The personal watercraft market size is anticipated to grow at a moderate CAGR of 6% during 2022 to 2032.
The personal watercraft market is predicted to expand as demand for personal watercraft increases in applications, such as marine or water police, to ensure safety and security among individuals engaged in water sports, as well as high utilisation as a recreational and sporting alternative.
With stringent emission regulations, the personal watercraft manufacturers are focusing on developing technologically advanced personal watercraft, which cause less pollution.
Since the personal watercrafts were invented, these have been equipped with two stroke engines, but with changing technology, the personal watercrafts are now powered with state-of-the-art four stroke engines. Such personal watercraft boats are extensively used for sports and leisure activities.
| Attributes | Details |
|---|---|
| Personal Watercraft Market Size (2020) | USD 1.6 Billion |
| Personal Watercraft Market CAGR (2022 to 2032) | 6% |
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For a better development of the personal watercraft sector, advanced technologies are taken into account. Eclectic personal watercraft has been introduced as an environmental-friendly alternative.
Technological advancements in the personal watercraft have led to the introduction of quieter and cleaner personal watercraft. In the previous decade, these water vessels were powered with two stroke engines, as a result of which they caused a lot of pollution. But with stringent emission regulations coming into play, personal watercrafts are now powered by four stroke engines.
This would increase the demand for personal watercraft and promote the growth of the personal watercraft market over the assessment period. Moreover, now the manufacturers are launching multi-passenger personal watercraft in the market, which offer state of the art features and functions. This will further ramp up the personal watercraft market over the assessment period.
Moreover, the personal watercraft market is anticipated to further augment over the assessment period owing to increase in leisure spending and increasing demand of personal watercraft for utilization in sports. Multi-passenger personal watercraft are trending in the market. Due to this, personal watercraft manufacturers have focused their designs on today’s consumer base, i.e. families, thus continuing to manufacture more of three person models.
Their increasing demand will further drive the anticipated growth of the personal watercraft market over the assessment period. Stringent emission norms and safety regulations derail the growth of the personal watercraft market. Owing to many speed and emission regulations, the manufacturers are investing in implementing new technologies in their products.
This will increase the initial cost of the personal watercraft, which would have a negative impact on the sales. Moreover, apart from recreational and sports applications, personal watercraft cannot be used for transport of goods and passengers. This could further restrain the growth of the market over the assessment period.
Personal watercraft (PWC) definitions vary by state, although they are commonly defined as a vessel with an inboard motor driving a water jet pump as its principal source of propulsion.
North America is anticipated to hold a significant market share in the global personal watercraft market, owing to the presence of many original equipment manufacturers and anticipated increase in demand for personal watercraft in the said region. The European personal watercraft market is driven by increasing investment in sports and recreation.
Moreover, growing tourism in developing economies of the Asia-Pacific region, such as China and India, will create opportunities for the OEM’s to boost up their sales in the region. This trend is anticipated to remain the same in the MEA region, due to which the region will witness a steady growth in the sales of personal watercraft over the assessment period.
| Attributes | Details |
|---|---|
| Forecast period | 2022 to 2032 |
| Historical data available for | 2012 to 2020 |
| Market analysis | USD Million for Value |
| By Type | Sports, Recreational, Performance, Luxury |
| By Seat Capacity | One seat, Two seat, Three seat, Standing |
| By Hull Type | Composites, Plastic |
| By Region | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Japan; Middle East and Africa |
| Key Players | BRP Inc.; Yamaha Motors Co., Ltd.; Kawasaki Motors Corp.; Honda Motors. Co., Ltd.; Polaris Industries; Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.; Lampuga; Arctic cat Inc.; Meyer Bootswerft; SLVH s.r.o.; Hubei Sanjiang Boats Science & Technology Co., Ltd |
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The global personal watercraft market is expected to register a CAGR of 6.0% from 2022 to 2032.
BRP Inc., dominates the global personal watercraft market.
The size of the global personal watercraft market is projected to reach about USD 2.7 Billion by 2022.
North America is expected to grow fastest in the personal watercraft market.
The personal watercraft market is projected to be valued at USD 4.82 Billion by 2032.
| Market Size (2023) | USD 7,266.9 million |
|---|---|
| Market Size (2033) | USD 13,137.1 million |
| Market CAGR (2023 to 2033) | 6.1% |
| Expected Market Value in 2023 | USD 229.8 Million |
|---|---|
| Projected Market Value in 2033 | USD 280.2 Million |
| Growth Rate (2023 to 2033) | 2.0% CAGR |
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Personal Watercraft Market
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