Personal watercraft are also known as jet skis or water motorbikes. A personal watercraft is propelled by a motor and is fully enclosed with a hull. Also, a personal watercraft is designed in a way that if capsized, it does not retain water. The person who operates the personal watercraft either sits or stands over it to control it. These personal watercraft are fast and can easily change course in the water. They are a popular alternative for recreational purposes and sports. While riding personal watercraft, operator follows same boating rules as of other powered vessels, but they are also subjected to follow specific rules, such as speed-related rules for riders or operator’s safety. There are various stringent regulations regarding emission from personal watercraft, which have led manufacturers to focus on developing personal watercraft with such technological advancements that cause less pollution. From the advent of personal watercraft, they are being equipped with two-stroke engines, but as technological advancements are taking place, personal watercraft now comes with state-of-the-art four-stroke engines.
Many original equipment manufacturers are present in North America, due to which this area holds a significant market share in the global personal watercraft market. While in Europe, increase in investment in sports and recreational activities fuel the overall growth of the market for personal watercraft.
As per the current scenario, it can be foreseen that the global personal watercraft market would grow exponentially over the forecast period.
COVID-19 Scenario Analysis:
- The COVID-19 pandemic has massively hit the global personal watercraft market.
- Demand for personal watercraft was mainly due to increasing leisure and water sport activities.
- However, stay at home orders in countries suffering from the coronavirus pandemic has affected the personal watercraft market.
- Traveling from one country to another or even within the country is on a halt in almost all the countries, causing a threat to the personal watercraft market.
- It is expected that the market will suffer even after this situation cools down, as people have become more cautious about their health.
- Also, due to a halt on export and import activities, manufacturers are facing problems regarding production because of the lack of raw material and labor.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Technological advancements such as introduction of quieter and cleaner personal watercraft, advent of multi-passenger watercraft, and four-stroke engines power promote growth of the global personal watercraft market. Moreover, change in lifestyles of people, improve in living standards, rise in disposable income, and increase in spending on leisure and sports recreational activities drive the global market for personal watercraft.
However, stringent government policies, emission norms, and safety regulations hamper the growth of the global personal watercraft market. Moreover, personal watercraft are not useful in transporting goods and passengers, limiting the market growth of personal watercraft to some extent. Increase in rate of fatality and accidents also slows down the growth of this market.
On the contrary, increase participation in sports and recreational activities helps in realizing stress, which can boost the sales of the global personal watercraft. Technological advancements and increase in investments in research & development also create growth opportunities for this market. Furthermore, due to safety and security reasons, the demand for personal watercraft would see a rise among marine or water police.
Key Benefits of the Report:
- This study presents the analytical depiction of the global personal watercraft industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global personal watercraft market share.
- The current market is quantitatively analyzed to highlight the global personal watercraft market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global personal watercraft market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Personal Watercraft Market Research Report:
- What are the leading market players active in the personal watercraft market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What would be the detailed impact of COVID-19 on the market?
Personal Watercraft Market Report Highlights
By Watercraft Type
By Seating Capacity Type
By Hull Type
By Engine Displacement
Key Market Players
Kawasaki Motors Corp., BRP Inc., Meyer Bootswerft., Hubei Sanjiang Boats Science & Technology Co. Ltd, Arctic cat Inc., Polaris Industries, SLVH s.r.o., Honda Motors Co. Ltd., Yahama Motors Co. Ltd., BRO Inc., Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., Lampuga