The global watercraft accessories market has seen significant growth, reaching US$ 6,901.1 million in 2022 and projected to reach US$ 7,266.9 million in 2023. Over the forecast period from 2023 to 2033, the market is expected to experience robust growth at a CAGR of 6.1%, culminating in a valuation of US$ 13,137.1 million by 2033.
Watercraft accessories encompass a range of essential products such as life vests, anchors, tow ropes, and boat covers, designed for use with watercraft. The increasing sales of watercraft globally, coupled with the growing adoption of safety products like life vests during watercraft activities, are driving the demand for watercraft accessories.
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The United States is poised to exhibit impressive growth in the watercraft accessories sector, with revenues expected to exceed US$ 1,802.7 million by 2033. Several factors contribute to this growth, including the rising adoption of personal watercraft, a heightened focus on improving safety in marine activities, and the presence of leading manufacturers in the region.
According to the National Marine Manufacturers Association, more than 82,000 personal watercraft, including popular brands like Sea Doo, Jet Ski, and WaveRunner, were sold in the United States in 2020. This trend of increasing sales of personal watercraft is expected to drive further growth in the United States watercraft accessories market during the forecast period.
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.
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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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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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