New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global personal watercraft market is estimated at US$ 2.85 billion in 2023 and is predicted to expand at a CAGR of 6.2% from 2023 to 2033, according to the latest industry report by Persistence Market Research.
The market for personal watercraft is experiencing significant growth due to the growing interest in water sports and recreational activities, coupled with advancements in technology. As more individuals seek thrilling and adventurous experiences, water sports such as jet skiing, wakeboarding, and water tubing have become increasingly popular.
The development of innovative features in personal watercraft, including enhanced speed, maneuverability, and safety features, has further contributed to the market expansion. These technological advancements, such as improved hull designs, intelligent braking systems, and advanced navigation features, have not only increased the performance and enjoyment of personal watercraft but also improved the overall safety of users.
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As a result, the market for personal watercraft continues to thrive, driven by the intersection of increased interest in water sports and ongoing advancements in personal watercraft technology. The personal watercraft market is well-positioned to meet this demand and is likely to continue to grow in the years ahead.
Key Takeaways from Market Study
- The global personal watercraft market is forecast to expand at a CAGR of 6.2% over the forecast period and reach US$ 5,201.0 million by 2033.
- Growing travel and tourism industries, notable in the United States and Europe, are driving the demand for personal watercraft.
- Consumer accommodating technology advances in personal watercraft are attracting consumers and manufacturers of personal watercraft.
- Legislation issues related to emission and sound production pose a threat to personal watercraft demand in specific regions.
- The innovation of the electric Jet Ski holds a promising future attraction by providing eco-friendly solutions.
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“Due to continuous advancements in personal watercraft technology and growing interest in watersports activities, the global personal watercraft market is experiencing rapid growth. This trend is predicted to continue over the next few years, propelled by various other factors such as the expansion of water sports events and competitions”, says an analyst at Persistence Market Research.
Key Market Players
This report presents groundbreaking findings on the competitive landscape of the personal watercraft market, emphasizing the distinct strategies employed by manufacturers in the industry.
Some of the leading providers of personal watercraft are Polaris Industries, BRP Inc., Yamaha Motors Co., Ltd., Kawasaki Motors Corp., and Honda Motors. Co., Ltd., Sea-Doo, Jiujiang Poseidon Motorboat Manufacturing Co., Ltd., Lampuga, Arctic Cat Inc., and Meyer Bootswerft among others
Recent Development:
Yamaha Watercraft Group will introduce its new 'four-stroke SuperJet', a personal watercraft with sophisticated features, in 2021.
Know More about Report Inclusions
Persistence Market Research published a new market report on personal watercraft, covering global industry analysis for 2018 to 2022 and forecasts for 2023 to 2033.
This research report presents compelling perspectives based on product type, end-use, engine displacement, sales channel, and region. The report encompasses a range of factors, including macroeconomic and forecast factors, which are expected to drive growth in the global market. Additionally, it includes the limitations that may impede market expansion, while highlighting the most recent trends and potential prospects for advancement.
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Market Segmentations:
By Product Type:
- One seat
- Two seat
- Three seat
- Standing
By End-Use:
- Sports
- Recreational
- Luxury
By Engine Displacement:
- Below 800 CC
- 800-1000 CC
- 1000-1500 CC
- Above 1500 CC
By Sales Channel:
- Hypermarkets/Supermarkets
- Independent Dealers
- Brand Authorized Dealers
- Brand Owned E-commerce
- Third Party E-commerce
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
For additional information on how the personal watercraft market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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