Opening IBEX 2025, Frank Hugelmeyer highlighted the boating industry’s core challenges and urged companies to innovate or risk being disrupted

The 2025 IBEX show kicked off this morning with the much-anticipated Industry Breakfast, featuring the traditional State of the Industry Address from NMMA president and CEO Frank Hugelmeyer, followed by keynote remarks from Kevin O’Connor, Emmy Award-winning host of This Old House, and the presentation of the IBEX Innovation Awards.

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NMMA Hall of Famers, Steve Heese (left) and Rick Reyenger accepting their honours this morning in front of a packed banqueting room

Hugelmeyer opened with a clear-eyed view of the challenges ahead, noting that the market volatility seen in 2025 is expected to continue into 2026. Rising interest rates are making it harder for consumers to finance lifestyle purchases like boats, while inflation continues to push up the cost of materials, parts, and labour. Add in the ongoing uncertainty around tariffs and supply chains, and the result, Hugelmeyer said, is a consumer base in “a cautious, wait-and-see phase.”

US retail boat sales for 2024 are forecast to fall about 10% to 212,000 units – levels on par with 2015. “We’re in a market of transition,” Hugelmeyer said. “The boating industry is in an innovation moment.”

He stressed that innovation and adaptability will define which companies thrive in this environment: “We have to be ready to disrupt – or be disrupted.” Hugelmeyer highlighted three core challenges the industry must confront to secure its future: relevance, accessibility, and affordability.

The NMMA CEO also pointed to recent advocacy wins, including the withdrawal of the Vessel Speed Rule and efforts to protect boating access in Florida, as proof of what the industry can achieve through coordinated action. Looking ahead, he announced that Discover Boating will launch a comprehensive consumer insight study in 2026 to better understand and connect with the next generation of boaters.

Keynote: Kevin O’Connor urges industry to ‘Build It Better’

Next to the podium was Kevin O’Connor, longtime host of This Old House, who drew parallels between the boating and homebuilding industries.

Both sectors, he noted, face similar challenges – productivity hurdles, and a shortage of skilled labor. O’Connor lamented the decline of apprenticeships and the societal shift that prioritises college degrees over hands-on trades, calling for a renewed embrace of mentorship and craftsmanship.

His challenge to the industry: not to “build it like they used to,” but to “build it better.” He urged business leaders to examine their operations, identify the “sacred cows” holding them back, and “break to remake” in the pursuit of stronger, more productive companies.

Recognising leadership and Innovation

The morning also saw the induction of two new members into the NMMA Hall of Fame:

  • Stephen Heese, President of Chris-Craft Boats and SVP of Winnebago Power Systems

  • Rick Reyenger, Strategic Advisor and past President of Patrick Industries’ Marine Group

In addition, Carl Herndon, late founder of Blackfin Yachts and Jupiter Marine, was posthumously honored with the 2025 Marine Industry Lifetime Achievement Award in Memory of Charles Chapman.

Herndon’s seven-decade career left an indelible mark on recreational marine manufacturing, from pioneering rugged offshore fishing boats to revitalizing legendary brands like Bertram and Jupiter.

Spotlight on Innovation

Fittingly, the morning concluded with the 2025 IBEX Innovation Awards Presentation – the largest in the program’s history, with more than 110 product entries from across the marine industry.

“Innovation is alive and thriving,” said awards jury chair Ben Stein, noting that the record participation demonstrates how the US marine sector is “stepping up to meet the challenges of a changing market.”

For the full list of Innovation Award winners, click here.

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