Press release
Personal Watercraft Global Market Report 2024 - By Demand, Size, Share, Growth, Forecast To 2033
Personal Watercraft Market
The personal watercraft market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to expansion of rental services for personal watercraft, evolution of safety features in pwc, increasing focus on lightweight and compact pwc models, rise of electric and hybrid personal watercraft models, expansion of women-centric and family-friendly pwc models. Major trends in the forecast period include technological advancements in pwc design, technological innovations in hull materials and design, introduction of eco-friendly and sustainable watercraft, integration of smart and iot technologies in pwc, integration of ai for enhanced safety and navigation, development of pwc with augmented reality (ar) interfaces.
Market Overview -
Personal watercraft refers to a vessel designed to be operated by a person sitting, standing, or kneeling on the boat, as opposed to the traditional method of sitting or standing in the vessel. It typically has an outboard motor or an inboard engine that powers a water jet pump as its primary source of propulsion.
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Rising Interest In Outdoor Recreation Fuels The Expansion Of The Personal Watercraft Market
The growing interest in outdoor recreational activities is expected to propel the growth of the personal watercraft market going forward. Outdoor recreational activities refer to leisure activities that are performed outside, usually in natural environments. Personal watercraft can be used for a variety of outdoor recreational pursuits, such as jet skiing, watercraft touring, wakeboarding, waterskiing, tubing, and leisurely exploration of the lake or coastal locations by allowing the transportation of cargo and two passengers. For instance, in January 2022, according to the Outdoor Industry Association, a US-based non-profit organization, in 2021, 164.2 million, or 54% of Americans aged six and older, reported having engaged in outdoor recreation at least once, resulting in an outdoor participation increase of 6.9% from 2020. Further, a net gain of 3.5 million more people participated in outdoor activity in 2021. Additionally, a record 6.8 million Americans participated in outdoor activities for the first time in 2021. Therefore, the growing interest in outdoor recreational activities is driving the growth of the personal watercraft market.
Competitive Landscape -
Major companies operating in the personal watercraft market report are Honda Motors. Co. Ltd., Yamaha Motors Co. Ltd., Polaris Inc., BRP Inc., Mercury Marine Ltd., Sanlorenzo S.p.a, MasterCraft Boat Holdings Inc., Arctic Cat Inc., Malibu Boats Inc., Sea-Doo, Tige Boats Inc., Sea Ray Boats, Zapata Racing, Lomac Nautica S.r.l., Krash Industries Jet Ski Group, Nautique Boat Company, Sealegs International Ltd., O'Brien Watersports, Four Winns Boats, Bayliner, BELASSI GmbH, Kymco USA, Supra Boats, Rickter-RRP Performance Inc., Kawasaki Motors Corp., Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., Lampuga GmbH, Meyer Bootswerft GmbH, SLVH s.r.o., Hubei Sanjiang Boats Science & Technology Co. Ltd.
Technological Advancements Drives Innovation In The Personal Watercraft Market
Technological advancement is a key trend gaining popularity in the personal watercraft market. Major companies operating in the personal watercraft market are developing innovative products with advanced features to sustain their position in the market. For instance, in July 2022, Taiga Motors, a Canada-based vehicle company, launched Orca, the world's first electric personal watercraft (PWC) based on cutting-edge technology. It redefines the personal watercraft experience with power efficiency, intelligent connectivity, silent operation, and no engine maintenance. It has a unique carbon fiber composite hull that is hydrodynamically engineered for dynamic handling. The hull's design results in a leading power-to-weight ratio, meaning the watercraft has a high-power output relative to its weight. The hull is also available in customizable color combinations.
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Key Segments -
The personal watercraft market covered in this report is segmented -
1) By Watercraft Type: Recreational Watercraft, Muscle Watercraft, Luxury Watercraft, Performance Watercraft, Sports Watercraft
2) By Seat Capacity Type: One Seat, Two Seat, Three Seat, Standing
3) By Hull Type: Composites, Plastic
4) By Engine Displacement: Below 800 CC (Cubic Capacity), 800-1000 CC (Cubic Capacity), 1000-1500 CC (Cubic Capacity), Above 1500 CC (Cubic Capacity)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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