Summary.Technological advancements in the PWC (Personal Watercraft) market have led to the introduction of quieter and cleaner PWCs. PWC manufacturers have also focused their designs on today’s consumer base–families–by continuing to manufacture more of three person models which offer state-of-art features and functions.
The PWCmarket will continue to grow over the forecast period based on an increase in leisure spending and increasing demand of PWC for utilization in sports.
Personal watercraft, also known as a jet ski, is a watercraft having a hull that is driven by an internal water jet pump engine. The PWC is designed in such a way that it does not hold water if it capsizes. PWCs are fast and have the ability to rapidly change direction. PWCs are controlled by a driver who either stands or sits on the watercraft. It is a popular choice for sports and recreational activities.
Initially, PWCs were equipped with a two-stroke engine, but with changing technology, PWCs are now powered with state-of-the-art four stroke engines.
The Covid-19 pandemic has disrupted many businesses, regions, and industries. The PWC industry is one of the few industries that has benefited in these uncertain times, registering unexpected growth rates, especially in the US.
As the global economy mends, the 2022 PWC revenue will grow 6% from 2021. The global PWC market size in 2022 is expected to be $1.85 billion. The global PWC market size will reach US$2.34 billion in 2026, growing at a CAGR of 6% over the analysis period.
Global Revenue:
The common factor that contributes to the growth of the global PWC market is its increasing popularity for leisure and industrial use. The demand for this type of watercraft has been on a rise for the last few years due to their high performance, ability to ride in rough conditions at higher speeds, and easy maneuverability.
Drivers-of Demand:
- Growing Tourism industry including recreational activities such as boating and sea cruising.
- Asian-Pacific region is a driving factor for the tremendous increase in sales of PWC. The major contributing countries of the region are China and India, owing to enormous population, globalization, and increase in the standard of living.
- Utilization as a recreational and sporting alternative.
- Increased consumer disposable income.
- Increased construction of marinas.
- Lower fuel costs compared with another watercraft.
- Advancements in technology to produce cleaner and quieter watercraft.
- Growing use among maritime police organizations.
- Growing availability of multi-passenger personal watercraft
- Stricter emission controls and safety regulations could slow the growth of the PWC market. OEMs are responding by investing in new technologies that could increase the initial cost of the PWC.
Regional Outlook of the PWC Market. North America is expected to remain the largest market for PWC during the forecast period. In 2021, the North America region accounted for over 80% share of the global market. This is largely due to the presence of numerous OEMs and the increasing demand for PWC in the region for recreational and sports applications. Likewise, increasing investments in sports and recreational activities in several European countries is expected to drive the region’s PWC market during the forecast period.
BRP, Yamaha Motor and Kawasaki are the top three global manufacturers holding a share over 90% in the global PWC industry. PSR
Mike Aistrup is Senior Analyst at Power Systems Research
