The global personal watercraft market is expected to grow at a positive CAGR of 6% and reach a substantial value by 2032. The target market was valued at US$ 1.6 Billion in 2020 and will likely continue to perform well during the forecast period. With the increasing application of personal watercraft in marine and water police forces, the market for the same is projected to grow over the next few years.
The personal watercraft (PWC) market is experiencing notable growth, driven by the rising popularity of recreational water sports and the increasing affordability of these watercraft. PWCs, often referred to as jet skis, have become a favorite among enthusiasts for their versatility, ease of use, and the adrenaline rush they provide. The market is seeing significant innovation, with manufacturers introducing advanced models featuring enhanced performance, better fuel efficiency, and improved safety features. These developments are making PWCs more appealing to a broader audience, from casual users to professional racers, thus expanding the market base.
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One of the key drivers of growth in the PWC market is the continuous improvement in technology. Modern PWCs are equipped with sophisticated features such as GPS navigation, Bluetooth connectivity, and advanced engine management systems. These technological enhancements not only improve the user experience but also increase the safety and reliability of the watercraft. Additionally, manufacturers are focusing on creating eco-friendly models with lower emissions and better fuel efficiency, aligning with the growing consumer demand for sustainable recreational options. This shift towards greener technology is also supported by regulatory bodies enforcing stricter emissions standards for marine vehicles.
The market dynamics are further influenced by the growing trend of water-based tourism and leisure activities. Coastal regions and water parks are increasingly investing in PWCs to attract tourists and adventure seekers. This has led to a surge in rental services, making PWCs more accessible to people who may not wish to purchase them outright. Furthermore, the market is also benefiting from the rising disposable incomes and the inclination towards luxury and leisure spending. As more people seek unique and exhilarating recreational experiences, the demand for PWCs is expected to continue its upward trajectory, fostering a vibrant and competitive market landscape.
“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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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