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 Bn 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.
Personal watercraft were introduced as models that were equipped with two-stroke engines. However, with ever-changing technology, the personal watercraft of today are empowered with high-tech four-stroke engines. Such personal watercraft boats are in high demand in sports and leisure activities. This exerts a positive influence on the overall market growth.
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Again, technological advancements in the personal watercraft sector have resulted in the emergence of quieter and cleaner personal watercraft. In the past decade, these water vessels caused a lot of pollution as they were equipped with two strokes engines. Whereas, owing to the execution of stringent emission regulations coming, personal watercraft are now powered by four-stroke engines which leads to a relatively eco-friendly water vessel.
This aspect is expected to amplify the demand for personal watercraft and foster the growth of the personal watercraft market over the projected period. Furthermore, currently, many of the manufacturers are releasing multi-passenger personal watercraft which are equipped with state-of-the-art features and functions. This will likely underpin the growth of the personal watercraft market over the next few years.
Also, the surge in leisure spending and heightened demand for personal watercraft for sports purposes will facilitate the growth of the personal watercraft market. Further, the growing trend for multi-passenger personal watercraft and other eclectic personal watercraft will also contribute to the growth of the personal watercraft market during the forecast period as more and more manufacturers are focusing on catering to their target consumer base which has shifted to families rather than bachelors.
“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.
More Insights into Personal Watercraft Market
FMI offers an unbiased and comprehensive analysis of the global personal watercraft market in its latest report. With the help of historical data from 2012 to 2020 and forecast statistics for 2022 to 2032, the market is segmented into type, seat capacity, hull type, and region to provide a better understanding of the potential and scope of the target market.
Based on region, the personal watercraft market in North America will present major growth during 2022-2032. The North American personal watercraft market will account for a major portion of the global market share. This growth can be attributed to the escalating demand for personal watercraft in this region as well as to the strong presence of several original equipment manufacturers. Europe’s personal watercraft market will also present notable growth owing to the rising investments in sports and recreation. The soaring tourism activities in China and India will offer multiple opportunities to the personal watercraft market in the Asia Pacific region.
Thus, the global personal watercraft market is primarily fueled by rising demand for personal watercraft and its extensive application in marine security, sports, and leisure activities.
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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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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