It’s not all smooth sailing in the marine sector.
The downward trend in boat sales continued in the first half of 2024, as high interest rates and rising inflation have caused demand to wane. Global sales dropped by 9.1 percent compared to the same period in 2023, according to a new report shared by the Boats Group on Tuesday. Some 20,943 boats with an average value of $203,431 were sold globally in 2024, whereas 23,039 boats worth an average of $198,725 changed hands in 2023. The total value of boats sold has thus dropped from $4.56 billion to $4.22 billion year over year.
“Despite some positive indicators, the overall picture shows a market still adjusting to post-pandemic realities and changing economic conditions,” the report reads.
The 2024 Mid-Year Market Index includes a market analysis of boats sold by condition, length, style, and more. New boats outperformed used boats, with sales of the former up 5.3 percent and the latter down 12.4 percent. That is partially due to the fact that the average price of new models fell by 3.4 percent to $174,000 but the cost of pre-owned examples increased by 4.2 percent to $211,500. Lower sticker prices and better financing resulted in an uptick in the sale of new vessels.
Boats measuring less than 26 feet are the strongest performers, with 3,239 examples changing hands globally in the first half of the year. That is still a drop in sales compared to 2023, but the average vessel price for this segment did increase nearly 4 percent to $196,934 this year. At the opposite end of the spectrum, just 50 boats over 80 feet sold in the period. The average cost of cruisers in this segment dropped by nearly 15 percent to $3.38 million.
Interestingly, motor yachts are still more popular than their sailing counterparts. Some 3,092 powerboats sold for a collective $1.38 billion in 2024, whereas only 1,665 sailboats changed hands for a total of $368 million.
As for the rest of the year, inventory levels, pricing trends, and economic pressures will likely continue to impact buyer behavior and overall market performance. Let’s hope for some smoother sailing into 2025.
You can read the full report here.
