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2025 Personal Watercraft Market Outlook: Key Indicators Shaping Growth Through 2034
Personal Watercraft Market
What Will the Personal Watercraft Industry Market Size Be by 2025?
In recent times, the personal watercraft market has witnessed robust growth. The market size, which stood at $2.45 billion in 2024, is projected to increase to $2.61 billion in 2025, representing a compound annual growth rate (CAGR) of 6.5%. The growth observed during the historical period was primarily due to the introduction of stand-up personal watercraft and the adoption of 2-stroke engine technology. Additional factors such as the expansion of recreational boating and water sports, an increase in consumer disposable income, and the influence of popular watercraft events and races have also contributed to this growth.
What's the Long-Term Growth Forecast for the Personal Watercraft Market Size Through 2029?
Anticipation is high for robust expansion in the personal watercraft market size in the upcoming years. The market is projected to surge to $3.44 billion by 2029, registering a compound annual growth rate (CAGR) of 7.1%. Factors contributing to the growth during the forecast period encompass the burgeoning rental services for personal watercraft, advancement in safety features, heightened emphasis on compact and lightweight models, emergence of electric and hybrid models, and the growing availability of pwc models aimed at women and families. The forecast period is anticipated to see key trends such as technological progression in pwc design, advances in hull materials and design, the launch of environmentally friendly and sustainable watercraft, the incorporation of smart and internet of things (IoT) technologies in pwc, utilization of artificial intelligence (AI) for improved safety and navigation, as well as the creation of personal watercraft bearing augmented reality (AR) interfaces.
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What Are the Key Growth Drivers Fueling the Personal Watercraft Market Expansion?
The rise in outdoor leisure activities is predicted to fuel the expansion of the personal watercraft market. Outdoor leisure activities encompass pursuits conducted al fresco, typically within natural surroundings. Personal watercraft are versatile, being suitable for numerous outdoor activities including jet skiing, watercraft touring, wakeboarding, waterskiing, tubing, as well as relaxed exploration of lakes or coastal areas, enabling the transport of items and two passengers. As per a report released in 2023 by the American Canoe Association, a sports organization based in the United States, the outdoor recreation participant count saw a 2.3% increase in 2022, attaining a new high of 168.1 million participants. This signifies 55% of U.S. citizens aged 6 years and above. Thus, the mounting appeal of outdoor leisure pursuits is catalyzing the progression of the personal watercraft market.
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What Are the Key Trends Driving Personal Watercraft Market Growth?
The surge in technological advancements is a prominent trend shaking up the personal watercraft industry. Companies at the forefront of this market are turning to innovation and cutting-edge product features to maintain their competitive edge. A notable example is the July 2022 launch of the world's first electric personal watercraft (PWC), Orca, by Taiga Motors, a vehicle manufacturer based in Canada. Leveraging the latest technologies, the Orca transcends the traditional personal watercraft experience with its energy-efficient operation, intelligent connectivity, noiseless functioning, and zero engine maintenance requirements. Further distinguishing this PWC is its uniquely designed hull, constructed from carbon fiber composite and hydrodynamically engineered for superior handling. This design aspect confers a high power-to-weight ratio on the watercraft, signaling strong power output proportionate to its weight. Additionally, the hull offers the option of personalized color combinations.
How Is the Personal Watercraft Market Segmented?
The personal watercraft market covered in this report is segmented -
1) By Watercraft Type: Recreational Watercraft, Muscle Watercraft, Luxury Watercraft, Performance Watercraft, Sports Watercraft
2) By Seat Capacity Type: One Seat, Two Seat, Three Seat, Standing
3) By Hull Type: Composites, Plastic
4) By Engine Displacement: Below 800 CC (Cubic Capacity), 800-1000 CC (Cubic Capacity), 1000-1500 CC (Cubic Capacity), Above 1500 CC (Cubic Capacity)
Subsegments:
1) By Recreational Watercraft: Standard Jet Skis, Sit-Down Models, Stand-Up Models
2) By Muscle Watercraft: High-Powered Jet Skis, Supercharged Models
3) By Luxury Watercraft: Premium Jet Skis, Customizable Models
4) By Performance Watercraft: Racing Models, High-Performance Cruisers
5) By Sports Watercraft: Wakeboarding Models, Fishing Models, Touring Models
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Which Companies Are Leading the Charge in Personal Watercraft Market Innovation?
Major companies operating in the personal watercraft market include Honda Motors. Co. Ltd., Yamaha Motors Co. Ltd., Polaris Inc., BRP Inc., 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, 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.
Which Regions Are Leading the Global Personal Watercraft Market in Revenue?
North America was the largest region in the personal watercraft market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal watercraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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