The global watercraft accessories market growth is projected to grow from US$ 6,901.1 Mn in 2021 to US$ 12,382.9 Mn by 2032, with sales growth at a healthy CAGR of 6% throughout the forecast period. Rising demand for watercraft accessories from diverse end use sectors including military & defense, amusement parks, coastal tourism & shipping company, and cargo logistics is a key factor driving growth in the global market.
Watercraft accessories consist of products such as life vests, tow ropes, boat dock line, boat fenders, etc., widely used by professionals and hobbyists for fishing and water sport activities. These accessories play a key role in improving the safety of watercraft passengers during water transportation and other recreational activities.
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As recreational boating and water sports become more popular, demand for watercraft accessories is projected to grow at a healthy pace during the forecast period.
Similarly, rapid expansion of tourism industry, introduction of new government regulations, and increasing water parks will have a positive impact on the watercraft accessories market.
Furthermore, increased freight logistics in several geographic regions and growing usage of watercraft in logistics are likely to create lucrative opportunities for watercraft accessories manufacturers in coming years.
Key Takeaways from Market Study
- Based on type, the life vest segment is projected to grow at a CAGR of 5% during the forecast period.
- By sales channel, the online sales channel segment is projected to create an absolute $ opportunity of US$ 2,996.9 Mn between 2022 and 2032.
- Based on end use, coastal tourism & shipping company segment is projected to hold around 27% of the market share in 2022.
- TheS. watercraft accessories market is expected to exceed revenues worth US$ 1,802.7 Mn by the end of 2032.
- Watercraft accessories market in India is likely to grow at a robust pace of around 2% CAGR during the forecast period.
- Demand for watercraft accessories in China is estimated to grow at a value CAGR of 8% between 2022 and 2032.
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“Rise in coastal tourism industry and increase in maritime trade activities will continue to provide a strong impetus to the growth of the watercraft accessories market,” says a Future Market Insights analyst.
Market Landscape
Among the industry’s key players are Yamaha Motor Corporation, WireC, Bombardier Recreational Products Inc., IRM Offshore and Marine Engineers Private Limited., Covercraft Industries, LLC, BEXCO NV, Kawasaki Motors Corp., AXIOM CORDAGES LIMITED, Samson Rope Technologies, TEUFELBERGER, DAN-FENDER, Garware Technical Fibres Ltd., EVOLUTION TRADING (SHANGHAI) CO.LTD, SHEICO Group, ABSOLUTE OUTDOOR, INC. and others.
These key manufacturers are focusing on increasing their regional market share and are involved in making their direct presence in the local markets by expanding their dealer network. They are collaborating with local distributors to supply their products globally.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global watercraft accessories market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global watercraft accessories market based on type, end use, sales channel, and region.
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Key Segments Covered In Watercraft Accessories Market Analysis
By Type:
- Life Vest
- Tow Ropes
- Boat Dock Line & Storage
- Boat Fenders
- Boat Cover
- Others
By End Use:
- Military & Defence
- Amusement Parks
- Professional & Hobbyist
- Coastal Tourism & Shipping Company
- Offshore Vessel
- Cargo Logistics
By Sales Channel:
- Online
- Offline
- Multi Brand Store
- Speciality Store
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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