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.
The Watercraft Accessories Market is experiencing steady growth driven by the increasing popularity of water-based recreational activities such as boating, fishing, and watersports. Watercraft accessories play a crucial role in enhancing the functionality, safety, and comfort of boats, personal watercraft, and other marine vessels, catering to the diverse needs and preferences of water enthusiasts.
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Moreover, technological advancements and innovations in accessory design and materials are driving market growth, offering boaters and watercraft owners a wide range of options for customization, performance enhancement, and personalization. Accessories such as marine electronics (GPS, fishfinders, and sonar systems), seating and comfort enhancements, watersports equipment (wakeboards, waterskis, and towable tubes), boat covers, docking and mooring accessories, and safety equipment are in high demand, providing boaters with the tools and gear needed for a safe, enjoyable, and memorable experience on the water.
Furthermore, the growing trend towards eco-friendly and sustainable boating practices is influencing accessory design and manufacturing, with an emphasis on environmentally friendly materials, energy-efficient solutions, and marine conservation initiatives. As the popularity of boating and water-based recreational activities continues to rise worldwide, driven by increasing disposable incomes, urbanization, and leisure time, the Watercraft Accessories Market is expected to expand further, presenting opportunities for manufacturers, retailers, and distributors to innovate and meet the evolving needs of boaters and water enthusiasts.
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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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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