Personal Watercraft/Jet-ski Market Analysis

Personal Watercraft/Jet-ski Market Analysis

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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.