The watercraft accessories market is projected to experience substantial growth over the next decade, with experts forecasting a robust CAGR of 6.1% from 2023 to 2033. This growth is expected to drive the market to a significant valuation of USD 13,137.1 million by 2033.
This upward trajectory reflects a rising demand for products that enhance watercraft experiences, catering to both enthusiasts and professionals. As water-based activities gain global popularity, the accessories market is poised for significant expansion, creating ample opportunities for innovation and development.
Key factors contributing to this growth include the rapid expansion of the tourism sector, new government regulations, and the increasing number of water parks. Additionally, the rise of online retail and e-commerce platforms has broadened the reach of watercraft accessory manufacturers, allowing them to access a larger customer base.
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The ability to offer customizable and tailored accessories for specific watercraft models provides a competitive edge in the market. However, price sensitivity remains a concern, particularly for budget-conscious consumers who may be hesitant to invest in more expensive accessories.
Key Takeaways from the Watercraft Accessories Market Report:
- 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 USD 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 will likely 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 will likely 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.
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.
Leading 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
- DAN-FENDER
- Garware Technical Fibers Ltd.
- EVOLUTION TRADING (SHANGHAI)CO.LTD
- SHEICO Group
- ABSOLUTE OUTDOOR, INC.
- Manson Anchors Limited
- Attwood Corporation
- Gottifredi Maffioli S.r.l.
- Gleistein GmbH
- Greenfield Products Inc.
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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.
Watercraft Accessories Market Segmentation:
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
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