Personal Watercraft Market, by Product Type (One seat, Two seat, Three seat, Standing), End-Use (Sports, Recreational, Luxury), Engine Displacement (Below 800 CC, 800-1000 CC, 1000-1500 CC, Above 1500 CC), Sales Channel (Hypermarkets/Supermarkets, Independent Dealers, Brand Authorized Dealers, Brand Owned E-commerce, Third Party E-commerce, Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Personal Watercraft Market size was estimated at USD 2.81 billion in 2023 and is projected to reach USD 3.98 billion in 2030 at a CAGR of 5.12% during the forecast period 2023-2030.
A Personal Watercraft (PWC) is a boat that is designed to be operated by a person sitting, standing, or kneeling on the boat rather than the more traditional position of sitting or standing inside the boat. It has an inboard motor that powers a water jet pump as its primary source of motive power. Two-cycle inboard gasoline engines power a jet water pump to propel PWCs. Water is sucked into an internal rotor, or impeller, on the PWC's bottom and drawn into a jet of high-pressure water that emerges through a nozzle on the back of the PWC. Personal Water Craft (PWC) now make up a considerable part of new boat purchases each year, making them a significant influence in the boating industry. There are currently more than a million PWCs in use.
The desire for water sports and leisure activities has led to a considerable increase in the popularity of personal watercraft. Personal watercraft are also more widely available and simpler to operate, which has increased demand for them. The players are providing highly dependable and attractively made devices with user-friendly controls and intuitive handling to entice customers toward increasing adoption. Additionally, agreements and collaborations between tour operators and manufacturers of personal watercraft have considerably boosted the market for these vehicles across the world. The market for personal watercraft is being driven by watercraft manufacturers and tour companies working together to capitalize on the rising popularity of water-based leisure activities.
On the other hand, personal watercraft (PWC) have high maintenance and repair expenses, which has significantly hampered the market expansion of these recreational watercraft. PWCs are intricate machines that require thorough upkeep on a regular basis to maintain their best performance and safety. This covers standard maintenance procedures, engine inspections, hull inspections, and specialty maintenance jobs. The costs of these primary parts are relatively costly since PWCs are also prone to a variety of mechanical failures, including engine problems, electrical problems, and hull damage from collisions or adverse sea conditions. As a result, these constraints have hampered the expansion of the personal watercraft industry.
The closure of international logistics and transportation as well as government directives to refrain from social activities as a result of COVID-19 had a severe effect on the worldwide market for personal watercraft. Moreover, people were forced to utilize their own personal watercraft rather than renting them due to the global pandemic crisis. This affected the watercraft rental industry. In addition, with the beaches being closed, and travel limitations, tourism got affected which in turn affected the personal watercraft market. Because of the number of fatalities in relation to the number of license holders, substantially fewer Jet Ski facilities were discovered.
The Personal Watercraft Market is expected to grow during the forecast period. This growth can be attributed to several factors such as the increase in the desire for water sports and leisure activities which led to a considerable increase in the popularity of personal watercraft. Moreover, as they are widely available and simpler to operate, their demand has increased rapidly in recent years. Additionally, agreements and collaborations between tour operators and manufacturers of personal watercraft have considerably boosted the market for these vehicles across the world. However, the high maintenance and repair expenses of these vehicles might hamper the growth of the market during the forecast period.
North America to Dominate the Market