According to forecasts, the watercraft accessories market share 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 significant growth driven by several factors, including increasing participation in water sports and recreational boating activities, growing demand for aftermarket customization and personalization, and advancements in technology and materials used in watercraft accessories. Watercraft accessories encompass a wide range of products designed to enhance the performance, functionality, comfort, and safety of boats, personal watercraft (PWC), and other watercraft types.
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One of the primary drivers of this market is the rising popularity of water sports and recreational boating activities. As more people seek outdoor recreational experiences and leisure activities on the water, there is a growing demand for accessories that improve the comfort, convenience, and enjoyment of boating and water sports. Watercraft accessories such as wakeboard towers, towable tubes, fishing rod holders, and marine audio systems are increasingly sought after by boating enthusiasts to enhance their on-water experiences.
Moreover, the demand for aftermarket customization and personalization is driving growth in the watercraft accessories market. Boat owners and enthusiasts are increasingly looking to customize and upgrade their watercraft with aftermarket accessories to reflect their individual style preferences, improve performance, and add functionality. Aftermarket accessories such as seating upgrades, LED lighting, GPS navigation systems, and watercraft covers allow boat owners to personalize their vessels and tailor them to their specific needs and preferences.
Furthermore, advancements in technology and materials used in watercraft accessories are driving innovation and product development in the market. Manufacturers are incorporating advanced materials such as marine-grade stainless steel, corrosion-resistant polymers, and UV-resistant fabrics to improve durability, performance, and longevity of watercraft accessories. Additionally, technological advancements such as integrated Bluetooth connectivity, touchscreen displays, and wireless remote controls are enhancing the functionality and user experience of marine electronics and entertainment systems.
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
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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