The Global Personal Watercraft Market is estimated to be valued at US$ 2.83 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the personal watercraft market are Avon Marine, BRP Inc. (Bombardier Recreational Products), Gibbs Sports Amphibians, Inc., HISON, Honda Motors, Jiujiang Poseidon Motorboat Manufacturing Co., Limited, Kawasaki Motors Corporation, Lampuga, Meyer Bootswerft, NARKE, Polaris Industries, Sea Doo, SLVH s.r.o, Yamaha Motors, and Zodiac Nautic. Some key players are focusing on developing electric-powered personal watercrafts to meet the growing demand for eco-friendly recreational activities.
The Personal Watercraft Market Demand provides numerous growth opportunities such as expanding into the rental and tourism sectors. Several destinations across the globe are leveraging personal watercraft rentals and tours to boost marine tourism revenue. Furthermore, key players are eyeing emerging economies in Asia Pacific and Latin America for global expansion due to rising consumer interest in water sports in these regions.
Market drivers and Restraint:
One of the major driver for Personal Watercraft Market is increasing participation in recreational activities. There has been significant growth in the participation of water sports and recreational activities globally owing to changing lifestyles and increasing leisure time. This has propelled the demand for personal watercraft vehicles used majorly for recreational purposes.
Another key driver is growing marine tourism industry. Many tourist destinations are offering jet ski rentals and tours to attract visitors. This has spurred demand from the rental sector. Additionally, improving global economic conditions and rising disposable incomes allow people to spend more on luxury leisure activities involving personal watercrafts.
However, one major restrain in the Personal Watercraft Market is stringent government regulations regarding usage and registration. Many geographies have implemented strict laws around noise pollution, emissions, and safety certifications for personal watercrafts. Complying with these regulations involve sizable investments and raises operational costs for manufacturers. Additionally, high acquisition and maintenance cost of personal watercrafts limits their adoption to a certain extent.
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