Global Personal Watercraft Market - 2023-2030

Global Personal Watercraft Market - 2023-2030

Global personal watercraft market reached US$ 1.6 billion in 2022 and is expected to reach US$ 2.4 billion by 2030, growing with a CAGR of 4.7% during the forecast period 2023-2030.

As the global economy continues to grow, disposable incomes have been on the rise, enabling more people to afford recreational activities like personal watercraft riding. Additionally, the adoption of a more active and adventurous lifestyle has become a trend, encouraging individuals to explore outdoor activities, including water sports. Moreover, the flourishing global tourism industry has significantly contributed to the growth of the personal watercraft market. Tourists seeking thrilling experiences and memorable vacations are increasingly opting for water-based activities, driving the demand for personal watercraft rentals and tours in popular travel destinations.

The recreational watercraft segment has emerged as the leading category within the watercraft type segment, experiencing rapid growth and capturing more than a quarter of the market share. The remarkable expansion of this segment can be attributed to the increasing popularity of recreational watercraft among water enthusiasts, as it offers a unique and exhilarating experience on the water. Similarly, in the personal watercraft system market, North America holds the dominant position, commanding the largest market share of over a quarter. The region showcases significant potential in this market, primarily driven by the rising popularity of water-based recreational activities and the growth of disposable incomes among consumers.

Market Dynamics

Advancements in Technology and Design Contributing to Fuel Efficiency

The technological advancements in the personal watercraft industry have played a crucial role in driving market growth. Manufacturers have been continuously investing in research and development to improve the design, performance, and safety features of personal watercraft. Advanced features such as Intelligent Brake & Reverse (iBR) systems, Variable Trim Systems (VTS), and Electronic Control Modules (ECM) have enhanced the overall riding experience and safety of personal watercraft. Such technological innovations have garnered the interest of both experienced and novice riders, driving market growth.

In recent years, environmental awareness and sustainability have become critical considerations for consumers across industries, including the personal watercraft market. Manufacturers are increasingly focusing on developing eco-friendly and fuel-efficient personal watercraft models. Environmental regulations and emission standards set by governments globally are influencing manufacturers to adopt greener practices and produce more environmentally-friendly watercraft. Consequently, the market is witnessing an influx of eco-conscious consumers seeking fuel-efficient and environmentally-friendly options.

Expanding Distribution Networks and Marketing Efforts

The global personal watercraft (PWC) market has been experiencing substantial growth in recent years. The market is driven by various factors that have led to an increase in consumer demand and market expansion. Expanding distribution networks and marketing efforts is a major factor that have boosted the market. With the respective market driver in place, the market is poised to witness continued expansion and prosperity in the foreseeable future.

The personal watercraft market growth has been supported by expanding distribution networks and effective marketing strategies. Manufacturers are partnering with dealerships and retailers to increase their reach to potential customers. Moreover, aggressive marketing efforts through digital platforms, social media, and events have helped raise awareness and generate interest in personal watercraft among the target audience. These distribution and marketing efforts have led to increased visibility and boosted sales, contributing to market expansion.

Safety Concerns and Accidents, High Maintenance Costs and Seasonal Nature of the Market

Safety remains a significant concern in the personal watercraft market. While modern PWC models are equipped with safety features and guidelines for safe operation, accidents and collisions continue to occur, leading to injuries and fatalities. Government agencies, such as the National Transportation Safety Board (NTSB) in U.S., regularly report accidents involving personal watercraft. Such incidents prompt regulators to introduce stricter safety regulations and impose licensing and training requirements for personal watercraft operators.

Moreover, the maintenance and repair costs of personal watercraft can be relatively high. The specialized technology and components require regular maintenance and servicing to ensure safe and efficient operation. For consumers, high maintenance costs can deter them from purchasing or owning personal watercraft. Additionally, the personal watercraft market is highly influenced by seasonal factors. It experiences peak demand during the warm months when people engage in water-based recreational activities.

COVID-19 Impact Analysis

The COVID-19 pandemic brought unprecedented challenges to the global personal watercraft market, primarily due to travel restrictions, economic uncertainty, changes in consumer behavior, and reduced disposable income. The pandemic-induced economic recession resulted in widespread job losses and financial insecurity for individuals and businesses alike. With people facing financial uncertainty, non-essential spending, including leisure activities like personal watercraft, took a backseat.

Various countries have experienced declines in personal watercraft rental and sales revenue.For instance, U.S., one of the largest markets for personal watercraft, data from the Bureau of Economic Analysis (BEA) shows that personal consumption expenditures on recreational goods and vehicles decreased by 3.1% in 2020 compared to 2019.

However, with the gradual easing of restrictions and the rollout of vaccination campaigns, there are signs of recovery in the personal watercraft market. As economies rebound and travel resumes, the demand for personal watercraft is expected to increase. Governments' support measures and investments in recreational industries further contribute to the market's potential for growth in the coming years. While the road to full recovery may be gradual, the personal watercraft market holds promising prospects as the world adapts to the new normal.

Segment Analysis

The global personal watercraft market is segmented based on seating capacity, watercraft type, hull and region.

Ability of Recreational Watercrafts to offer Unique and Exhilarating Experience for Water Enthusiasts

Personal watercraft, also known as jet skis, are versatile and thrilling watercraft that offers a unique and exhilarating experience for water enthusiasts. As more people seek leisure activities and outdoor adventures, the recreational watercraft segment has emerged as a dominant force within the global market. Moreover, tourists seeking unique experiences are opting for jet ski rentals and tours, boosting the demand in popular tourist destinations. Governments around the world have recognized the potential economic impact of the personal watercraft market.

As a result, many countries have implemented policies and regulations to support water sports and recreational activities. Such policies create opportunities for businesses to expand their operations, driving the growth of the recreational watercraft segment. For instance, in Australia, the Australian Bureau of Statistics reported an increase in the number of personal watercraft registrations. In 2015, there were 43,349 registered personal watercraft, and by 2020, this number had grown to 54,927, representing a significant uptick in demand for recreational watercraft.

Similalry, the European market has also witnessed substantial growth in the recreational watercraft segment. Data from the European Boating Industry indicates that personal watercraft accounted for approximately 18% of the total boat registrations in Europe in 2015. By 2020, this share had increased to around 20%, underscoring the segment's expansion in the region.

Geographical Analysis

Presence of Vast Coastline, Numerous Lakes and Water-Friendly Culture in North America

U.S. dominates the personal watercraft market in North America. With its vast coastline, numerous lakes, and water-friendly culture, the U.S. has emerged as a significant player in the global personal watercraft industry. Similalry, Canada's expansive water bodies and scenic locations have also contributed to the growth of the personal watercraft market. The country's strong tourism industry and water sports culture have driven demand for these watercraft.

The outbreak of the COVID-19 pandemic in 2020 had a mixed impact on the personal watercraft market in North America. While the initial months saw a decline in sales due to lockdowns and restrictions on recreational activities, the market experienced a surge in demand later in the year. As people sought safe and socially distant outdoor activities, water sports gained popularity, leading to increased sales of personal watercraft. With the continued focus on sustainability and emerging markets, the personal watercraft industry is poised for further growth in North America.

Competitive Landscape

Honda Motors Co. Ltd., BRP Inc., Yamaha Motors Co. Ltd., Kawasaki Motors Corp., Lampuga, Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., BRO Inc, Arctic cat Inc, Polaris Industries and SLVH s.r.o.

Why Purchase the Report?
• To visualize the global personal watercraft market segmentation based on seating capacity, watercraft type, hull and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of personal watercraft market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global personal watercraft market report would provide approximately 61 tables, 59 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies