According to forecasts, the watercraft accessories market is expected to be US$ 7,266.9 million in 2023 and US$ 13,137.1 million by 2033.
Watercraft, from kayaks and paddleboards to luxurious yachts, are a source of joy, adventure, and relaxation for enthusiasts across the globe. The watercraft accessories market plays a pivotal role in enhancing the experience, safety, and aesthetics of these aquatic vessels. In this blog, we will dive into the thriving watercraft accessories market, offering a comprehensive regional analysis and exploring the future trends set to shape this exciting industry.
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Regional Analysis: The watercraft accessories market is a dynamic sector with regional influences and unique preferences. Let’s set sail on a journey to explore key regions and their contributions to this global market.
- North America: North America is a powerhouse in the watercraft accessories market. The United States and Canada, with their extensive coastlines and numerous lakes, have a vibrant market for watercraft accessories. From fishing gear and safety equipment to stylish accessories, North American consumers value both functionality and aesthetics.
- Europe: Europe is another significant player in the watercraft accessories sector. Countries like Italy, Spain, and France are renowned for their sailing and yachting culture, driving demand for high-end accessories. The European market is marked by a strong emphasis on design and innovation.
- Asia-Pacific: The Asia-Pacific region is experiencing rapid growth in the watercraft accessories market. Countries like Australia, Japan, and South Korea have embraced watersports, and the market benefits from a surge in popularity in kayaking, jet-skiing, and wakeboarding.
- Middle East and Africa: The Middle East, with its luxurious yacht culture, has a thriving market for premium watercraft accessories. Meanwhile, countries along the African coastline are witnessing the emergence of a burgeoning market for accessories designed for adventure and exploration.
Key Takeaways
- By 2033, the watercraft accessories market in the United Kingdom is likely to expand, with a CAGR of 5.8%.
- In 2023, the United States is likely to develop the watercraft accessories business with a share of 21.6%.
- The watercraft accessories market grew considerably to US$ 6,901.1 million in 2022.
- The watercraft accessories sector expanded at a CAGR of 5.3% from 2018 to 2022.
- By 2033, China’s watercraft accessories market is projected to develop with a CAGR of 6.3%.
- By 2033, India’s mountain and ski resort industry is projected to expand with a CAGR of 6%.
- Japan’s watercraft accessories industry is expected to grow significantly, with an 8.5% share in 2023.
- Australia’s watercraft accessories are likely to expand with a CAGR of 0.2% in 2023.
- Germany’s watercraft accessories business is likely to grow, with a share of 7.9% in 2023.
- In 2023, the life vest segment is likely to dominate the market, with a share of 32.5%, based on the type.
- In 2023, the coastal tourism and shipping segment is expected to dominate the market, with a share of 27.9%, based on the application.
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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.
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
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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.
Key Segments
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
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)
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