What Has Been the Progress and Growth of the Personal Watercraft Market in Recent Years?
The personal watercraft market has seen considerable growth due to a variety of factors.
•The market size for personal watercraft has seen a robust increase in recent times. It is predicted to expand from $2.45 billion in 2024 to $2.61 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.5%.
The significant growth during the historical period can be due to factors such as the introduction of stand-up personal watercraft and the adoption of 2-stroke engine technology, alongside the growth of recreational boating and water sports. The increase in consumer disposable income, coupled with the impact of popular watercraft events and races, has also played a part in this market expansion.
What Can Be Expected from the Personal Watercraft Market in the Coming Years?
The personal watercraft market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience robust growth in the coming years, the personal watercraft market is projected to reach $3.44 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 7.1%.
This growth in the predicted period can be ascribed to various factors such as the burgeoning of personal watercraft rental services, advancements in safety specifications on personal watercrafts, growing emphasis on more compact and lighter pwc models, the emergence of electric and hybrid pwc versions, and the proliferation of pwc models aimed towards women and families. The forecast period will also witness significant trends like technological progression in pwc design, cutting-edge innovation in hull materials and design, the launching of environment-friendly and sustainable watercraft, the integration of intelligent and Internet of Things technologies into pwc, enhanced safety and navigation via artificial intelligence integration, and the creation of augmented reality (AR) interfaces for pwc.
What Are The Leading Drivers Of Growth In The Personal Watercraft Market?
The personal watercraft market is expected to experience significant growth due to an increasing interest in outdoor recreational activities. These leisure activities are commonly conducted in nature, outdoors. Personal watercraft is versatile and can be used for numerous outdoor leisure pursuits such as jet skiing, wakeboarding, water touring, waterskiing, tubing, and more. Moreover, they offer the option to transport cargo or accommodate two passengers, making them perfect for a leisurely exploration of lakes or coastal areas. In 2023, the American Canoe Association, a sports organization in the US, reported a 2.3% rise in outdoor recreation participants in 2022, hitting a record of 168.1 million participants. This accounts for 55% of the people in the US aged six and up. Consequently, this growing interest in outdoor recreational activity is boosting the personal watercraft market's growth.
How Are The Segments Defined Within The Global Personal Watercraft Market?
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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How Are New Trends Expected To Influence The Growth Of The Personal Watercraft Market?
The growth of technology is a major escalating pattern observed in the personal watercraft industry. To maintain their dominance in the market, premier firms in this sector are producing cutting-edge and innovative products. As a testament to this, Taiga Motors, a Canadian vehicle enterprise, introduced Orca in July 2022, the first-ever electric personal watercraft (PWC) created based on state-of-the-art technology. It revolutionizes personal watercraft utilization with impressive energy efficiency, smart connectivity, noiseless operations, and maintenance-free engine functioning. Its distinctive carbon fiber composite hull is designed for agile maneuvering due to hydrodynamic engineering. The design of the hull yields superior power-to-weight ratio, indicating that the craft possesses high power return compared to its own weight. Additionally, the hull is offered in customizable color options.
Who Are the Key Players in the Personal Watercraft Market?
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.
What Is The Most Dominant Region In The Personal Watercraft Market?
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
