Jet Boat Market
Jet Boat Market By Product Type (<11m, 11-18m, 19-24m, >24m), By End-use (Transportation, Competition, Entertainment) & By Region (North America, Latin America, Europe, East Asia) - Global Market Insights 2022-2032
Analysis of Jet Boat Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Jet Boat Market Outlook (2022 to 2032)
The growing marine sector and recreational activities around the globe are creating ample opportunities for the market. it is a type of powerboat motorized by a jet and a marine is ejected from behind the vessel, which is essential for its maneuverability. Moreover, a jet boat offers a lot of seating space along with a swimming platform. The market is anticipated to grow with a CAGR of 5% during the forecast period.
There are several reasons why there is an increase in demand. Jet boats are becoming increasingly popular due to their speed, maneuverability, and ability to navigate shallow waters. They are also relatively easy to operate and maintain, making them a great choice for recreational boaters. Additionally, jet boats are becoming more affordable, making them a viable option for those on a budget. Finally, they are becoming increasingly popular for water sports such as wakeboarding and tubing.
The acceleration and ability to take dynamic turns is an advantage over jets and pleasure boats have an equivalent length. The horsepower rating of the motor installed on a jet determines the speed of the these boat. The rise in river racing and white water rafting has spurred demand for boats equipped with the needed amenities. Growing recreational activities and the marine sector around the globe are creating ample opportunities for this market.
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What are the drivers of demand for the market?
performing crash stops. Over the years, there has been an increase in the use of such boats in the form of luxury yacht tenders and rigid-hulled inflatable boats. Recently, Vortex boat, the key player in the market launched the 203 Vortex VRX, which features a hull design and comes in six different colors.
The demand for several services including passenger ferry services, police patrol, navy & military, and adventure tourism is likely to drive the global market growth in the near future. The growing technology and use of hull design will contribute to the transformation of the worldwide market. One of the prominent features of a boat is that it has no outer rotating part, so it is safer for swimmers and marine life.
This attracts customers and leads to exponential growth in demand. The fuel efficiency and performance of these boats can hinder the market growth. The market has gained traction in tourist beach & marine destinations and this trend is estimated to continue throughout the forecast period.
Region Wise Insights
Jet boats were designed to maneuver in fast-flowing waves and the rivers of the Oceania region to cope with the problem of the propeller striking rocks in the water. Jetboats are very common for many coastal and riverine tourism activities globally.
The market can be segmented into seven regions: North America, Europe, East Asia (Japan, China, and South Korea), South Asia (India, Thailand, Malaysia, Indonesia, Philippines, and Rest of South Asia), Oceania (Australia, New Zealand), and Latin America. Oceania and North America along with Asian countries lead the market during the forecast period due to an increase in the parent marine sector.
Latin America has considered one of the key markets for these boats because of the increasing per capita expansion by the regional population in recreational activities. The MEA and Africa markets are growing at a slow pace due to less number of ports and marine areas.
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The future of the global arcade looks promising with the growth in the marine sector. The market is changing rapidly with the ongoing expansion of recreational activities. Globally, the industry is a consolidated market because of the presence of a considerable number of key market players. More modern technologies are being introduced from time to time, which are intended to enhance the market.
Recent Developments :
- Snake River Boats Ltd. Developed MotoJet to explore and navigate through smaller rivers and streams that are otherwise not accessible. These boats are designed with the highest precision and provide a smooth rafting experience to racers.
- Bean Marine fabrication is popular for designing customized jets as per the needs. The firm ensures adherence to all industry standards and is set to outperform the competition. The attention to design and detail is highlighted differentiator of aluminum jet boats developed by the brand.
Jet Boat Market Segmentation
By Product Type :
By End-use :
By Regions :
- North America
- Latin America
- Rest of LatAm
- Eastern Europe
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- North America
- FAQs -
The market is predicted to grow at 5% CAGR during the forecast period.
The market has high growth potential due to the increasing participation of the adult population in recreational boating and water-based sports.
In the European region, manufacturers may find the most opportunities in the market.