Personal Watercraft/Jet-ski Market Size - By Propulsion Type (Gasoline, Diesel, Electric), By Application (Utility, Sports, Recreation, Military) & Global Forecast, 2023 - 2032

Personal Watercraft/Jet-ski Market Size - By Propulsion Type (Gasoline, Diesel, Electric), By Application (Utility, Sports, Recreation, Military) & Global Forecast, 2023 - 2032

Global Personal Watercraft/Jet-ski Market size will expand at 5.6% CAGR from 2023 to 2032. Consistent rollouts of government initiatives focused on boosting the tourism sector will stimulate market growth over the next ten years.

In February 2023, in a bid to rejuvenate India's tourism sector post-COVID, the Union Government introduced a series of initiatives. They launched the 'Visit India Year 2023' program with the mission to propel tourism into a mission-driven mode, ultimately positioning India as a global tourism leader. This initiative aims to unveil unexplored facets of India's heritage and culture, promoting it as a year-round destination with a focus on Northeast India's richness and diverse offerings while introducing novel ways to experience India through spiritual routes, adventure trails, and more. Enhanced tourism promotion can drive demand for water-based recreational activities, including jet-skiing, as tourists seek thrilling experiences. This, in turn, can boost sales and rentals of personal watercraft, benefiting the personal watercraft/jet-ski industry.

The overall personal watercraft/jet-ski market is categorized based on propulsion type, application, and region.

Diesel-based personal watercraft/jet-ski industry will record a healthy growth rate between 2023 and 2032, primarily driven by their fuel efficiency and cost-effectiveness compared to traditional gasoline-powered models. Diesel engines offer greater mileage and lower fuel consumption, making them appealing to jet ski enthusiasts looking for extended ride times and reduced operating expenses.

Utility segment could dominate the application scenario of the personal watercraft/jet-ski market by 2032. The demand for personal watercraft in utility applications is propelled by their versatility and efficiency in tasks like search and rescue, law enforcement, and maintenance in coastal and aquatic environments. Their agility, speed, and accessibility to shallow waters make them invaluable tools for professionals and organizations requiring effective waterborne operations.

Europe personal watercraft/jet-ski industry will expand at 5.3% CAGR between 2023 and 2032. Rising interest in water-based recreational activities, increased disposable income, and a growing tourism sector are driving demand. According to Eurostat, in 2022, the total nights spent in tourist accommodations nearly matched pre-pandemic levels, reaching 2.72 billion nights, a 5.6% decrease from the 2.88 billion nights in 2019. This marks a significant increase compared to the nights spent in 2020 and 2021, which saw 91.1% and 48.3% growth, respectively, reaching 1.42 billion and 1.83 billion nights in those years. Moreover, manufacturers are introducing innovative and eco-friendly models, attracting a wider customer base and contributing to the industry's expansion.