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The global personal watercraft market was valued at USD 3 billion in 2023 and grew at a CAGR of 6% from 2024 to 2033. The market is expected to reach USD 5.37 billion by 2033. The growing interest in water sports and recreational activities will drive the growth of the global personal watercraft market.
A personal watercraft also known as jet-ski is basically a motorbike for the waters. It can be single-seater or two-seater wherein the driver and passenger sit or stand on it. it is used for recreational water activities. Besides recreational activities, they are used in professional racing events and in patrolling, rescue operations as well as fishing activities. A watercraft basically takes in water and then propels it out to gain velocity and speed. It has handles just like that of a motorbike for navigation. They offer a rush of adrenaline and is a fun adventurous activity. They are fast, quick, easy to handle and manoeuvrable, which makes them invaluable for emergencies and rescue operations. They are a great form of exercise to stay healthy. They are quicker than boats as they can be put into action within seconds and launched into the waters. The ease of handling and flexibility offered by them make it appropriate for even beginners with right training. They use up less space than boats and they can be stored and transported easily. They have become highly popular in beach travel destinations. The new advanced tech has enabled the integration of GPS, Bluetooth and sound systems into watercrafts which increase their appeal and functionality in the evolving market. manufacturers also provide customization according to the needs and preferences of consumers.
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The rising popularity of water sports – The growing tourism and travel after two years of pandemic induced lockdowns combined with a growing desire for new experiences amongst the populace has contributed to the rising popularity of water sports which in turn contributes to an increasing demand for personal watercraft. Furthermore, the increasing disposable income allows consumers to spend on these luxuries. The growing awareness about health and benefits of having an active lifestyle have also contributed to the increasing demand for water sports. The increasing number of providers offering water sports activities have made it more accessible and affordable for the general populace. They collaborate with social media influencers to promote their business which attracts more consumers as it enables them to reach a larger audience through these creators who have large number of followers. Social media and the internet age also offer easier access to information about water sports which also benefits the market. therefore, the growing interest in water sports will drive the global personal watercraft market’s growth.
The high costs of personal watercraft – watercraft is a sophisticated piece of machinery that rides on water. It is a unique piece of engineering combining aerodynamics and automative knowledge to create an advanced motorbike for waters. Additionally, the advancements in tech have led to premium models with state-of-the art features like GPS for navigation, sound systems for entertainment and advanced safety tools to avoid accidents. These advancements further add to costs. the maintenance which involves regular inspections, repairs, replacements, etc. also add to the costs. a person needs to have generic knowledge about the machine to take care of it, otherwise it needs to be done by professionals which costs money. Insurance adds to this cost. Furthermore, these activities are occasional and such an investment might not be worth it for many. Therefore, the high costs of watercraft/jet-ski will hamper the market’s growth.
Technological advancements – The rising incidence of watercraft/jet-ski accidents prompted manufacturers to developed safer and better models. Technological advancements enable such enhancements. For instance, premium or advanced version of jet-skis offer a better fuel economy with their advanced engines. additionally, the enhancement of electric engines is making watercrafts more eco-friendly by mitigating carbon emissions. Better safety features like intelligent braking offering enhanced stability, better control and manoeuvrability prevent accidents. GPS, Bluetooth and sound systems enhance the overall experience. It also makes safe exploration possible for adventure enthusiasts. Comfortable seats, adjustable handles and similar customizations make them accessible and enjoyable for everyone. Therefore, the technological advancements will bode well for the growth of the market during the forecast period.
The regions analysed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global personal watercraft market, with a 37% market revenue share in 2023.
The high per capita income of the region translates to higher disposable income, which combined with a desire and willingness to spend on recreational activities like water sports bodes well for the regional personal watercraft market. furthermore, the key market players of the industry are headquartered in the region offering access to a wide range of watercrafts. The robust sporting community with an increasing awareness about the benefits of having an active lifestyle also bode well for the market’s growth. access to water bodies, from lakes oceans across a diverse geographical landscape of the region also augments the market’s growth.
North America Region Personal Watercraft Market Share in 2023 - 37%
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The propulsion segment is divided into gasoline, electric and diesel. The gasoline segment dominated the market, with a market share of around 52% in 2023. Gasoline propulsion offers robust engine power which facilitates fast acceleration and gives the needed to power achieve the necessary speed and thrust. it also facilitates easier manoeuvrability. Gasoline is easily available and accessible given the well-established infrastructure for dispensing and distributing the same. It offers longer times without refuelling. Additionally, refuelling is quicker unlike charging. Gasoline has been pre-dominant for years. It is trusted, reliable and known. Since gasoline propulsion is well-established it has lower costs, both in initial purchase and maintenance.
The application segment is divided into utility, sports, recreation, military and others. The recreation segment dominated the market, with a market share of around 41% in 2023. Personal watercrafts are fast, easy to handle, versatile and accessible. They are easy to learn and offer a fun experience even to beginners without much hassle. They can be used for thrilling experiences as well as leisure activities. They are used for jet ski racing, waterskiing, wakeboarding and tubing to name a few. They are highly popular is tourism and travel offering individuals experiences according to their need and demand, from fun to relaxing activities. They are dominantly preferred for recreational activities due to their accessibility, easy storage and transports, operating convenience and versatility. The growing avenues and market players offering recreational activities also contributes to it’s continues dominance in the market.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 3 Billion |
| Market size value in 2033 | USD 5.37 Billion |
| CAGR (2024 to 2033) | 6% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analysed at the country level. |
| Segments | Propulsion and Application |
As per The Brainy Insights, the size of the global personal watercraft market was valued at USD 3 billion in 2023 to USD 5.37 billion by 2033.
Global personal watercraft market is growing at a CAGR of 6% during the forecast period 2024-2033.
The market's growth will be influenced by the rising popularity of water sports.
The high costs of personal watercraft could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global personal watercraft market based on below mentioned segments:
Global Personal Watercraft Market by Propulsion:
Global Personal Watercraft Market by Application:
Global Personal Watercraft Market by Region:
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