The boating industry has been growing over the past few years despite being hit by the pandemic like many other industries. In 2020, there was a massively increased demand in the summer months, with boat sales hitting a 13-year high of 318,550 units.
Boating is primarily a word-of-mouth business – family, friends, and neighbors have a significant influence on someone’s view to buying a boat. Now, more and more boaters are relishing the opportunity to take to the water after months of being cooped up at home.
Many Americans have complained that public spaces are too crowded, with people flocking to exercise away from their homes and bringing Covid-19 safety concerns. However, no such problem exists on a boat. With many people still feeling hesitant about traveling and canceling cruises to other countries, boating represents a great escape.
Let’s look at the major reasons why 2022 is the perfect time to finally get into boating.
Rapidly Developing Technology
The hassle-free nature of a boat is unparalleled with other luxury investments. Modern boat engines and components are now the most durable that they have ever been. Marine manufacturers are now designing engines from the ground up instead of modifying older automotive engine blocks, creating boats with a longer lifespan.
Additionally, innovative technologies are just on the verge of being released to the general public. A former SpaceX engineer is creating electric boats with 200 kWh batteries to give customers up to 5 hours on the water. How sweet would it be to take that out for a spin around Lake Michigan?!
Cost of ownership
Boats are also holding value better than ever before, so even though the initial cost may be high, the yearly cost of owning a boat is low at the moment. Historically, boats lose about 36% of their value after ten years of ownership and between 23% and 30% after five years. Annual depreciation has always traditionally been a killer in the marine space industry – but that's changing now.
We estimate that if you bought a boat in 2005 for $50k, it would have seen a 50% depression over three years, costing you $8300 a year just in depreciation. However, fast forward to 2022, and that same boat costs $75k but may only depreciate by $1500 a year. For the average boater using their boat 15 times per year, this is a vast cost saving in the actual cost of ownership.
Fun With the Family
Boating is a lovely way to break away from the stresses of modern life. The hustle and bustle of work and the kid’s daily activities can sometimes get in the way of spending quality family time together. There is a common misconception that boating is for experts only, but the truth is that those of all levels can enjoy it and pick up the requisite skills quickly.
We all rarely get the time to focus on one thing without being distracted by something else, but boating provides the family with the opportunity not to be interrupted by a mobile phone, TV, or tablet. If you want to give yourself a much-needed break from the digital trap, then get out on the water in 2022 and inhale the wonderful air from a fresh lake or sea breeze.
And when you’re wrapping things up after a long day on the water, Komodo is here to provide the perfect cover for your boat.