Jet Skis Market Size, Share, Growth, and Industry Analysis, By type (electric motor boat, gasoline motorboat), By Application (Recreation, High Performance, Luxury, Sport, Other), and Regional Forecast to 2033

JET SKIS MARKET OVERVIEW

The global Jet Skis Market size expanded rapidly in 2022 and is projected to grow substantially by 2028, exhibiting a prodigious CAGR during the forecast period.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. Typically, a fully enclosed motor with a hull powers personal watercraft, often known as jet skis or water motorbikes. Control of the watercraft can be done by standing or sitting. Additionally, it has a maximum capacity of three seats for multiple passengers. These watercrafts can change direction in the water and have a faster speed. Sports and leisure activities are their main uses. This factor has augmented the Jet Skis Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Growing adoption of recreational activities and water sports and urbanization and rising disposable income will propel market growth. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

GLOBAL CRISES IMPACTING JET SKIS MARKET

COVID-19 IMPACT

Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led Jet Skis Market. This has affected the overall supply and demand chains of the particular market. Government imposed restrictions on social gatherings and outing of people from their houses which reduces the services up to a certain level. To boost productivity and efficiency following the pandemic, the market should spend more in automation and digitization. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to machinery and equipment. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to semiconductor and electronics. Therefore, a small influence from COVID-19 is anticipated on the Jet Skis Market share.

LATEST TREND

Increasing Use of Watercrafts For Professional And Sporting Applications to Drive Market Growth

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. The personalization and customisation of watercrafts is causing dramatic changes in the personal watercraft sector. Customers have the option to alter their jet skis by adding or removing any additional parts, as well as altering the engine, color, and accessories. It is anticipated that the demand for customized watercrafts would rise in tandem with the increasing use of watercrafts for professional and sporting applications. Since renting and sharing watercrafts gives consumers the freedom to use them when needed without having to buy them, this trend is predicted to continue growing. This gives them a cost-effective choice. With the rising tourism and water sports culture, rented or shared watercraft services will experience considerable demand. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

JET SKIS MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into electric motor boat, gasoline motorboat.

• Electric motor boat: Over the course of the forecast period, the electric motor boat sector is anticipated to dominate the market. Because of their low operating costs and environmental friendliness, electric jet skis are becoming more and more popular.
• Gasoline motorboat: Gasoline's widespread availability, low cost, and well-established infrastructure are the reasons for its supremacy. Due to their increased torque and fuel efficiency, diesel-powered jet skis are appropriate for both commercial and leisure use. However, their market share is hampered by their restricted availability and expensive cost.

BY APPLICATION

Based on application, the global market can be categorized into Recreation, High Performance, Luxury, Sport, Other.

• Recreation: In 2020, the biggest market share was held by the recreational watercraft segment. One of the main factors propelling the segment's expansion is the growing popularity of leisure pursuits like water sports, which include parasailing and paddleboarding, among others. Furthermore, recreational watercraft have superior design adaptations and more sophisticated technologies. The market is divided into composites and plastics based on the kind of hull. Some of the main drivers propelling the growth of this market are the improved quality and performance that composites offer over plastics, as well as the growing use of composite materials in deck construction.
• High Performance: Over the course of the forecast period, the High-performance segment is anticipated to dominate the market. Some of the main drivers propelling the growth of this market are the improved quality and performance that composites offer over plastics, as well as the growing use of composite materials in deck construction.
• Luxury: The luxury market caters to wealthy consumers who value exclusivity and extravagance by selling high-end models with cutting-edge features, elegant designs, and exceptional comfort. The 'High' pricing range category serves discriminating customers who want top-notch features and functionality. The increasing demand for luxury watercraft experiences is driving this industry, which is expected to generate revenue in 2023.
• Sport: Last but not least, the Sport section offers high-performance characteristics for racing and demanding handling, making it ideal for competitive and adrenaline-driven activities. The increasing popularity of water sports tourists is also driving up demand in the industry. In order to accommodate tourists who are keen to rent or buy personal watercraft, several coastal communities worldwide are making investments in improved infrastructure and amenities.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                              

DRIVING FACTORS

Growing Adoption of Recreational Activities and Water Sports to Boost the Market

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. One of the main factors propelling the personal watercraft jet ski market is the growing appeal of water sports and leisure pursuits. Personal watercraft jet skis have grown in popularity as more individuals look for ways to spend their free time on the water because of their adaptability, affordability, and simplicity of usage. The demand for personal watercraft jet skis has increased in tandem with the rise in popularity of water sports like wakeboarding, wake surfing, and jet skiing since these boats offer an exciting and fun method to engage in these activities. This particular product has recorded to be profiting for the market growth. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the Jet Skis Market growth during the forecast period.

Urbanization And Rising Disposable Income to Expand the Market

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. This particular product market has touched new levels of lucrative revenue numbers and has also recorded to be the boon for this particular product market growth. People's disposable income has increased as a result of the fast economic expansion and growing prosperity in developing countries like China, the United States, Canada, etc. This makes it possible for more people to spend money on leisure and fun activities. Enthusiasts seeking excitement and adventure are drawn to personal watercrafts because they offer the fun experience of fast-moving water transportation. As more young people move to cities and engage in water-based activities, urbanization may potentially propel market expansion. Cities that are close to lakes, beaches, or coastlines see a sharp increase in demand as personal watercrafts enable users to travel to new places and interact with friends. One of the most popular features among city inhabitants is the ease of pulling wake skates or tubes to pull riders. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the Jet Skis Market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

High Cost of Raw Materials to Impede Market Growth

These particular solutions have been very helpful yet extremely costly as well. This particular restraining factor has caused the revenue numbers to impede with extremely low yields and declining the sales and demand for this market. The primary reason holding back the market for jet skiing equipment is the total cost of tune-ups. Additionally, companies use ostentatious distribution methods in an attempt to increase sales. In addition, the market is anticipated to see an increase in the use of jet skiing gear. Additionally, a number of customers hire jet skiing equipment. Furthermore, it is anticipated that the market for jet skiing equipment would be constrained for the next year by the significant volatility in raw material prices. It is anticipated that these elements will lower market demand for the goods. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

OPPORTUNITY

Industrialization To Create Opportunity for the Product in the Market

This particular opportunity has been attributing the market growth immensely. Demand for environmentally friendly personal watercraft that reduce noise and pollution is rising. Manufacturers are free to focus on creating these goods. Manufacturers are concentrating more on offering personal watercraft products with enhanced features and technology in response to the ongoing rise of participant fatalities and accidents. In order to provide personal watersports with safety features, manufacturers are working hard to create multipurpose boats.

CHALLENGE

Expense of Owning And Maintaining Could Be a Potential Challenge for Consumers

This particular factor has been drastically challenging for the market growth and has become another major restraining factor. The expense of owning and maintaining a personal watercraft may serve as a barrier to the market. The initial cost of a personal watercraft can be high, and ongoing expenses such as fuel, insurance, storage, and upkeep can mount up rapidly. One of the main obstacles to the personal watercraft market is the shortage of knowledgeable and experienced workers.

JET SKIS MARKET REGIONAL INSIGHTS

●             NORTH AMERICA

The North American region has augmented a lot in the past few years in this particular product market. The United States Jet Skis Market has anticipated to augment immensely over the forecast period. Almost all of the worldwide revenue share came from North America. In 2020, North America accounted for the most portion of the market. Among the key elements propelling the market's expansion are the growing popularity of powersports activities and consumers' higher per capita income. Since one of the main reasons for the strong sales of personal watercraft in the United States is the trend of watercraft as a status symbol, the country held the greatest market share in the area.

• ASIA

Asia-Pacific is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue. Over the course of the forecast period, a greater CAGR is expected in APAC. The subcontinent's rising living standards and the quick uptake of multi-passenger boats are anticipated to accelerate market expansion.

• EUROPE

The European market for this particular market has been accounted for attributing the overall global shares for this particular product service market. Over the course of the projected period, Europe is anticipated to hold a significant market share and see quick growth. Some of the key elements propelling the industry's expansion include the existence of significant market participants in the area and the consumers' rising disposable income.

KEY INDUSTRY PLAYERS

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP COMPANIES 

• Narke (India)
• BRP World (Canada)
• BomBoard (U.S.)
• Mansory (Germany)
• Tarform Inc (U.S.)
• Sea-Doo (Canada)
• TAIGA MOTORS INC (Canada)
• Yamaha (Japan)
• Belassi (Austria)
• Kawasaki (Japan)

KEY INDUSTRY DEVELOPMENT

January 2024: This particular company has attributed the market growth in terms of revenue and shares system. This particular development and investment the global market has been recorded to be a boon for the market growth. Inspired by the designs of motorcycles and Vespa, respectively, Searider, a startup located in Monaco, introduced its all-electric personal watercrafts, Searacer and Seacruiser. Modern motorcycles served as the inspiration for the designs of these emission-free watercraft.

REPORT COVERAGE                       

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.