Technological innovations and stricter environmental regulations fuel demand for quieter, cleaner four-stroke engine watercraft, while cutting-edge multi-passenger models with advanced features drive significant market expansion in the coming years.
NEWARK, Del, Oct. 24, 2024 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI), the global personal watercraft market is set for significant growth over the next decade, with the market expected to rise from USD 2.7 Billion in 2022 to USD 4.82 Billion by 2032. Driven by increasing interest in recreational water sports and advancements in personal watercraft (PWC) technologies, the market is projected to grow at a compound annual growth rate (CAGR) of 6.0% over the forecast period.
According to market analysts, rising consumer spending on outdoor leisure activities, particularly in coastal and waterfront regions, is a major factor contributing to the market’s expansion. Personal watercraft such as jet skis have become popular due to their convenience and the thrill they provide, attracting both casual and professional users.
The market is also witnessing a surge in demand due to the growing popularity of water sports tourism. Many coastal regions around the world are investing in better facilities and infrastructure to accommodate tourists who are eager to rent or purchase personal watercraft. With increasing disposable income and leisure time, consumers are more likely to invest in such activities, boosting market revenues.
Technological innovations, including electric and eco-friendly models, are reshaping the market. Manufacturers are focusing on producing lightweight, high-performance watercraft with enhanced safety features, making them more attractive to a broader audience.
Growth Drivers and Opportunities:
The primary drivers of growth in the personal watercraft industry include increasing interest in recreational water sports, rising disposable income, and the expanding tourism industry. Coastal regions, especially in North America and Europe, are seeing a surge in demand for watercraft rentals and purchases, further fueled by investments in tourist infrastructure.
Another key factor driving market growth is the evolution of eco-friendly and electric personal watercraft, addressing the environmental concerns associated with traditional fuel-powered models. These innovations not only reduce emissions but also cater to a growing segment of environmentally conscious consumers.
Expanding water sports events and competitions worldwide are creating additional opportunities for market growth. The rising popularity of jet skiing as a competitive sport is encouraging more participants and enthusiasts, leading to increased sales and rentals. Additionally, the demand for watercraft accessories such as safety gear, performance upgrades, and customizations is also rising, as both recreational users and competitive athletes seek to enhance their personal watercraft experience, further boosting the market growth.
Emerging markets, particularly in Asia-Pacific and Latin America, are expected to present lucrative growth opportunities as tourism in these regions continues to expand, and governments promote coastal development.
Key Takeaways from Market Study:
- The Personal Watercraft Market is projected to grow from USD 2.7 Billion in 2022 to USD 4.82 Billion by 2032.
- The market is expected to witness a 6.0% CAGR over the forecast period, driven by increasing demand for water-based recreational activities.
- Innovations in electric and eco-friendly watercraft are reshaping the market, attracting environmentally conscious consumers.
- North America remains the largest regional market for personal watercraft, accounting for the largest share of global revenue in 2022.
“With the growing appeal of water-based recreational activities, the personal watercraft market is positioned for sustained growth. Innovations in electric personal watercraft and the expansion of tourism in developing regions will further fuel the demand, providing lucrative opportunities for key players in the industry,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Component Insights:
Personal watercraft are available in various models, ranging from sit-down models designed for leisure and recreation to stand-up models used in competitive sports. The market is divided into the following components:
- Engine Types:
- Internal Combustion Engines (ICE)
- Electric Engines
- End Users:
- Leisure and Recreation
- Competitive Sports
- Military and Rescue
While traditional internal combustion engines (ICE) continue to dominate the market, electric-powered watercraft are gaining traction due to their environmental benefits and lower operational costs. Manufacturers are increasingly focusing on the production of high-performance electric models to cater to the growing demand for eco-friendly solutions.
Market’s Prime Determinants of Growth, Trends, and Opportunities:
- Rising Tourism and Water Sports Activities: The expanding tourism sector, especially in coastal areas, is boosting demand for personal watercraft, with many tourists seeking adventure and leisure activities.
- Environmental Concerns: Increasing awareness of the environmental impact of fuel-powered watercraft is driving demand for electric personal watercraft, which are expected to become more popular over the forecast period.
- Technological Advancements: Innovations in design, safety features, and engine performance are creating more attractive products for consumers, enhancing both the recreational and competitive segments of the market.
- Emerging Markets: Developing regions in Asia-Pacific and Latin America offer untapped potential for market expansion, supported by growing tourism and government initiatives to develop coastal economies.
Key Companies & Market Share Insights:
Several leading companies dominate the Personal Watercraft Market, with established brands leveraging their strong product portfolios and distribution networks. Key players in the market include:
- BRP Inc.
- Yamaha Motors Co., Ltd.
- Kawasaki Motors Corp.
- Honda Motors. Co., Ltd.
- Polaris Industries
- Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.
- Lampuga
- Arctic cat Inc.
- Meyer Bootswerft
- SLVH s.r.o.
- Hubei Sanjiang Boats Science & Technology Co., Ltd
These companies are continuously innovating to maintain their competitive edge. BRP Inc. (Sea-Doo) holds a significant share of the global market due to its wide range of high-performance models and strong brand presence. Yamaha and Kawasaki also remain strong contenders, with well-established reputations in both the recreational and competitive segments.
Find Out More Information Now! https://www.futuremarketinsights.com/reports/personal-watercraft-market
Personal Watercraft Market Segmentation Analysis:
By Type:
- Sports
- Recreational
- Performance
- Luxury
By Seat Capacity:
- One seat
- Two seat
- Three seat
- Standing
By Hull Type:
- Composites
- Plastic
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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