Personal Watercraft Manufacturing in the US - Industry Market Research Report

Personal Watercraft Manufacturing in the US - Industry Market Research Report

Personal Watercraft Manufacturing in the US

The Personal Watercraft Manufacturing industry has navigated turbulent waters as the COVID-19 pandemic and its aftereffects created challenging conditions. Personal watercrafts are highly discretionary purchases, with demand flowing in line with trends in discretionary income and consumer confidence. The industry grew steadily during heady economic times prior to the outbreak of COVID-19 and boomed throughout the pandemic as consumer spending rose, interest rates dropped to record-low levels and consumers found themselves with more leisure time as a result of pandemic-era restrictions. However, the high interests rate environment enacted by the Federal Reserve in an effort to stamp out high inflation has made the purchase of personal watercraft more expensive, while simultaneously reducing exports of more costly American-made products. Consequentially, heavy revenue declined in 2021 and 2022 have prompted a decline across the industry, with revenue forecast to fall at a CAGR of 4.7% to $1.1 billion over the five years to 2023. In 2023, the industry is expected to bounce back with revenue growth of 0.6%.

This industry manufactures personal recreational watercraft that riders can sit or stand on.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.