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.