Quarterly revenues of some major companies in the boating industry.
(Source: Tradeonlytoday, David Conway)
Given that 2024 was a very moderate year in terms of sales volume, comparing the revenues of the last quarters of 2025 to those of 2024 reveals either a very modest decrease or stability with encouraging signs of improvement, indicating a relatively stable market.
We are therefore still in a market that favors buyers.
Indeed, it is certainly not tariffs that will propel global sales for the boating sector, but let’s say that, in Canada, the news of the abolition of the luxury tax, announced in the most recent federal budget, will certainly help sales, whether they take place here in Canada or when importing a boat from the United States or Europe.
Also, the USMCA free trade agreement is still in effect for imports and exports between Canada and the United States, which is good news for buyers of recent and nearly new used boats in the US who wish to bring them back to Canada.
Since prices in the United States are generally lower than those in Canada, even taking into account the CAD/USD exchange rate, it is essential to thoroughly check all markets before making a purchase. This is, of course, due to the much larger selection of boats for sale in the US. For freshwater boating enthusiasts, the Great Lakes region (freshwater) should not be overlooked. It is the second largest market in the United States in terms of sales, after Florida.
Here are some financial results:
For the BENETEAU Group:
The third quarter of this year revealed a slight decrease of 3% (year-over-year). Revenue for this quarter is $197 million USD. However, sales are up, particularly in several segments. For new models, sailboat sales are significantly down. US orders are also down due to new pricing.
The Beneteau Group also includes: Jeanneau, Prestige, Lagoon, and Four Winns.
For the Yamaha Group:
The marine products segment experienced a slight decline due to lower personal watercraft sales and numerous price changes. Outboard sales, however, remained stable. In short, a slight decrease in revenue for marine activities.
For the Malibu Group:
Good news: a 13.5% increase in the last quarter. However, Malibu expects its revenue to stabilize at the same level as last year or even decline slightly. The Malibu Group also includes the AXIS, COBALT, COBRA, and PURSUIT brands.
For the MARINE PRODUCTS CORP group:
Marine Products Corp., manufacturer of Chaparral and Robalo boats, released its third-quarter financial results. Net revenue increased by 7% to $53.1 million compared to the previous year. The company attributes this increase primarily to a 7% rise in prices and sales, offset by a slight decrease in the number of boats sold.
The GARMIN group:
Garmin announced yesterday consolidated revenue of approximately $1.8 billion for the third quarter, a 12% increase compared to the same period last year.
From Garmin’s CEO: “We are well-positioned for the holiday season, with a high-performing lineup of innovative products.” “Nautical segment revenue increased by 20% in the third quarter, with growth across several categories,” the company stated.
“Based on our performance in the first three quarters of 2025 and recent trends, we are updating our guidance for fiscal year 2025,” Garmin said. “We anticipate revenue of approximately $7.1 billion.”
Conclusion.
The current situation isn’t all that bad, but companies operating in the boating industry need to be optimal and review their marketing strategies in light of the current highly volatile economic climate. We haven’t considered the pricing that wasn’t in place in 2024. A thorough market analysis of the various offerings is always necessary. For new boats manufactured in Europe, exchange rates and ever-increasing transportation costs must be taken into account.
For those in the United States, it’s necessary to consider the most advantageous tax treatment. The buyer can choose to remain in the US (after purchase) to avoid both Canadian and US taxes, or they can return to Canada. In the latter case, the country of manufacture must be considered to determine if customs duties will apply to the pass.
A broker familiar with these markets will be able to guide you through all these factors. We are available to answer your questions.
Eric Gaudette, Michelle Mant, and Guy Bolduc of Ita Yachts Canada / ProprioBateau, their office is in Saint-Jean-sur-Richelieu.
DISCLAIMER
The article presented on this page is for information purposes only. This information is provided as editorial (i.e. opinion). The information presented in this article is presented in good faith and, while believed to be correct, is not guaranteed. Ita Yachts Canada does not warrant or assume any legal liability or responsibility for the accuracy, completeness or usefulness of the information and/or images displayed, as they do not suggest anything in relation to this article, indeed no association can be made with respect to the images and the article. All information in this article is subject to change without notice and is without warranty. It is the reader’s responsibility to verify the descriptions and statements contained in this article. The brokers at Ita Yachts Canada assume no responsibility for any conclusions the reader may draw. The purpose of this article is to promote boating in all its forms. It gives one point of view among many. Any reproduction of this article is prohibited.
