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As the recreational boating industry enters the final quarter of 2025, NMMA’s Q3 Marine Leadership Barometer shows slightly improved sentiment among top executives from NMMA marine manufacturer members in the U.S. and Canada.

While long-term sentiment has improved modestly, short-term expectations remain restrained, reflecting a group balancing cautious optimism with the realities of a complex economic and policy landscape.

According to the latest results, completed in mid-October, 54% of survey participants reported feeling cautiously optimistic about the state of the recreational boating industry over the next 12 months, up seven points from Q2.

Nearly half (44%) of respondents report product demand to remain the same over the next 12 months, a jump from Q2’s 23%, and those expecting a decrease in demand went from 39% in Q2 to 19% in Q3, showing increased optimism, albeit cautious, for future demand.

Short-term confidence continues to be tempered by a familiar set of concerns. Participants identified economic uncertainty, trade and tariff policies, inflation, and regulatory burdens as the top areas of concern this quarter, with 92% citing trade and economic policies as having the most significant potential negative impact, up seven points from Q2. These responses highlight continued caution amid policy and economic volatility and rising operating costs.

Despite these headwinds, most surveyed companies report steady business conditions and workforce stability. The share maintaining current staffing levels remains high, reflecting a deliberate focus on cost control and efficiency as organizations protect margins through a slow growth period.

With inflation rising again and consumer confidence declining, survey participants appear to be prioritizing financial discipline and operational resilience. At the same time, the data point to expansion with a jump from 24% in Q2 to 32% in Q3 in respondents citing an increase in capital expenditures. This increase highlights members’ commitment to innovation and growth-focused strategies.

Now in its third edition, NMMA’s Marine Leadership Barometer remains a key indicator of industry sentiment, offering timely insight to support strategic planning, advocacy efforts, and investment decisions across the recreational boating sector.

Participating companies receive the full report at no cost, while NMMA manufacturer members who did not take part are provided with an executive summary and encouraged to participate in future surveys.

All NMMA members who are not active participants in the survey have the option to access the complete Barometer series through an annual subscription (Association/affiliate members: $3,500; Manufacturer members: $2,500) or to purchase individual quarterly reports (Association/affiliate members: $1,000; Manufacturer members: $750).

If interested in purchasing the report or to take part in the survey, contact NMMA’s Business Intelligence team at [email protected].