Worldwide Demand For Watercraft Accessories Market will Surge at a CAGR of 6.1% and reach US$ 13,137.1 Million by 2033

According to forecasts, the watercraft accessories market is expected to be US$ 7,266.9 million in 2023 and US$ 13,137.1 million by 2033.

Many variables, including customer tastes, disposable income, technical developments, and seasonal demand, impact the watercraft accessories market. Foreign and local businesses are competing in the market, and the competition is focused on product quality, customization, innovation, and pricing strategies.

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The fast growth of the tourist sector, the implementation of new government rules, and the rise in water parks favorably affect the development of the watercraft accessories sector.

Manufacturers of watercraft accessories now have more accessibility and reach thanks to the expansion of online retail and e-commerce platforms, which enables them to get a bigger client base.

The ability to respond to individual preferences and particular watercraft models by providing customizable and customized accessories gives industry players a unique marketing offer. Some watercraft attachments are not widely used by consumers due to price sensitivity, especially those on a tight budget.

Key Takeaways

By 2033, the watercraft accessories market in the United Kingdom is likely to expand, with a CAGR of 5.8%.
In 2023, the United States is likely to develop the watercraft accessories business with a share of 21.6%.
The watercraft accessories market grew considerably to US$ 6,901.1 million in 2022.
The watercraft accessories sector expanded at a CAGR of 5.3% from 2018 to 2022.
By 2033, China's watercraft accessories market is projected to develop with a CAGR of 6.3%.
By 2033, India's mountain and ski resort industry is projected to expand with a CAGR of 6%.
Japan's watercraft accessories industry is expected to grow significantly, with an 8.5% share in 2023.
Australia's watercraft accessories are likely to expand with a CAGR of 0.2% in 2023.
Germany's watercraft accessories business is likely to grow, with a share of 7.9% in 2023.
In 2023, the life vest segment is likely to dominate the market, with a share of 32.5%, based on the type.
In 2023, the coastal tourism and shipping segment is expected to dominate the market, with a share of 27.9%, based on the application.

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Competitors Winning Strategies

Several key manufacturers are working to increase their regional market share and participate in local markets directly by growing their dealer network. They are working with regional distributors to distribute their goods internationally. To achieve a competitive edge in the market, industry actors concentrate on comprehending customer wants, investing in research and development, and forming strategic alliances.

Key Players

Yamaha Motor Corporation
WireCo
Bombardier Recreational Products Inc.
IRM Offshore and Marine Engineers Private Limited.
Covercraft Industries LLC
BEXCO NV
Kawasaki Motors Corp.
AXIOM CORDAGES LIMITED
Samson Rope Technologies
TEUFELBERGER
DAN-FENDER
Garware Technical Fibers Ltd.
EVOLUTION TRADING (SHANGHAI)CO.LTD
SHEICO Group
ABSOLUTE OUTDOOR, INC.
Manson Anchors Limited
Attwood Corporation
Gottifredi Maffioli S.r.l.
Gleistein GmbH
Greenfield Products Inc

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Recent Development:

A new line of life vests was introduced by Sea-Doo in 2022 in an effort to attract more customers.
In June 2021, Kawasaki announced the introduction of the prestigious Jet Ski® STX® 160 series, the Kawasaki Jet Ski® SX-RTM 160 four-stroke stand-up personal watercraft, and the premium Jet Ski Ultra® 310 series.
The boat engines for BRP were completely reevaluated, reconstructed, and refurbished in August 2022. The new Rotax Outboard Engine with Stealth Technology's 115 and 150-horsepower models are the first to be made available.

Key Segments

By Type:

Life Vest

Tow Ropes

Boat Dock Line & Storage

Boat Fenders

Boat Cover

Others

By End Use:

Military & Defence

Amusement Parks

Professional & Hobbyist

Coastal Tourism & Shipping Company

Offshore Vessel

Cargo Logistics

By Sales Channel:

Online

Offline

Multi Brand Store

Specialty Store

By Region:

North America
Latin America
Europe
East Asia
South Asia and the Pacific
Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.