Personal Watercraft Global Market Report 2024

The personal watercraft market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be credited to the emergence of stand-up personal watercraft, the embrace of 2-stroke engine technology, the expansion of recreational boating and water sports, an increase in consumer disposable income, and the impact of popular watercraft events and races.

The personal watercraft market size is expected to see strong growth in the next few years. It will grow to $3.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be ascribed to the proliferation of rental services for personal watercraft, advancements in safety features for PWC, a growing emphasis on lightweight and compact PWC models, the surge in electric and hybrid personal watercraft models, and the expansion of women-centric and family-friendly PWC models. Major trends in the forecast period encompass technological progress in PWC design, innovations in hull materials and design, the introduction of eco-friendly and sustainable watercraft, the integration of smart and IoT technologies in PWC, the adoption of AI for enhanced safety and navigation, and the development of PWC with augmented reality (AR) interfaces.

The anticipated increase in interest in outdoor recreational activities is set to drive the growth of the personal watercraft market. Outdoor recreational activities encompass leisure pursuits conducted in natural environments. Personal watercraft can be utilized for various outdoor recreational activities, including jet skiing, watercraft touring, wakeboarding, waterskiing, tubing, and relaxed exploration of lakes or coastal areas, facilitating the transport of cargo and two passengers. For example, as of January 2022, the Outdoor Industry Association reported that 54% of Americans aged six and older, totaling 164.2 million individuals, engaged in outdoor recreation at least once in 2021. This marked a 6.9% increase in outdoor participation from the previous year, with a net gain of 3.5 million new participants and a record 6.8 million Americans participating in outdoor activities for the first time in 2021. Hence, the growing interest in outdoor recreational activities is a key driver of the personal watercraft market.

The expanding tourism industry is also poised to contribute to the growth of the personal watercraft market. The tourism industry encompasses a broad economic sector involving various activities, businesses, and services related to travel and leisure. Personal watercraft play a crucial role in tourism by providing exciting water experiences, attracting adventure-seeking tourists, and diversifying recreational activities in coastal destinations. For instance, in December 2022, the Ministry of Business, Innovation, and Employment in New Zealand reported a 2.7% growth in tourism spending, reaching $26.5 billion compared to the previous year. Overseas visitor arrivals to New Zealand increased by 335.3%, reaching 229,370. Additionally, tourism directly contributed $10.0 billion to the country's GDP, representing 3.0% of the GDP and showing a growth of 1.3%. Thus, the growing tourism industry stands as a driving force behind the expansion of the personal watercraft market.

Technological advancement stands out as a prominent trend gaining traction in the personal watercraft market. Leading companies in the personal watercraft sector are actively engaged in the development of innovative products featuring advanced capabilities to maintain their competitive positions. For example, in July 2022, Taiga Motors, a Canada-based vehicle company, unveiled the Orca, hailed as the world's first electric personal watercraft (PWC) built on cutting-edge technology. This revolutionary PWC redefines the watercraft experience, offering attributes such as power efficiency, intelligent connectivity, silent operation, and no engine maintenance. Boasting a carbon fiber composite hull designed for dynamic handling, the Orca provides a leading power-to-weight ratio, indicating high power output relative to its weight. Moreover, the customizable color combinations further enhance its appeal.

Major players in the personal watercraft market are intensifying their focus on the introduction of electric watercraft as a strategic move to gain a competitive advantage. Electric watercraft encompass vessels, including boats, jet skis, or personal watercraft, propelled by electric propulsion systems employing electric motors and batteries. In January 2023, Brunswick Corporation, a US-based boat manufacturing company, launched a new line of electric boats named Veer. Specifically designed for novice boaters, these boats feature a robust polyethylene hull and are equipped with an electric propulsion option from Mercury, representing the 18th addition to the Brunswick Boat Group portfolio.

In November 2021, MarineMax Inc., a prominent US-based boat dealer company, successfully acquired Intrepid Powerboats for an undisclosed sum. This strategic acquisition is expected to provide Intrepid with enhanced resources to better serve its dedicated clientele. Additionally, leveraging capital and digital technology, Intrepid aims to foster development and expansion. Intrepid Powerboats is recognized for its expertise in crafting unique custom powerboats tailored to the preferences of boat enthusiasts.

Major companies operating in the personal watercraft market report are Honda Motors. Co. Ltd., Yamaha Motors Co. Ltd., Polaris Inc., BRP Inc., Mercury Marine Ltd., Sanlorenzo S.p.a, MasterCraft Boat Holdings Inc., Arctic Cat Inc., Malibu Boats Inc., Sea-Doo, Tige Boats Inc., Sea Ray Boats, Zapata Racing, Lomac Nautica S.r.l., Krash Industries Jet Ski Group, Nautique Boat Company, Sealegs International Ltd., O'Brien Watersports, Four Winns Boats, Bayliner, BELASSI GmbH, Kymco USA, Supra Boats, Rickter-RRP Performance Inc., Kawasaki Motors Corp., Jiujiang Poseidon Motorboat Manufacturing Co. Ltd., Lampuga GmbH, Meyer Bootswerft GmbH, SLVH s.r.o., Hubei Sanjiang Boats Science & Technology Co. Ltd.

North America was the largest region in the personal watercraft market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal watercraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the personal watercraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of personal watercraft include recreational watercraft, muscle watercraft, luxury watercraft, performance watercraft, and sports watercraft. Recreational watercraft encompasses boats of various forms, irrespective of the propulsion method, with a hull length ranging from 2.5 to 24 meters, intended for recreational and sporting purposes. These watercraft are available with seating capacities of one, two, three, and standing positions, featuring hulls made of composites and plastic. Engine displacement categories include below 800 cc, 800-1000 cc, 1000-1500 cc, and above 1500 cc.


The personal watercraft research report is one of a series of new reports that provides personal watercraft market statistics, including the personal watercraft industry's global market size, regional shares, competitors with personal watercraft market share, detailed personal watercraft market segments, market trends and opportunities, and any further data you may need to thrive in the personal watercraft industry. This personal watercraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The personal watercraft market consists of sales of fishing personal watercraft, touring personal watercraft, and rescue personal watercraft. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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