Asia-Pacific Personal Watercraft Market, By Type (Sit-Down Model and Stand-Up Model), Components (Engine, Drive Shift, Intake Grate, Impeller, Steering Nozzle, Steering Control, Speedometer, Safety Switch, and Others), Propulsion Type (IC Engines and Electric), Hull Type (Plastic and Composite), Functionality (Accessory Package, Auto Trim, Connext Screen, Custom-Tuned Electric TRIM, Foot Chocks, Optional Audio Speakers, Ride, and Others), Series (REC Lite, Recreation, Freestyle, Performance, and Luxury), Seat Model (Double, Single, Triple, and Others), Distribution Channel (Direct Channel and Indirect Channel), End-User (Rental, Government, and Individual), Industry Trends and Forecast to 2030.
Asia-Pacific Personal Watercraft Market Analysis and Size
The Asia-Pacific personal watercraft market is gaining a positive trend across the globe. Various factors, such as water sports' growing popularity, support the market growth. This popularity resulted in the organizing of many local and regional championships and events. The countries such as Australia, Thailand, and many others have developed more interest in such sports, and accordingly, people across the region adopted such sports in their leisure time.
Data Bridge Market Research analyses that the Asia-Pacific personal watercraft market is expected to reach USD 742,479.60 thousand by 2030, at a CAGR of 5.4% during the forecast period. The Asia-Pacific personal watercraft market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020-2016)
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Quantitative Units
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Revenue in Thousand, Pricing in USD
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Segments Covered
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By Type (Sit-Down Model and Stand-Up Model), Components (Engine, Drive Shift, Intake Grate, Impeller, Steering Nozzle, Steering Control, Speedometer, Safety Switch, and Others), Propulsion Type (IC Engines and Electric), Hull Type (Plastic and Composite), Functionality (Accessory Package, Auto Trim, Connext Screen, Custom-Tuned Electric TRIM, Foot Chocks, Optional Audio Speakers, Ride, and Others), Series (REC Lite, Recreation, Freestyle, Performance, and Luxury), Seat Model (Double, Single, Triple, and Others), Distribution Channel (Direct Channel and Indirect Channel), End-User (Rental, Government, and Individual).
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Country Covered
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China, Japan, India, Philippines, South Korea, Australia, New Zealand, Singapore, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, the rest of Asia-Pacific.
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Market Players Covered
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BRP, Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., NARKE, Gibbs Sports Amphibians, Inc., BELASSI GmbH, X Scream Inc, Mackinnon Marine Technologies, VQ yachts, Krash Industries, Nikola Corporation, Strand Craft Design LLC., E-DOLPHIN, Jiujiang Hison Motor Boat Manufacturing Co., Ltd, Pro Watercraft, Short Block Technologies, Inc. and TAIGA MOTORS INC. among others.
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Market Definition
Personal watercraft are usually referred to as Jet Ski and speed boats. These watercraft will look like a bike associated with different engines that propel or squirt water to move forward. Moreover, along with technological advancement, these watercraft are developed with a new propulsion technology, that is, electric propulsion.
In addition, the personal watercraft market is associated with various seating PWCs, a series of accessories and components which enhances the performance and functions of the watercraft. Along with this technical aspect, the market is associated with the distribution channel and various end users.
Asia-Pacific Personal Watercraft Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
Rapid growth in surface water sports championships and events
People across the globe have gained importance for such sports, which has further resulted in organizing many local and regional championships and events. Personal watercraft events and championships have been conducted every month in one or the other region or country. This has been clear that there is a rise in such events and sports activities, which has helped to drive the sales of the PWC across the globe.
Increase in the number of adventure sports participation
Sports involve multiple motivations such as goal achievement, risk-taking, social motivation, escape from boredom, pushing personal boundaries, overcoming fear, and connection with the natural environment. Moreover, adventure sports experience the near-death experience, which helps accelerate the adrenaline and provides health benefits. This has helped to motivate people across the globe to adopt adventure sports. People across the globe are willing to adopt adventure sports due to various health benefits. This will help to increase interest in water sports activities. In accordance, this will help to drive the market.
Opportunity
Increase in recognition of water sports in international sports
People across the globe and most countries are participating in international championships. This has created a demand for such adventurous water sports. The rise in demand for such sports will boost the sales of sports equipment and gear. Thus, an increase in recognition of water sports in international sports will attract people to adopt such sports and thus provide a great opportunity for market growth.
Restraint/Challenge
High costs associated with personal watercrafts
The personal watercraft costs are very high in terms of owning the jet skis. Moreover, it includes various costs such as maintenance, fuel, and many others. These factors will add up the expenses, which are expected to restrain the personal watercraft market.
Post-COVID-19 Impact on Asia-Pacific Personal Watercraft Market
COVID-19 negatively impacted the Asia-Pacific personal watercraft market due to the shutdown of Asia-Pacific logistics and transportation and governments' instruction to not participate in social events.
The COVID-19 pandemic has impacted the Asia-Pacific personal watercraft market to an extent a negative manner. However, the pandemic situation across the globe has constrained people to use their individual and rent personal watercraft. This has impacted even the rental business for watercraft. Moreover, the revelation comes as more people took up recreational boating, beach closures, and international travel restrictions due to the coronavirus crisis. This has significantly found fewer facilities among Jet Ski because of the number of deaths against the ratio of license holders.
The market players are conducting multiple research and development activities to improve the technology involved in the accessories. With this, the companies will bring advancement and innovation to the market. In addition, the government supporting the electrification of watercraft has led the market growth.
Recent Developments
- In October 2021, BRP announced that the company had been recognized as Good Design Japan for design and innovations related to Sea-Doo. This recognition has ensured trust in the products and attracted new customers to accelerate revenue growth for the company.
- In November 2018, Kawasaki Heavy Industries, Ltd. announced an investment of USD 3 million in Motorcycle Mechanics Institute (MMI) education. This will include the development of personal watercraft models and help to support the training programs, which has further helped to accelerate the sales of personal watercraft.
Asia-Pacific Personal Watercraft Market Scope
The Asia-Pacific personal watercraft market is segmented on the basis of the type, components, seat model, functionality, series, propulsion type, hull type, distribution channel, and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.
TYPE
- SIT-DOWN MODEL
- STAND-UP MODEL
On the basis of type, the Asia-Pacific personal watercraft market is segmented into sit-down model and stand-up model.
COMPONENTS
- ENGINE
- DRIVE SHIFT
- INTAKE GRATE
- IMPELLER
- STEERING NOZZLE
- STEERING CONTROL
- SPEEDOMETER
- SAFETY SWITCH
- OTHERS
On the basis of components, the Asia-Pacific personal watercraft market is segmented into engine, drive shift, intake grate, impeller, steering nozzle, steering control, speedometer, safety switch and others.
PROPULSION TYPE
- IC ENGINES
- ELECTRIC
On the basis of propulsion type, the Asia-Pacific personal watercraft market is segmented into IC engines and electric.
HULL TYPE
- PLASTIC
- COMPOSITE
On the basis of hull type, the Asia-Pacific personal watercraft market is segmented into plastic and composite.
FUNCTIONALITY
- ACCESSORY PACKAGE
- AUTO TRIM
- CONNEXT SCREEN
- CUSTOM-TUNED ELECTRIC TRIM
- FOOT CHOCKS
- OPTIONAL AUDIO SPEAKERS
- RIDE
- OTHERS
On the basis of functionality, the Asia-Pacific personal watercraft market is segmented into accessory package, auto trim, connext screen, custom-tuned electric TRIM, foot chocks, optional audio speakers, ride and others.
SERIES
- REC LITE
- RECREATION
- FREESTYLE
- PERFORMANCE
- LUXURY
On the basis of the series, the Asia-Pacific personal watercraft market is segmented into REC lite, recreation, freestyle, performance and luxury.
SEAT MODEL
- DOUBLE
- SINGLE
- TRIPLE
- OTHERS
On the basis of the seat model, the Asia-Pacific personal watercraft market is segmented into double, single, triple and others.
DISTRIBUTION CHANNEL
- DIRECT CHANNEL
- INDIRECT CHANNEL
On the basis of distribution channel, the Asia-Pacific personal watercraft market is segmented into direct channel and indirect channel.
END-USER
- RENTAL
- INDIVIDUAL
- GOVERNMENT
On the basis of end-user, the Asia-Pacific personal watercraft market is segmented into rental, individual and government.
Asia-Pacific Personal Watercraft Market Regional Analysis/Insights
The Asia-Pacific personal watercraft market is analyzed, and market size insights and trends are provided by country, type, components, seat model, functionality, series, propulsion type, hull type, distribution channel, and end-user as referenced above
Some countries covered in the Asia-Pacific personal watercraft market report are China, Japan, India, Philippines, South Korea, Australia, New Zealand, Singapore, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, the rest of Asia-Pacific.
China is expected to dominate the Asia-Pacific personal watercraft market due to the rise in adventure sports throughout the region.
The region section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Personal Watercraft Market Share Analysis
Asia-Pacific personal watercraft market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the Asia-Pacific personal watercraft market.
Some of the major players operating in the Asia-Pacific personal watercraft market are BRP, Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., NARKE, Gibbs Sports Amphibians, Inc., BELASSI GmbH, X Scream Inc, Mackinnon Marine Technologies, VQ yachts, Krash Industries, Nikola Corporation, Strand Craft Design LLC., E-DOLPHIN, Jiujiang Hison Motor Boat Manufacturing Co., Ltd, Pro Watercraft, Short Block Technologies, Inc. and TAIGA MOTORS INC. among others.
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