The personal watercraft market share is anticipated to grow at a moderate CAGR of 6% during 2022-2032.
With stringent emission regulations, the personal watercraft manufacturers are focusing on developing technologically advanced personal watercraft, which cause less pollution. Have been equipped with two stroke engines, but with changing technology, the personal watercrafts are now powered since the personal watercrafts were invented, these hared with state-of-the-art four stroke engines. Such personal watercraft boats are extensively used for sports and leisure activities.
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Moreover, the personal watercraft market is anticipated to further augment over the assessment period owing to increase in leisure spending and increasing demand of personal watercraft for utilization in sports. Multi-passenger personal watercraft are trending in the market. Due to this, personal watercraft manufacturers have focused their designs on today’s consumer base, i.e. families, thus continuing to manufacture more of three person models.
Their increasing demand will further drive the anticipated growth of the personal watercraft market over the assessment period. Stringent emission norms and safety regulations derail the growth of the personal watercraft market. Owing to many speed and emission regulations, the manufacturers are investing in implementing new technologies in their products.
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This will increase the initial cost of the personal watercraft, which would have a negative impact on the sales. Moreover, apart from recreational and sports applications, personal watercraft cannot be used for transport of goods and passengers. This could further restrain the growth of the market over the assessment period.
What is the Regional Outlook of the Personal Watercraft Market?
“Personal watercraft (PWC) definitions vary by state, although they are commonly defined as a vessel with an inboard motor driving a water jet pump as its principal source of propulsion.”
North America is anticipated to hold a significant market share in the global personal watercraft market, owing to the presence of many original equipment manufacturers and anticipated increase in demand for personal watercraft in the said region. The European personal watercraft market is driven by increasing investment in sports and recreation.
Moreover, growing tourism in developing economies of the Asia-Pacific region, such as China and India, will create opportunities for the OEM’s to boost up their sales in the region. This trend is anticipated to remain the same in the MEA region, due to which the region will witness a steady growth in the sales of personal watercraft over the assessment period.
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Key Players:
- BRP Inc.
- Yamaha Motors Co., Ltd.
- Kawasaki Motors Corp.
- Honda Motors. Co., Ltd.
- Polaris Industries
- Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.
- Lampuga
- Arctic cat Inc.
- Meyer Bootswerft
- SLVH s.r.o.
- Hubei Sanjiang Boats Science & Technology Co., Ltd
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