Personal Watercraft Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033

"The Business Research Company recently released a comprehensive report on the Global Personal Watercraft Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The personal watercraft market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to introduction of stand-up personal watercraft, adoption of 2-stroke engine technology, growth of recreational boating and water sports, rise in consumer disposable income, influence of popular watercraft events and races
.

The personal watercraft market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to expansion of rental services for personal watercraft, evolution of safety features in pwc, increasing focus on lightweight and compact pwc models, rise of electric and hybrid personal watercraft models, expansion of women-centric and family-friendly pwc models. Major trends in the forecast period include technological advancements in pwc design, technological innovations in hull materials and design, introduction of eco-friendly and sustainable watercraft, integration of smart and iot technologies in pwc, integration of ai for enhanced safety and navigation, development of pwc with augmented reality (ar) interfaces.

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Market Drivers and Trends:

The growing interest in outdoor recreational activities is expected to propel the growth of the personal watercraft market going forward. Outdoor recreational activities refer to leisure activities that are performed outside, usually in natural environments. Personal watercraft can be used for a variety of outdoor recreational pursuits, such as jet skiing, watercraft touring, wakeboarding, waterskiing, tubing, and leisurely exploration of the lake or coastal locations by allowing the transportation of cargo and two passengers. For instance, in January 2022, according to the Outdoor Industry Association, a US-based non-profit organization, in 2021, 164.2 million, or 54% of Americans aged six and older, reported having engaged in outdoor recreation at least once, resulting in an outdoor participation increase of 6.9% from 2020. Further, a net gain of 3.5 million more people participated in outdoor activity in 2021. Additionally, a record 6.8 million Americans participated in outdoor activities for the first time in 2021. Therefore, the growing interest in outdoor recreational activities is driving the growth of the personal watercraft market.

Technological advancement is a key trend gaining popularity in the personal watercraft market. Major companies operating in the personal watercraft market are developing innovative products with advanced features to sustain their position in the market. For instance, in July 2022, Taiga Motors, a Canada-based vehicle company, launched Orca, the world's first electric personal watercraft (PWC) based on cutting-edge technology. It redefines the personal watercraft experience with power efficiency, intelligent connectivity, silent operation, and no engine maintenance. It has a unique carbon fiber composite hull that is hydrodynamically engineered for dynamic handling. The hull's design results in a leading power-to-weight ratio, meaning the watercraft has a high-power output relative to its weight. The hull is also available in customizable color combinations.

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Major Key Players of the Market:

Honda Motors. Co. Ltd., Yamaha Motors Co. Ltd., Polaris Inc., BRP Inc., Mercury Marine Ltd., Sanlorenzo S.p.a, MasterCraft Boat Holdings Inc., Arctic Cat Inc., Malibu Boats Inc., Sea-Doo, Tige Boats Inc., Sea Ray Boats, Zapata Racing, Lomac Nautica S.r.l., Krash Industries Jet Ski Group, Nautique Boat Company, Sealegs International Ltd., O'Brien Watersports, Four Winns Boats, Bayliner, BELASSI GmbH, Kymco USA, Supra Boats, Rickter-RRP Performance Inc., Kawasaki Motors Corp., Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., Lampuga GmbH, Meyer Bootswerft GmbH, SLVH s.r.o., Hubei Sanjiang Boats Science & Technology Co. Ltd.

Personal Watercraft Market 2024 Key Insights:

• The personal watercraft market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Interest In Outdoor Recreation Fuels The Expansion Of The Personal Watercraft Market
• Technological Advancements Drives Innovation In The Personal Watercraft Market
• North America was the largest region in the personal watercraft market in 2023

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