Personal Watercraft Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Personal watercraft refers to a vessel designed to be operated by a person sitting, standing, or kneeling on the boat, as opposed to the traditional method of sitting or standing in the vessel. It typically has an outboard motor or an inboard engine that powers a water jet pump as its primary source of propulsion.

Sizing and Forecast
The personal watercraft market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%.  The  growth in the historic period can be attributed to introduction of stand-up personal watercraft, adoption of 2-stroke engine technology, growth of recreational boating and water sports, rise in consumer disposable income, influence of popular watercraft events and races.

The personal watercraft market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.  The growth in the forecast period can be attributed to expansion of rental services for personal watercraft, evolution of safety features in pwc, increasing focus on lightweight and compact pwc models, rise of electric and hybrid personal watercraft models, expansion of women-centric and family-friendly pwc models. Major trends in the forecast period include technological advancements in pwc design, technological innovations in hull materials and design, introduction of eco-friendly and sustainable watercraft, integration of smart and iot technologies in pwc, integration of ai for enhanced safety and navigation, development of pwc with augmented reality (ar) interfaces.

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Segmentation & Regional Insights
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)

North America was the largest region in the personal watercraft market in 2023. 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

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Major Driver Impacting Market Growth
The growing interest in outdoor recreational activities is expected to propel the growth of the personal watercraft market going forward. Outdoor recreational activities refer to leisure activities that are performed outside, usually in natural environments. Personal watercraft can be used for a variety of outdoor recreational pursuits, such as jet skiing, watercraft touring, wakeboarding, waterskiing, tubing, and leisurely exploration of the lake or coastal locations by allowing the transportation of cargo and two passengers. For instance, in January 2022, according to the Outdoor Industry Association, a US-based non-profit organization, in 2021, 164.2 million, or 54% of Americans aged six and older, reported having engaged in outdoor recreation at least once, resulting in an outdoor participation increase of 6.9% from 2020. Further, a net gain of 3.5 million more people participated in outdoor activity in 2021. Additionally, a record 6.8 million Americans participated in outdoor activities for the first time in 2021. Therefore, the growing interest in outdoor recreational activities is driving the growth of the personal watercraft market.

Key Industry Players
Major companies operating in the personal watercraft  market report are Honda Motors. Co. Ltd., Yamaha Motors Co. Ltd., Polaris Inc., BRP Inc., Mercury Marine Ltd., Sanlorenzo S.p.a, 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, Kymco USA, 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.

The personal watercraft market report table of contents includes:

1. Executive Summary
2. Personal Watercraft Market Characteristics
3. Personal Watercraft Market Trends And Strategies
4. Personal Watercraft Market – Macro Economic Scenario
5. Global Personal Watercraft Market Size and Growth
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31. Global Personal Watercraft Market Competitive Benchmarking
32. Global Personal Watercraft Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fat Replacers Market
34. Personal Watercraft Market Future Outlook and Potential Analysis
35. Appendix

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