Personal Watercraft are often as Jet Ski are sometimes referred to as motorbikes on water. A personal watercraft comprises of a fully enclosed hull and is propelled by a motor. Personal Watercraft is designed in such a way that it does not retain water if it is capsized. Moreover, it is operated by a person who either stands or sits on the watercraft for controlling it. Furthermore, a personal watercraft is structured in such a way that it is fast and can change course easily. This makes it as a popular alternative for sports and recreational purposes. Personal watercraft operators are required to follow the same boating rules as that of other powered vessels, but they are also subjected to some specific rules regarding speed for the safety of the rider. With stringent emission regulations, the personal watercraft manufacturers are focusing on developing technologically advanced personal watercrafts which cause less pollution. Since the personal watercrafts were invented, these have been equipped with two stroke engines, but with changing technology the personal watercrafts are now powered with state-of-the-art four stroke engines. Such personal Watercraft boats are extensively used for sports and leisure activities.
Personal Watercraft Market: Market Dynamics
Technological advancements in the personal watercrafts has led to introduction of quieter and cleaner personal watercrafts. In the previous decade, these water vessels were powered with two stroke engines as a result of which they caused a lot of pollution, but with stringent emission regulations coming into play personal watercrafts are now powered by four stroke engines. This would increased the demand of personal watercrafts and promote the growth of personal watercraft market over the assessment period. Moreover, now the manufacturers are launching multi-passenger personal watercrafts in the market which offer state of art features and functions. This will further ramp up the personal watercrafts market over the assessment period. Moreover, the personal watercraft market is anticipated to further augment over the assessment period owing to increase in leisure spending and increasing demand of personal watercraft for utilization in sports. Multi-passenger personal watercrafts are trending in the market, owing to this personal watercraft manufacturers have focused their designs on today’s consumer base i.e. families thus, continuing to manufacture more of three person models. Their increasing demand will further drive the anticipated growth of personal watercraft market over the assessment period.
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Stringent emission norms and safety regulations derail the growth of personal watercraft market. Owing to many speed and emission regulations, the manufacturers are investing on implementing new technologies in their products. This will increase the initial cost of the personal watercrafts which would have a negative impact on the sales. Moreover, apart from recreational and sports applications, personal watercrafts cannot be used for transport of goods and passengers. This could further restrain the growth of the market over the assessment period.
Personal Watercraft Market: Market Segmentation
On the basis of watercraft type, global personal watercrafts market can be segmented into:
On the basis of seat capacity, global personal watercrafts market can be segmented into:
- One seat
- Two seat
- Three seat
On the basis of Hull type, global personal watercrafts market can be segmented into:
Personal Watercraft Market: Regional Outlook
North America is anticipated to be hold a significant market share in the global personal watercraft market, owing to presence of many original equipment manufacturers and anticipated increase in demand of personal watercraft in the said region. European personal watercraft market is driven by increasing investment in sports and recreation. Moreover, growing tourism in developing economies of Asia-Pacific region such as China and India will create opportunities for the OEM’s to boost up their sales in the region. This trend is anticipated to remain same in the MEA region due to which the region will witness a steady growth in the sales of personal watercrafts over the assessment period.
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Personal Watercraft Market: Key Participants
- BRP Inc.
- Yahama Motors Co., Ltd.
- Kawasaki Motors Corp.
- Honda Motors. Co., Ltd.
- Polaris Industries
- Jiujiang Poseidon Motorboat Manufacturing Co., Ltd.
- Arctic cat Inc.
- Meyer Bootswerft
- SLVH s.r.o.
- Hubei Sanjiang Boats Science & Technology Co., Ltd