Personal Watercraft/Jet-ski Market Size - By Propulsion (Gasoline, Electric, Diesel), By Application (Utility, Sports, Recreation, Military) & Forecast, 2024 - 2032

Personal Watercraft/Jet-ski Market Size

Personal Watercraft/Jet-ski Market size was valued at USD 1.9 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032, propelled by technological advancements in personal watercrafts, such as the adoption of digital technology, which includes the use of navigation tools, music, fuel, and speed indicator in watercrafts. This gives the user better control and understanding while riding the watercraft/jet ski, adding to their confidence and riding experience.
 

The personal watercraft industry is experiencing growth as manufacturers invest in developing watercrafts made of environment-friendly materials and electric watercrafts. For instance, in April 2024, Yamaha introduced an environmentally protective personal watercraft that uses components made of flax plants. The company, in collaboration with Nippon Paper Industries Co. Ltd., developed an engine made of cellulose non-fiber reinforced resin, helping it achieve its carbon-neutrality goals. Additionally, many companies are developing electric watercrafts, as they reduce emission levels, support longer run times, and require limited charging infrastructure. Many manufacturers are also venturing into solar segments, which is expected to provide higher environmental benefits than electric-operated ones.
 

The personal watercraft market is facing several restraints, with a major one being environmental-related concerns. The rising use of watercrafts is resulting in increased emissions, noise concerns, and disturbance to natural marine habitat. Besides, many cases of fuel spills in water bodies have been reported, leading to water pollution, and thus leading to environmental concerns. To avoid such issues, jet skis based on renewable energy and regulations are expected to gain traction.
 

Personal Watercraft/Jet-ski Market Trends

The personal watercraft industry is experiencing dynamic shifts owing to the customization and personalization of watercrafts. Buyers can modify their jet skis by changing the engine, color, accessories, and add or remove any other components, as per their choice. With the growing use of watercrafts for professional and sports purposes, the demand for customized watercrafts is expected to observe a surge.
 

The trend of rental and sharing watercrafts is expected to grow as it provides users with the flexibility of using watercrafts when needed, without owning them. This provides them with an affordable option. With the growing tourism and water sports culture, rented or shared watercraft services will see high demand.
 

Personal Watercraft/Jet-ski Market Analysis

Based on propulsion type, the market is divided into gasoline, electric, and diesel. The gasoline segment is set to exceed USD 1.8 billion by 2032. Gasoline-based personal watercrafts provide features such as higher power engines, providing higher speed and acceleration to the users, thus adding thrill to their sporting experience. Additionally, these jet skis are easy to maintain and incur lower costs than other watercraft types, adding to their wider adoption.
 

Additionally, these jet skis have been used for a long period, being a preferred option among consumers. Gasoline watercrafts also provide options for modification, such as engine tuning, exhaust systems, and performance upgrades, catering to the needs of a wider range of consumers.
 

Based on application, the personal watercraft market is categorized into utility, sports, recreation, and military. The recreational segment held a major market share of around 44% in 2023. The demand for water sports is observing a boom as an adventure sport, especially amongst teens and young adults, enjoyed for its thrill and adrenaline experiences.
 

For instance, in January 2023, XOLA reported about rise in jet-ski recreational activities specially in Florida, Miami, Orlando, and the Florida Keys being popular spots. California and Hawaii followed closely, known for their favorable weather and waterways. Besides, individual participation in jet ski competitions is rising as they wish to pursue this sport professionally, increasing the demand of personal watercrafts for recreational purposes.
 

North America dominated the global personal watercraft/jet-ski market with a share of over 62% in 2023. The trend of rental jet skis and growing investments in jet ski activities in costal and lakeside areas are major factors driving the demand for personal watercrafts in the country. Additionally, many social media influencers are promoting and showcasing jet skiing as a sport on their accounts, creating a demand for watercraft among their viewers. The rising demand among millennials and Gen Zs is driving market growth as they take up water sports as a recreational and sports activity.
 

Additionally, professional competitions for jet skiing, such as P1 AquaX, are organized in the U.S., where participants are trained professionally and allowed to participate. This encourages people to invest in and train for jet skiing, creating a demand for personal watercrafts. Canada is also investing in the growing personal watercraft market by developing this sport at waterfronts and tourist destinations. Also, a rising demand for personal watercraft in lakeside, river, and coastal areas has been observed in the country.
 

Many European countries, such as Spain, Italy, France, Greece, Malta, and Croatia, have encouraged watercraft activities due to the high tourism in the region. Europe also has a developed watercraft sporting culture, with yearly P1 AquaX competitions being organized in the region.
 

In the Asia Pacific region, the personal watercraft industry is experiencing growth due to the developing tourism industry in countries such as China and India. Both the countries are investing in developing the water sports infrastructure and culture to boost their tourism and water sports industries, leading to a demand for personal watercrafts.
 

Personal Watercraft/Jet-ski Market Share

Kawasaki Corporation, BRP, Inc. and Yamaha Motor Co., Ltd. hold a significant market share of more than 90% in the personal watercraft/jet-ski industry. Kawasaki Motor Corp. and Yamaha Motor Corporation are investing heavily in expanding their product portfolio by launching new products. They are investing in research and development to launch new environmentally friendly watercrafts by reducing their dependence on fuel and developing jet skis that will run efficiently on renewable energy sources.
 

Yamaha Motor Corporation is also investing in developing environmentally friendly components for personal watercrafts, with the rising awareness of adopting clean and green equipment and tools.
 

Personal Watercraft/Jet-ski Market Companies

Major players operating in the personal watercraft/jet-ski industry are:

• BRP, Inc.
• Gibbs Sports Amphibians Inc.
• Honda Motor Co., Ltd.
• Kawasaki Corporation
• Kymco
• Mar Sea
• Polaris, Inc.
• Redline Performance Products
• Yamaha Motor Co., Ltd.
   

Personal Watercraft/Jet-ski Industry News

• In January 2024, Searider, a Monaco-based startup, launched its all-electric personal watercrafts, Searacer and Seacruiser, inspired by motorcycle and Vespa-style designs, respectively. These are zero-emission watercrafts, with their designs inspired by modern motorcycles.
   
• In February 2023, Kawasaki launched its 2023 series of jet skis, Jet Ski Ultra 160LX and Jet Ski Ultra 160LX-S. These jet skis provide features such as smart reverse, accent lights, rearview camera, easy access storage and pockets, and integrated audio systems, with high performance, comfort, and luxury styling.
   

The personal watercraft/jet-ski market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and shipments (units) from 2021 to 2032, for the following segments:

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Market, By Propulsion Type

• Gasoline
• Electric
• Diesel

Market, By Application

• Utility
  • Gasoline
  • Electric
  • Diesel
• Sports
  • Gasoline
  • Electric
  • Diesel
• Recreation
  • Gasoline
  • Electric
  • Diesel
• Military
  • Gasoline
  • Electric
  • Diesel

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA