US wholesale boat shipments soared 60% in June

 US wholesale boat shipments soared 60% in June
US wholesale boat shipments soared 60% in June

Boat building in the US has ramped back up after the Coronavirus forced shutdowns at many plants, according to the latest statistics from the National Marine Manufacturers Association (NMMA). According to the NMMA’s latest Monthly Shipment Report, wholesale boat shipments increased for the second consecutive month in June, up 60% compared to May, as boat building activity ratcheted back up following lockdown restrictions during the early days of the pandemic response. However, the big resurgence in sales is not likely to make up for the interruption in boat sale for the year overall. Compared to June 2019, wholesale shipments are down 5%.

“We’re encouraged to see that wholesale shipments in June increased across all segments. Manufacturers are gradually returning to capacity and working to meet the heightened demand for new boats,” noted Vicky Yu, Director of NMMA Business Intelligence.

“Looking ahead, with many manufacturers still trying to get back up to speed and challenges including slow delivery on parts from suppliers impacted by the pandemic, we expect total wholesale shipments will be down in 2020, confirmed Yu, although she noted some segments are bucking the average including PWCs and outboard engines, which have seen increases the last three consecutive months.”

The June Monthly Shipment Report also showed wholesale shipments of aluminum outboard boats increased significantly and earlier than expected, back to what they were on average in 2019. This category alone accounts for more than 40% of total new boat sales.

ITR Economics’ forecast on boat building production for July also indicates production will remain constrained in the near term before gradually picking back up mid-next year.

Read an article regarding marine sector growth: British Marine: UK marine sector growth outpaces national average

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