Personal Watercraft Market To Reach $5.37 Billion By 2033 - Rising Popularity Of Water Sports

(MENAFN- GlobeNewsWire - Nasdaq) The global personal watercraft market size is anticipated to grow from USD 3 billion to USD 5.37 billion in 10 years. The market will experience rapid growth due to technological advancements in personal watercraft during the forecast period.

Newark, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3 billion in 2023 global personal watercraft market will reach USD 5.37 billion in 2033. A jet-ski, another name for a personal watercraft, is essentially a motorcycle for the sea. The driver and passenger can sit or stand on it, and it can have one or two seats. Recreational water activities are conducted there. In addition to being utilised for leisure, they are employed in professional racing, patrolling, rescue missions, and fishing. In essence, a watercraft draws in water and then shoots it out to increase speed and velocity. Its navigation handles are just like those on a motorcycle. They are an exciting, enjoyable, and adrenaline-pumping pastime. They are very useful for emergencies and rescue operations because they are swift, agile, easy to handle, and manoeuvrable. They are a great form of exercise to stay healthy. Because they can be thrown into the water and put into action in a matter of seconds, they are faster than boats. They are suitable for even novices with the appropriate training because of their flexibility and ease of handling. They are easier to store and move, and they take up less room than boats. They are now quite well-liked in beach vacation spots. Watercrafts now have more usefulness and attractiveness in the changing market with the addition of GPS, Bluetooth, and sound systems made possible by new and modern technology. Additionally, manufacturers offer customisation based on customer requirements and preferences.

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Key Insight of the Global Personal watercraft Market

North America will dominate the market during the forecast period.

The region's high per capita income means that people have more disposable cash, and when that money is paired with a willingness and desire to spend it on recreational activities like water sports, things seem good for the local personal watercraft sector. Moreover, the major industry players have their headquarters in the area, providing access to a large selection of watercrafts. The thriving sports community and rising public awareness of the advantages of leading an active lifestyle are additional encouraging signs for the market's expansion. Access to the region's many lakes, oceans, and other bodies of water contributes to the market's expansion.

In 2023, the gasoline segment dominated the market with the largest market share of 52% and revenue of 1.56 billion.

The propulsion segment is divided into gasoline, electric and diesel. In 2023, the gasoline segment dominated the market with the largest market share of 52% and revenue of 1.56 billion.

In 2023, the recreation segment dominated the market with the largest market share of 41% and revenue of 1.23 billion.

The application segment is divided into utility, sports, recreation, military and others. In 2023, the recreation segment dominated the market with the largest market share of 41% and revenue of 1.23 billion.

Report Scope and Segmentation –

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	6%
2033 Value Projection	USD 5.37 Billion
Market Size in 2023	USD 3 Billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	by Component, Deployment, Enterprise Size, End User
Regions Covered	The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Personal Watercraft Market Growth Drivers	The rising popularity of water sports

Advancement in market

A jet ski Viva Electric Jets, a Finnish startup, characterizes their first product of the same name as "The Batman would ride." Not that it's much of an exaggeration-the distinctive, angular style really does like something that might emerge from the Batcave. With its one-hour rapid charging capability and top speed of nearly 60 mph (96.5 km/h), the electric new PWC could let users to spend more time flying across blue waters at highway speed and less time at the charger. At the Helsinki boat show, Viva unveiled its electric jet a bit closer to home.

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Market Dynamics

Driver: Water sports' growing appeal.

After two years of lockdowns brought on by the pandemic, there has been an increase in travel and tourism, and people's quest for new experiences has led to a rise in the popularity of water activities, which in turn has increased demand for personal watercraft. Furthermore, customers are able to spend on these goods given their increased discretionary income. The rising popularity of water sports is partly due to people's growing awareness of the advantages of leading an active lifestyle and their health. The general public now has more access to and affordability for water sports activities due to the growing number of suppliers. In order to reach a wider audience through these producers who have a significant following, they work with social media influencers to promote their brand, which draws in additional customers. The market is also helped by social media and the internet era, which make it simpler to get information about water sports. Consequently, the expansion of the personal watercraft market worldwide will be propelled by the rising popularity of water sports.

Restraints: The expensive price of individual watercraft.

A watercraft is an advanced mechanical device that is propelled by water. This innovative engineering blends automative understanding and aerodynamics to produce a cutting-edge water motorbike. Furthermore, luxury versions with cutting-edge amenities like GPS for navigation, entertainment sound systems, and sophisticated safety mechanisms to prevent accidents have been made possible by technological breakthroughs. These developments drive up costs even further. The expenditures are further increased by maintenance, which entails recurring inspections, repairs, replacements, etc. To maintain the machine, one must be generally knowledgeable about it; otherwise, hiring professionals to conduct the work would be necessary and will incur additional costs. Insurance raises this price. Additionally, since these events are infrequent, many people may decide that such an investment is not worthwhile. As a result, the high price of watercraft and jet skis will prevent the industry from growing.

Opportunities: developments in technology.

The increased number of jet ski and watercraft mishaps has forced manufacturers to create safer and more advanced models. Technological developments make these improvements possible. For example, because of their sophisticated engines, jet-skis in the premium or advanced models use less fuel. Furthermore, by reducing carbon emissions, the advancement of electric engines is contributing to the eco-friendliness of boats. Accidents are avoided by improved safety features like intelligent braking, which provides increased stability, control, and manoeuvrability. Sound systems, Bluetooth, and GPS improve the whole experience. For adventure seekers, it also opens up safe exploration opportunities. All people can enjoy and find them accessible because to features like adjustable handles, comfy chairs, and other similar customisations. Therefore, during the forecast period, the market's growth is expected to be positively impacted by technological improvements.

Challenges: Environmental impact.

Majority of watercrafts have a gasoline propulsion, which leads to carbon emissions, the root cause for global warming and climate change. Furthermore, watercraft make a lot of noise causing noise pollution and disturbance for the neighbourhood. This is detrimental to the health of both animals and humans. It is intrusive and disturbs the marine ecosystems and destroys the biodiversity. It can also lead to habitat destruction as it can scare away animals form their home. It also leads to water pollution. The environmental concerns have prompted ban on water sports across many water bodies. It has also led to legislation describing the rules and regulations that must be followed to operated watercrafts in water bodies. Therefore, environmental concerns will challenge the market's growth.

Some of the major players operating in the global personal watercraft market are:

. Arctic Cat Inc.
. BRP Inc.
. Honda Motors. Co., Ltd.
. Hubei Sanjiang Boats Science & Technology Co., Ltd
. Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.
. Kawasaki Motors Corp.
. Lampuga
. Meyer Bootswerft
. Polaris Industries
. SLVH s.r.o.
. Yamaha Motors Co., Ltd.

Key Segments covered in the market:

By Propulsion

. Gasoline
. Electric
. Diesel

By Application

. Utility
. Sports
. Recreation
. Military
. Others

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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