With surge in the fatality and accident rates while participating in various water sports activities, the manufacturers of personal watercraft are focusing on offering personal watercrafts equipped with safety features such as sound signaling devices and multi-faceted features. Demand for personal watercraft will continue to increase bound to increasing participation in the water sports activities globally. Increasing participation in various watersport activities improves the cardiovascular health and strengthens muscles. However, participation in water sports has led to significant increase in pollution. These factors are bound to impact the global market growth of personal watercraft significantly.
According to Persistence Market Research, the global personal watercraft market is expected to represent a value of over US$ 140,000 Mn by the end of 2026.
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- BRP Inc.
- Yahama Motors Co., Ltd.
- Kawasaki Motors Corp.
- Honda Motors. Co., Ltd.
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Health Benefits to Boost Demand
As participation in watersports continue to increase, demand for the personal watersport is expected to remain high. Participation in watersports will continue to increase as it enables the end users to strengthen their muscles and improve their cardiovascular health. Moreover, increasing participation in various watersport activities helps in relieving stress of the customers. These factors will continue to boost sales of personal watersports globally.
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Technological Advancements to Underscore Significant Growth Opportunities
While the rate of fatality and accidents continue to rev up during participation, manufacturers are increasingly concentrating on offering personal watercraft products equipped with enhanced features and technology. In order to offer personal watersports with safety features, the manufacturers of personal watersports are increasingly focusing on development of multi-faceted watercrafts. Moreover, the manufacturers are further concentrating on adopting enhanced technology such as nanocomposite technology to create hull materials, which reduces the weight of liner, deck and hull.
Moreover, adoption of the nanotechnology further allows the end users to control the material flow conditions during the process of molding. The manufacturers of the personal watercraft are also opting for plastic as an important ingredient to manufacture watercrafts in a cost-effective manner.
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Police Organization to Witness Significant Demand
With the growing need for safety and security among the people participating in watersports, demand for personal watercrafts will continue to increase among the police organizations such as marine or water police. Moreover, increasing demand for patrolling in the water to ensure safety among people participating in watersports is further expected to boost sales of the personal watercrafts globally. These factors will continue to contribute towards growth of the global personal watercraft market.
Product Innovation to Impact Global Market Growth
Major companies are mainly focusing on product innovation and development in order to gain a competitive edge over the other market players. However, small companies are catering to the demands of the personal watercraft at a local level, due to which these players are mainly offering their products to a small section of the population.
In addition, the manufacturing companies operating in the global are further focusing on incorporating advanced technological features such as GPS and sensors. Bound to these factors, growth of the global personal watercraft market is expected to witness significant growth.
Three Seater Products to Represent a Leading Segment
With the increasing demand to participate in the water sports activities, demand for three seater watercrafts will continue remain high globally. On the basis of product type, the three seater segment is expected to witness robust revenue growth, recording a value of over US$ 79,000 Mn by the end of 2026. During the forecast period, the three seater product type segment is expected to witness the highest CAGR.
Based on engine displacement, the above 1500 CC segment is expected to generate significant revenues, accounting for a value of over US$ 51,000 Mn by the end of 2026. However, the 1000-1500 CC engine displacement segment is expected to reflect a healthy CAGR throughout the forecast period.
By sales channel, the brand authorized dealers segment is expected to represent the highest revenue growth, recording a value of over US$ 15,000 Mn by the end of 2017. In contrary, the third-party e-commerce sales channel segment is expected to witness the fastest growth in the global market.
Leading market players operating in the global personal watercraft market include Yahama Motors Co., Ltd., BRP Inc., Honda Motors. Co., Ltd. and Kawasaki Motors Corp.