US marine executives report cautious optimism in new survey

The results of NMMA’s first 2025 Marine Leadership Barometer survey reveal cautious optimism among recreational marine manufacturing executives, amid ongoing concern over economic and trade conditions.

The survey was conducted from 10 to 21 March 2025, prior to the announcement of tariffs on 2 April. The results, therefore, do not include reactions to subsequent tariff announcements.

NMMA launched the Marine Leadership Barometer, a quarterly survey designed to collect feedback from CEOs and senior executives of member manufacturing companies. The Marine Leadership Barometer survey Q1 2025 survey was distributed to 1,500 executives representing boat, engine and accessory component manufacturers, including individuals at the CEO, founder, owner and other senior leadership levels.

During the survey period, 45 per cent of marine manufacturers who responded expressed a guardedly positive outlook for the year ahead.

Key findings from the Q1 results show that 39 per cent of respondents expect product demand to increase over the next 12 months, while 28 per cent anticipate a decline. Regarding the general economic outlook, 40 per cent report a negative short-term view and 18 per cent expect conditions to improve over the next year. A significant proportion remain neutral, with 42 per cent neutral on the short-term outlook and 39 per cent neutral on the long-term economic view.

Business conditions reflect similar caution. Forty-one per cent expect conditions to worsen over the next three months, with 30 per cent forecasting improvement within the year. Meanwhile, 38 per cent of executives project company revenue growth over the next 12 months. This may reflect confidence in internal operations or planned strategic adjustments.

Trade and economic policy uncertainty continues to feature prominently, with mixed responses to government initiatives such as tax and regulatory reforms. Trade-related uncertainty remains the most common concern among respondents with a negative outlook.

Responses from the two-week period the survey was fielded represent a 12 per cent response rate, which NMMA says is within the average response rate benchmark.

NMMA says the Marine Leadership Barometer is intended to support ongoing market intelligence and advocacy efforts. It is positioned to enhance understanding of member perspectives and provide insight to inform the association’s policy agenda and strategic initiatives.