The global personal watercraft market size is expected to grow at a positive CAGR of 6% and reach a substantial value by 2032.
The Personal Watercraft Market is witnessing steady growth driven by several factors, including increasing consumer interest in recreational water activities, advancements in watercraft technology, and the growing popularity of outdoor leisure pursuits. Personal watercraft (PWC), also known as jet skis or water scooters, are small, motorized vessels designed for one to three riders to navigate water bodies for recreational purposes.
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One of the primary drivers of this market is the rising demand for outdoor recreational activities, particularly among urban populations seeking adventure and relaxation. Personal watercraft offer an exhilarating experience on the water, allowing riders to explore coastlines, lakes, and rivers, engage in water sports, and enjoy leisure time with family and friends.
Moreover, advancements in PWC technology, such as more powerful and fuel-efficient engines, enhanced hull designs, and innovative features such as electronic braking and stability control systems, are driving innovation in the market. These advancements improve performance, safety, and user experience, attracting new customers and encouraging repeat purchases.
Furthermore, the growing popularity of water sports and leisure activities, including wakeboarding, water skiing, and tow sports, is driving demand for personal watercraft equipped with features such as towing capabilities, adjustable trim systems, and large storage compartments for carrying equipment and gear.
“Increasing use of personal watercraft in marine security forces as well as for sports and leisure purposes is expected to drive the global growth of the personal watercraft market over the forecast period,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways:
- Strict regulatory measures and high initial costs will hamper the growth of the personal watercraft market.
- Rising adoption of advanced technology along with the emergence of green watercraft will strengthen the market prospects for personal watercraft.
- The strong presence of several original equipment manufacturers propels North America to occupy the dominant position in the global market.
- Increasing tourism will benefit the personal watercraft market in the Asia Pacific region.
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Competitive Landscape
Leading market players are focusing on adopting advanced technologies and expanding their product portfolios to include environmentally-friendly watercraft. These firms also adopt various organic and inorganic business strategies to strengthen their market position.
Kawasaki Motors Corp., Honda Motors. Co., Ltd., Polaris Industries, Jiujiang Poseidon, and Motorboat Manufacturing Co., Ltd., among others are some of the major players in the personal watercraft market profiled in the full version of the report.
More Insights into Personal Watercraft Market
FMI offers an unbiased and comprehensive analysis of the global personal watercraft market in its latest report. With the help of historical data from 2012 to 2020 and forecast statistics for 2022 to 2032, the market is segmented into type, seat capacity, hull type, and region to provide a better understanding of the potential and scope of the target market.
Based on region, the personal watercraft market in North America will present major growth during 2022-2032. The North American personal watercraft market will account for a major portion of the global market share. This growth can be attributed to the escalating demand for personal watercraft in this region as well as to the strong presence of several original equipment manufacturers. Europe’s personal watercraft market will also present notable growth owing to the rising investments in sports and recreation. The soaring tourism activities in China and India will offer multiple opportunities to the personal watercraft market in the Asia Pacific region.
Thus, the global personal watercraft market is primarily fueled by rising demand for personal watercraft and its extensive application in marine security, sports, and leisure activities.
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Key Segments
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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