According to the latest report compiled by Persistence Market Research (PMR), the global personal watercraft market is expected to witness moderate growth. The market is estimated to register 4.4% CAGR during the forecast period 2017-2026. It is also estimated to bring in US$ 143,772.0 million revenue by the end of 2026.
Manufacturers of personal watercraft are increasingly focusing on composites technology for fabricating major components including deck and hull. Manufacturers are also using plastic to develop hulls for low-cost watercrafts. Big companies are looking for expanding geographically to add value and convert their on-going struggling operations into profitable ventures. Whereas, small companies are operating at the local level, providing service to the small segment of the population. Stringent regulations on emissions are resulting in the manufacturers focusing on building technologically advanced watercrafts, resulting in the less pollution. Manufacturers are also moving towards building autonomous watercrafts by including sensors, GPS and some advanced features.
Increased Focus on Development of Multi-Passenger Personal Watercrafts
Personal watercraft manufacturers are focusing on developing personal watercraft that are compatible for more than one rider. This will lead to the development of multi-faceted watercraft. Meanwhile, the market for a solo rider is very small, hence, the focus is increasing on the development of multi-passenger personal watercrafts.
Along with the emission control, and increase in sports and leisure activities, manufacturers are providing four-stroke engine instead of a two-stroke engine in the personal watercrafts. Development of cleaner and quieter personal watercraft is also gaining traction. Advanced technologies are being integrated into personal watercrafts in order to comply with emission and speed regulations.
Global Personal Watercraft Market: Segmental Insights
- The global personal watercraft market is segmented on the basis of product type, engine displacement, sales channel, and region. On the basis of product type, three seater personal watercraft is expected to emerge as one of the top-selling products. By the end of 2017, three seater personal watercraft is estimated to account for more than three-fourth of the revenue share.
- On the basis of engine displacement, the market segment includes, below 800 CC, 800-1000 CC, 1000-1500 CC, and above 1500 CC. Among these, personal watercraft of above 1500 CC is expected to be the highly preferred watercraft. By the end of 2026, above 1500 CC personal watercraft is estimated to surpass US$ 76,000 million revenue.
- Based on sales channel, the segment consists of Independent Dealers, Brand Authorized Dealers, Brand Owned E-commerce, and Third Party E-commerce. High sales is expected through brand authorized dealers. By the end of 2026, brand authorized dealers are estimated to exceed US$ 61,900 million revenue. Meanwhile, brand owned e-commerce is also expected to account for high sales of personal watercraft during the forecast period 2017-2026.
- Region-wise, the global personal watercraft market is segmented into North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and the Middle East and Africa (MEA). Among these, North America is expected to remain dominant in the global personal watercraft market throughout the forecast period 2017-2026. Due to the presence of leading market players, and increasing investment on leisure and sports activities, the demand for personal watercraft is likely to grow in North America. Meanwhile, APEJ and Europe are also expected to witness growth in the global personal watercraft market.
Global Personal Watercraft Market: Competitive Assessment
Some of the leading market players in the global personal watercraft market are BRP Inc., Yahama Motors Co., Ltd., Kawasaki Motors Corp., and Honda Motors. Co., Ltd. The key market players are evaluated on the basis of parameters such as financial overview, company overview, strategies, product portfolio, and new developments.