The personal watercraft market is witnessing robust growth driven by the increasing participation in water sports and recreational activities such as jet skiing, boat riding, and surfing among enthusiasts. Personal watercraft offer adventurous water experiences and high-performance thrills to riders of all skill levels. They provide standalone or tandem seating and are powered by engines similar to motorcycles. Key attributes like easy handling, storage space for gear, and versatility to navigate varied water bodies have made personal watercraft a popular choice.
Global personal watercraft market is estimated to be valued at USD 2.83 billion in 2024 and is expected to reach USD 4.46 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Key Takeaways
Key players operating in the personal watercraft market are Avon Marine, BRP Inc. (Bombardier Recreational Products), Gibbs Sports Amphibians, Inc., HISON, Honda Motors, Jiujiang Poseidon Motorboat Manufacturing Co., Limited, Kawasaki Motors Corporation, Lampuga, Meyer Bootswerft, NARKE, Polaris Industries, Sea Doo, SLVH s.r.o, Yamaha Motors, and Zodiac Nautic. Yamaha Motors Co. has a strong global footprint especially in Asia Pacific and North America.
Growing Demand The growing Personal Watercraft Market Demand is fueled by increased tourism and leisure activities near beaches, lakes, and rivers, along with millennials’ growing affinity for adventure sports.
Technological advancements: Manufacturers are focusing on introducing personal watercraft equipped with advanced rider safety features, smartphone connectivity options, and modified engine configurations for enhanced speed and fuel efficiency.
Market Trends
Electric personal watercraft: Owing to stringent emission norms, manufacturers are investing in electric models with zero emission which will help expand customer base and drive compliance.
Connectivity solutions: Integration of GPS navigation, infotainment controls and crash detection through app-based connectivity is gaining traction. This is enhancing riding experience and safety.
Market Opportunities
Recreational activites: Growth in tourism and water adventure activities presents an opportunity for OEMs to tap into recreational personal watercraft rental business models.
Emerging markets: Markets like China, India, Brazil offer high growth potential due to improving economic conditions and rising affinity towards water sports among youth. Local manufacturing can help address issues of high taxation and tariffs.
Impact of COVID-19 on Personal Watercraft Market
The outbreak of the COVID-19 pandemic impacted the personal watercraft market negatively in 2020. Governments imposed lockdowns and travel restrictions to curb the spread of the virus. This resulted in reduced recreational activities and the closure of boating facilities. As personal watercraft are mainly used for leisure and sporting purposes, their demand and sales significantly declined during this period.
Manufacturers faced disruptions in their supply chains and production activities due to lockdowns. This led to a fall in production volumes. The reduced disposable income of consumers and economic uncertainties further dampened sales. Retail outlets remained shut for several months, limiting the availability of personal watercraft.
However, with lifting of lockdowns and increasing vaccination rates, the market is recovering steadily. As restrictions ease, recreational boating and water activities are picking up pace again. This is driving demand for personal watercraft. Manufacturers are also focusing on product innovation, digital marketing initiatives and offering financing options to attract customers in the post-pandemic period. Governments in several countries are undertaking initiatives to boost domestic tourism, which will benefit the personal watercraft industry. The pent up demand is expected to fuel strong growth in the coming years.
North America Dominates the Personal Watercraft Market
Being the largest personal watercraft market globally, North America accounts for over 40% of the total value sales. The United States represents the bulk of demand in the region owing to high participation in recreational boating. States like Florida, California and Michigan have emerged as major markets due to the presence of coastal areas and large number of lakes.
Favorable demographic trends along with rising disposable incomes have continued to drive the market. Additionally, personal watercraft rentals and tourism are contributing significantly to sales. Key players such as BRP and Yamaha are focusing on expanding their dealership networks and product lines to tap the growing potential in the region.
Asia Pacific to Witness Fastest Growth in Personal Watercraft Market
Asia Pacific region holds high growth prospects for personal watercraft market. Countries such as China, Japan, Australia and Southeast Asian nations are witnessing increasing consumer affluence and spending on leisure activities. Growing middle-class population and changing lifestyles are fueling interest in personal watercraft sports.
Countries with long coastlines like Indonesia, Philippines, Malaysia and Thailand offer significant opportunities owing to rising marine tourism. Additionally, greater exposure through international sports events and social media is driving adoption. Major manufacturers have started local production facilities to address demand and benefit from lower import duties. The Asia Pacific personal watercraft market is estimated to register fastest CAGR during the forecast period.
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