Given the USA is still known to be the ultimate powerhouse of recreational boating consumerism and VEEM’s major geographic market for propellers, I thought I’d provide a current update and some interesting market facts :
The USA industry reported growth in new powerboat sales of 5% in 2013, with steady growth expected to continue in 2014 by 5 -7 %.
Many major overseas boat builders as well as the major builders in Asia are expecting growing consumer confidence in the USA to help lead future sales growth, particularly in the 20m + vessel range. This growth in sales is generally expected to occur within the next quarter, as the USA moves into the warmer months, and weather permitting, this should be good news for VEEM. Consumer confidence has been growing steadily both before and after the midyear hiccup, when the federal government shutdown for a few weeks – all boatshow’s in the 4th quarter of 2013 have mentioned noticeable increases in consumer sentiment.
USA Market facts : 93 % of boats sold in the USA are currently made in the USA, which is one reason overseas builders see opportunity in this market. However, of the approx 12 million currently registered leisure boats, only 50,000 are over 40′ long which is VEEM Propellers target market. Still, this is a formidable concentration of large vessels compared to other world areas. Overall boat usage is particularly high with 38% of the adult population participating in boating at least once last year (up by 6% from 2011). As in most western countries, fishing is the number one boating activity at 63%.