Wavve Boating Unveils $41b Financial Opportunity for the Boating Industry
Wavve boating highlights the untapped potential to retain first-time boat owners captured during the covid-boom and how it’s easy-to-use marine navigation app can revolutionize their boating experience
Kingston, ON, 7/7/23 – Wavve Boating, the marine industry’s easiest marine navigation app, is shining a spotlight on the untapped potential of first-time boat owners. With its easy-to-use interface and innovative features, Wavve Boating presents a game-changing solution for captivating this rapidly growing market segment.
According to recent data, boaters using Wavve Boating have been found to hit the water twice as often as regular boaters. By solving their navigation problems and instilling greater confidence, the app empowers first-time boaters to embrace the boating lifestyle fully, significantly increasing their likelihood of remaining a boater. A recent study sponsored by the NMMA revealed that one of the largest challenges for the marine industry is the attrition rate of first time boat buyers, which was recently found to be 42% after five years. If this attrition rate was cut in half, to that of a second time boat owner, it’s calculated that $41B of annual revenue would be injected back into the marine sector.
Also noted in the NMMA’s study is that an astonishing 37% of first-time boat buyers express a lack of boater knowledge and confidence. Nautical charts require training to understand, which can cause new boaters to run aground and take on frustrating repair costs. According to Seatow, owners of new boats are 142% more likely to need ungrounding services, and 108% more likely to need fuel delivered to them. These incidents are a leading source of disappointment for boaters…and more disappointment means less frequent boating. New boaters are also forced to use a myriad of solutions to find answers to many common questions, like “where to go” or “how to get there”. There’s no easy way to know where to get gas, if there’s docking available, or even where to get help. Wavve Boating steps in to bridge this gap by providing intuitive, customizable nautical charts and crowdsourced points of interest. The app fosters a community of boaters, reminiscent of the popular road navigation app ‘Waze,’ where experienced boaters assist newcomers with valuable insights and tips, ensuring a seamless boating journey.
“Wavve Boating is transforming the way first-time boat owners navigate and connect with the boating community,” says Adam Allore, Founder & CEO of Wavve Boating, who was recently named to Boating Industry’s annual 40 Under 40 List . “Our app extends beyond the dock, offering a comprehensive boating experience both on and off the water. By providing reliable navigation tools and a supportive community, we inspire confidence and encourage frequent boating, resulting in higher satisfaction and increased customer retention.”
Recently promoted by Apple as a “New App We Love,” and already built into several of BRP’s Sea-Doo models, Wavve Boating continues to gain recognition for its commitment to enhancing the boating experience. As the app unlocks the financial potential of captivating first-time boat owners, industry stakeholders are invited to explore the lucrative opportunities presented by this growing market.
For more information about Wavve Boating and its innovative marine navigation app, please visit wavveboating.com or contact the team at community@wavveboating.com.
About Wavve Boating
Wavve Boating is the marine industry’s easiest marine navigation app, revolutionizing the way boaters navigate on the water. With intuitive, customizable nautical charts, crowdsourced points of interest, and the ability to see friends on the water, Wavve Boating creates a community of boaters, helping each other navigate with confidence. Available on Apple’s App Store and the Google Play Store, Wavve Boating is where the dock ends and the boating adventure begins.
Closing Statement
As first-time boat owners seek knowledge, confidence, and a seamless boating experience, Wavve Boating emerges as the catalyst for their journey. With its intuitive app and thriving community, Wavve Boating is poised to unlock a lucrative financial opportunity for the boating industry by captivating and retaining this valuable market segment.
