The watercraft accessories market is anticipated to experience significant growth over the next decade, with experts predicting a strong CAGR of 6.1% from 2023 to 2033. This growth is expected to propel the market to a valuation of USD 13,137.1 million by 2033.
This positive trend reflects an increasing demand for products that enhance the watercraft experience, catering to both enthusiasts and professionals. As water-based activities become more popular worldwide, the accessories market is set for considerable expansion, offering numerous opportunities for innovation and development.
Key drivers of this growth include the rapid expansion of the tourism sector, new government regulations, and the rising number of water parks. Additionally, the growth of online retail and e-commerce platforms has allowed watercraft accessory manufacturers to reach a broader customer base.
The ability to provide customizable and tailored accessories for specific watercraft models offers a competitive advantage in the market. However, price sensitivity remains a challenge, especially for budget-conscious consumers who may hesitate to invest in higher-priced accessories.
Comprehensive Market Insights: Full Report Overview
Key Takeaways from the Watercraft Accessories Market Report:
- By 2033, the watercraft accessories market in the United Kingdom is projected to grow at a CAGR of 5.8%.
- In 2023, the United States is expected to contribute 21.6% to the watercraft accessories market.
- The market grew significantly to USD 6,901.1 million in 2022.
- From 2018 to 2022, the sector expanded at a CAGR of 5.3%.
- China’s watercraft accessories market is projected to grow at a CAGR of 6.3% by 2033.
- India’s mountain and ski resort industry is also expected to expand at a CAGR of 6% by 2033.
- Japan’s watercraft accessories industry is expected to capture an 8.5% share in 2023.
- Australia’s watercraft accessories market is projected to grow at a modest CAGR of 0.2% in 2023.
- Germany’s watercraft accessories business is expected to grow, holding a 7.9% share in 2023.
- In 2023, the life vest segment is likely to dominate the market with a 32.5% share, based on product type.
- The coastal tourism and shipping segment is expected to lead the market applications with a share of 27.9% in 2023.
Competitors Winning Strategies:
Several key manufacturers are working to increase their regional market share and participate in local markets directly by growing their dealer network. They are working with regional distributors to distribute their goods internationally. To achieve a competitive edge in the market, industry actors concentrate on comprehending customer wants, investing in research and development, and forming strategic alliances.
Leading Key Players:
- Yamaha Motor Corporation
- WireCo
- 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 Fibers Ltd.
- EVOLUTION TRADING (SHANGHAI)CO.LTD
- SHEICO Group
- ABSOLUTE OUTDOOR, INC.
- Manson Anchors Limited
- Attwood Corporation
- Gottifredi Maffioli S.r.l.
- Gleistein GmbH
- Greenfield Products Inc.
Recent Development:
- A new line of life vests was introduced by Sea-Doo in 2022 in an effort to attract more customers.
- In June 2021, Kawasaki announced the introduction of the prestigious Jet Ski® STX® 160 series, the Kawasaki Jet Ski® SX-RTM 160 four-stroke stand-up personal watercraft, and the premium Jet Ski Ultra® 310 series.
- The boat engines for BRP were completely reevaluated, reconstructed, and refurbished in August 2022. The new Rotax Outboard Engine with Stealth Technology’s 115 and 150-horsepower models are the first to be made available.
Watercraft Accessories Market Segmentation:
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
- Specialty Store
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East & Africa
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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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