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Personal Watercraft/Jet-ski Market Size

Report ID: GMI6189
Published Date: Jun 2024
Report Format: PDF

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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.

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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.

Personal Watercraft/Jet-ski Market Report Attributes
Report Attribute	Details
Base Year:	2023
Personal Watercraft/Jet-ski Market Size in 2023:	USD 1.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5%
2032 Value Projection:	USD 2.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	260
Tables, Charts & Figures:	300
Segments covered:	Propulsion and Application
Growth Drivers:	Rising R&D and product innovation investments Surging electrification across the powersports industry Growing government plans for the tourism industry Penetration of off-road sports events
Pitfalls & Challenges:	Growing environmental concerns Intense market competition

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of personal watercraft/jet-ski reached USD 1.9 billion in 2023 and is set to witness 5% CAGR between 2024 and 2032, driven by growing government plans for the tourism industry and surging electrification across powersports.

The gasoline segment in the personal watercraft/jet-ski industry is expected to reach USD 1.8 billion by 2032, due to higher power, ease of maintenance, and cost efficiency for enhancing user experience and customization options.

North America market held over 62% revenue share in 2023, owing to growing investments in jet ski activities in costal and lakeside areas and the rising demand among millennials and Gen Zs.

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