The global personal watercraft market is expected to grow at a positive CAGR of 6% and reach a substantial value by 2032. The target market was valued at US$ 1.6 Bn in 2020 and will likely continue to perform well during the forecast period. With the increasing application of personal watercraft in marine and water police forces, the market for the same is projected to grow over the next few years.
Personal watercraft were introduced as models that were equipped with two-stroke engines. However, with ever-changing technology, the personal watercraft of today are empowered with high-tech four-stroke engines. Such personal watercraft boats are in high demand in sports and leisure activities. This exerts a positive influence on the overall market growth.
Again, technological advancements in the personal watercraft sector have resulted in the emergence of quieter and cleaner personal watercraft. In the past decade, these water vessels caused a lot of pollution as they were equipped with two strokes engines. Whereas, owing to the execution of stringent emission regulations coming, personal watercraft are now powered by four-stroke engines which leads to a relatively eco-friendly water vessel.
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This aspect is expected to amplify the demand for personal watercraft and foster the growth of the personal watercraft market over the projected period. Furthermore, currently, many of the manufacturers are releasing multi-passenger personal watercraft which are equipped with state-of-the-art features and functions. This will likely underpin the growth of the personal watercraft market over the next few years.
Also, the surge in leisure spending and heightened demand for personal watercraft for sports purposes will facilitate the growth of the personal watercraft market. Further, the growing trend for multi-passenger personal watercraft and other eclectic personal watercraft will also contribute to the growth of the personal watercraft market during the forecast period as more and more manufacturers are focusing on catering to their target consumer base which has shifted to families rather than bachelors.
“Increasing use of personal watercraft in marine security forces as well as for sports and leisure purposes is expected to drive the global growth of the personal watercraft market over the forecast period,” says an FMI analyst.
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Key Takeaways:
Strict regulatory measures and high initial costs will hamper the growth of the personal watercraft market.
Rising adoption of advanced technology along with the emergence of green watercraft will strengthen the market prospects for personal watercraft.
The strong presence of several original equipment manufacturers propels North America to occupy the dominant position in the global market.
Increasing tourism will benefit the personal watercraft market in the Asia Pacific region.
Competitive Landscape
Leading market players are focusing on adopting advanced technologies and expanding their product portfolios to include environmentally-friendly watercraft. These firms also adopt various organic and inorganic business strategies to strengthen their market position.
Kawasaki Motors Corp., Honda Motors. Co., Ltd., Polaris Industries, Jiujiang Poseidon, and Motorboat Manufacturing Co., Ltd., among others are some of the major players in the personal watercraft market profiled in the full version of the report.
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