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Personal watercraft, often called jet skis or water motorbikes, are generally propelled by a fully enclosed motor with a hull. The person riding the watercraft can either sit or stand over to control it. It also comes with a multi-passenger capacity with a maximum of 3 seats. These watercraft are faster in speed, and they can also change course in the water. They are majorly used for sports and recreational purposes.
The increased advancement in the technology and adoption of clean and quieter watercraft with multi-passenger seats are some of the major factors driving the growth of the market. Additionally, the increasing trend of recreational water sport activities is expected to boost the market growth. However, the strict government policies related to carbon emissions and increased safety regulations are expected to hamper the growth of the market. Additionally, the high cost of the watercraft in comparison to its use cases as personal watercraft are not capable of transporting goods or passengers; it can be utilized only for personal use is also anticipated to hinder the market growth.
Key Market Driver -
The increased advancement in the technology and adoption of clean and quitter watercraft with multi-passenger seats are some of the major factors driving the growth of the market forecast period.
Key Market Restraint -
the strict government policies related to carbon emissions and increased safety regulations are expected to hamper the growth of the market.
The global personal watercraft market is segmented by seating capacity type, watercraft type, hull type, and geography. Based on seating capacity type, the market is further sub-segmented into standing, one seat capacity, two-seat capacity, and three-seat capacity. The three-seat capacity watercraft segment accounted for the largest market share in 2020. High preference of customers towards higher seating capacity and extra space provided on the watercraft are some of the major factors driving the growth of the segment. Based on watercraft type, the market is segmented into recreational, muscle, luxury, performance, and sports watercraft. The recreational watercraft segment accounted for the largest market share in 2020. The increasing trend of recreational activities such as water sports which consist of parasailing, paddleboarding, among others, are some of the major drivers for the growth of the segment. Additionally, recreational watercraft are more advanced in technology, and they also come with better customizations in design. Based on hull type, the market is segmented into plastics and composites. The composites segment is expected to dominate the market during the forecast period. The higher performance and better quality offered by composites compared to plastics, and increased adoption of composites material in the manufacturing of decks are some of the primary factors driving the growth of this segment.
Major players operating in the global personal watercraft market include Honda Motors Co. Ltd., BRP Inc., Yamaha Motors Co. Ltd., Kawasaki Motors Corp., Lampuga, Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., BRO Inc., Arctic cat Inc., Polaris Industries, SLVH s.r.o., Meyer Bootswerft and Hubei Sanjiang Boats Science & Technology Co. Ltd,
Geographically, the global personal watercraft market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America held the largest share of the market in 2020. The high popularity of powersports activities and increased per capita income of customers are some of the major factors driving the growth of the market. The U.S. accounted for the largest market share in the region, as the trend of watercraft as a status symbol is one of the major factors for high personal watercraft sales in the country. APAC is anticipated to exhibit a higher CAGR during the forecast period. The rapid adoption of multi-passenger watercraft and improving people's living standards in the subcontinent are expected to boost the market's growth. Europe is expected to account for a considerable share in the market, and it is expected to grow rapidly over the forecast period. Factors such as the increased disposable income of the customers and the presence of major market players in the region are some of the major factors driving the growth of the market.
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By Seating Capacity Type
By Watercraft Type
By Hull Type
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