U.S.: Boat Market 2024

Boat Market Size in the U.S.

For the fifth year in a row, the U.S. boat market recorded growth in sales value, which increased by X% to $X in 2023. In general, the total consumption indicated a prominent expansion from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2017 indices. Boat consumption peaked in 2023 and is likely to continue growth in the immediate term.

Boat Production in the U.S.

In value terms, boat production contracted slightly to $X in 2023. The total output value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

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Boat Exports

Exports from the U.S.

In 2023, approx. X units of boats were exported from the United States; reducing by X% against 2022. Over the period under review, exports recorded a pronounced decrease. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of X units. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, boat exports skyrocketed to $X in 2023. Overall, total exports indicated buoyant growth from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. The exports peaked in 2023 and are likely to see steady growth in the immediate term.

Exports by Country

Canada (X units) was the main destination for boat exports from the United States, accounting for a X% share of total exports. Moreover, boat exports to Canada exceeded the volume sent to the second major destination, Mexico (X units), fourfold. Belgium (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2023, the average annual growth rate of volume to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Belgium (X% per year).

In value terms, the largest markets for boat exported from the United States were Canada ($X), Bahamas ($X) and Mexico ($X), with a combined X% share of total exports.

Bahamas, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average boat export price stood at $X per unit in 2023, with an increase of X% against the previous year. In general, the export price posted buoyant growth. The pace of growth was the most pronounced in 2022 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2023 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Bahamas ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bahamas (X%), while the prices for the other major destinations experienced more modest paces of growth.

Boat Imports

Imports into the U.S.

In 2023, purchases abroad of boats decreased by X% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at X units in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, boat imports amounted to $X in 2023. In general, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2015 when imports increased by X%. Imports peaked in 2023 and are likely to continue growth in the near future.

Imports by Country

In 2023, Canada (X units) constituted the largest boat supplier to the United States, with a X% share of total imports. Moreover, boat imports from Canada exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. Mexico (X units) ranked third in terms of total imports with an X% share.

From 2013 to 2023, the average annual growth rate of volume from Canada stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Mexico (X% per year).

In value terms, the largest boat suppliers to the United States were Canada ($X), Mexico ($X) and China ($X), together comprising X% of total imports.

Mexico, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average boat import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2022 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform