YoY.
- Used boat sales fell by 12.4% YoY.
2024 Boating Market: Time On Market
Despite the increase in new boat sales, they are experiencing a longer time on the market, averaging 53 days more compared to the same period last year. This delay can be attributed to an excess of new boat inventory and consistent pricing in the face of demand obstacles.
Average Days on Market for the USA
In the USA market, the average days on the market for boats in the first half of 2024 highlighted the differing dynamics between new and used boats. New boats spent an average of 243 days on the market, while used boats had a significantly shorter average of 165 days. When combined, the overall average for all boats was 185 days. These figures reflect the slower turnover for new boats compared to used ones, indicating varying buyer preferences and inventory levels in the market.
Key Takeaways:
- New boat sales increased but take 53 days longer to sell.
- In the USA, new boats spent 243 days on the market; used boats 165 days.
- Global average boat prices rose 2.4% to $203,000.
- New boat prices fell 3.4% to $174,000.
- Used boat prices increased 4.2% to $211,500
- Total value of used boat sales dropped 9%.
- Total value of new boat sales increased by 0.6%.
- The global boating market saw $4.22 billion in sales, with an average boat value of $203,431 in the first half of 2024.
- The USA contributed $2.47 billion, while internationally, $1.75 billion, showing strong interest despite economic uncertainties.
- 36-45 feet: $531 million sold, with an average price of $261,590, an 8.76% increase from 2023.
- 46-55 feet: sold $272 million, averaging $499,979, a 2.87% decline in value.
- 56-79 feet: sold $355 million, averaging $1.50 million, a 0.97% decrease in value.
- Over 80 feet: $286 million sold, with an average price of $4.10 million, a 4.95% increase in value.
2024 Boating Market: Average Selling Price of Boats
In the first half of 2024, there was a 2.4% increase in the global average boat prices, reaching $203,000 and breaking away from the stagnant trend observed in 2023. While new boat prices experienced a 3.4% decrease to $174,000, used boat prices saw a 4.2% increase, reaching $211,500. The availability of lower prices and improved financing options for new boats has driven an uptick in their sales volume, even amidst a general decline in used boat sales. Consequently, the total value of used boat sales plummeted by 9%, while new boat sales experienced a modest 0.6% increase.
Key Takeaways:
Strong Global Sales Highlight Continued Industry Interest
During the first half of 2024, the global boating market experienced a flurry of activity, culminating in a total sales value of $4.22 billion from over 20,000 transactions, with an average boat value of $203,431. The USA emerged as a key player in this vibrant market, contributing $2.47 billion to the total sales value, with 16,185 boat sales at an average price of $155,665. On an international scale, the total sales value was $1.75 billion from 4,758 boat sales, with an average boat value of $365,084. These statistics underscore the unwavering interest and investment in the boating industry, despite economic uncertainties and ever-changing market trends.
Key Takeaways:
2024 Boating Market: Mixed Performance Across Boat Size Segments
In the boating market of 2024, various boat size segments showed strong performance, with some experiencing declines from the previous year. Boats measuring 36-45 feet saw 2,022 units sold, totaling $531 million in value, with an average boat price of $261,590, reflecting a 8.76% increase in average boat value from 2023. The 46-55 feet segment had 540 boats sold, bringing in $272 million in sales, with an average value of $499,979, though this marked an 2.87% decline in average boat value from the prior year.
Larger boats in the 56-79 feet range saw 251 units sold, garnering $355 million in sales, and an average boat value of $1.50 million, showing a slight 0.97% decrease in average boat value from 2023. The market for boats over 80 feet performed well, with 73 boats sold, resulting in $286 million in total sales, and an average boat value of $4.10 million, indicating a 4.95% increase in average boat value from the previous year.
Key Takeaways:
Stability Amid Economic Challenges
Overall, the boating market in 2024 has largely stabilized following the fluctuations of recent years, reflecting a return to more predictable patterns. However, high interest rates and persistent inflation have dampened consumer interest, leading to a decrease in global boat purchase searches and overall sales. Despite these challenges, new boat sales have risen, although they are taking longer to sell. Smaller boats continue to drive unit sales, while larger, more luxurious boats are seeing strong demand and increasing prices. These trends highlight a market in transition, adapting to economic pressures and shifting consumer preferences.
Contact Us
To receive a Comparative Market Analysis (CMA) for your existing yacht or if you’re in the market for a new purchase, reach out to our team of seasoned yachting professionals. With over five decades of industry experience and an unparalleled team, we are fully equipped and eager to assist you in getting started today.
Contact Us
Resources: Boats Group
Similar Articles:
Buying a New Yacht in Today’s Market & Industry Trends
Yacht Comparison Tool: Find Your Perfect Yacht
New Boats and Yachts In Stock
