According to forecasts, the watercraft accessories market is expected to be US$ 7,266.9 million in 2023 and US$ 13,137.1 million by 2033.
Many variables, including customer tastes, disposable income, technical developments, and seasonal demand, impact the watercraft accessories market. Foreign and local businesses are competing in the market, and the competition is focused on product quality, customization, innovation, and pricing strategies.
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The fast growth of the tourist sector, the implementation of new government rules, and the rise in water parks favorably affect the development of the watercraft accessories sector.
Manufacturers of watercraft accessories now have more accessibility and reach thanks to the expansion of online retail and e-commerce platforms, which enables them to get a bigger client base.
The ability to respond to individual preferences and particular watercraft models by providing customizable and customized accessories gives industry players a unique marketing offer. Some watercraft attachments are not widely used by consumers due to price sensitivity, especially those on a tight budget.
Key Takeaways
- By 2033, the watercraft accessories market in the United Kingdom is likely to expand, with a CAGR of 5.8%.
- In 2023, the United States is likely to develop the watercraft accessories business with a share of 21.6%.
- The watercraft accessories market grew considerably to US$ 6,901.1 million in 2022.
- The watercraft accessories sector expanded at a CAGR of 5.3% from 2018 to 2022.
- By 2033, China’s watercraft accessories market is projected to develop with a CAGR of 6.3%.
- By 2033, India’s mountain and ski resort industry is projected to expand with a CAGR of 6%.
- Japan’s watercraft accessories industry is expected to grow significantly, with an 8.5% share in 2023.
- Australia’s watercraft accessories are likely to expand with a CAGR of 0.2% in 2023.
- Germany’s watercraft accessories business is likely to grow, with a share of 7.9% in 2023.
- In 2023, the life vest segment is likely to dominate the market, with a share of 32.5%, based on the type.
- In 2023, the coastal tourism and shipping segment is expected to dominate the market, with a share of 27.9%, based on the application.
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Competitors Winning Strategies
Several key manufacturers are working to increase their regional market share and participate in local markets directly by growing their dealer network. They are working with regional distributors to distribute their goods internationally. To achieve a competitive edge in the market, industry actors concentrate on comprehending customer wants, investing in research and development, and forming strategic alliances.
Key Players
- Yamaha Motor Corporation
- WireCo
- Bombardier Recreational Products Inc.
- IRM Offshore and Marine Engineers Private Limited.
- Covercraft Industries LLC
- BEXCO NV
- Kawasaki Motors Corp.
- AXIOM CORDAGES LIMITED
- Samson Rope Technologies
- TEUFELBERGER
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Recent Development:
- A new line of life vests was introduced by Sea-Doo in 2022 in an effort to attract more customers.
- In June 2021, Kawasaki announced the introduction of the prestigious Jet Ski® STX® 160 series, the Kawasaki Jet Ski® SX-RTM 160 four-stroke stand-up personal watercraft, and the premium Jet Ski Ultra® 310 series.
- The boat engines for BRP were completely reevaluated, reconstructed, and refurbished in August 2022. The new Rotax Outboard Engine with Stealth Technology’s 115 and 150-horsepower models are the first to be made available.
Key Segments
By Type:
- Life Vest
- Tow Ropes
- Boat Dock Line & Storage
- Boat Fenders
- Boat Cover
- Others
By End Use:
- Military & Defence
- Amusement Parks
- Professional & Hobbyist
- Coastal Tourism & Shipping Company
- Offshore Vessel
- Cargo Logistics
By Sales Channel:
- Online
- Offline
- Multi Brand Store
- Specialty Store
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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