Riding the Waves: An Overview of the Personal Watercraft Market
Personal watercraft (PWC), often known as water motorbikes, is a type of watercraft having a hull that is driven by an engine. The watercraft is designed in such a way that it does not hold water if it capsizes. These are swift and have the ability to change direction in the water. Furthermore, it is controlled by a person who either stands or sits on the watercraft. It is gradually becoming a popular choice for sports and recreational activities.
Manufacturers are concentrating on developing technologically advanced PWCs that result in less pollution. PWCs have been powered by two-stroke engines since their inception, but because of advancements in technology, they are now driven by state-of-the-art four-stroke engines.
Market Insights
The PWCs market did not witness any decline since 2011, proving the segment as one of the most attractive ones in the family of powerboats and Powersports. Even in 2020 when most of the vehicle types registered an enormous decline, PWC came out as the high-growth segment and registered double-digit growth. Overall, in the long run, the market is estimated to grow at a CAGR of 6.8% during 2022-2027 to reach a value of US$ 3.6 Billion by 2027.
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Key Players
The following are the key players in the personal watercraft market:
BRP Inc., Yamaha Motor Co., Ltd., Kawasaki Motors Corp., Arctic Cat Inc. (Textron), Polaris Inc.
Regional Analysis
In terms of regions, North America is expected to remain the largest market for personal watercraft during the forecast period. In 2021, the region accounts for over 80% share of the global market. This is largely due to the presence of numerous original equipment manufacturers (OEMs) and the increasing demand for personal watercraft in the region for recreational and sports applications. Likewise, increasing investments in sports and recreational activities in several European countries is expected to drive the region’s personal watercraft market during the forecast period.
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