Flexible lifestyle of people and thriving tourism to positively influence the Jet Ski market
PARIS, Nov. 24, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a provider of market research and competitive intelligence, the global water bike market is valued at $24.2 million In 2022 it is expected that Expanding at a compound annual growth rate of 25% during the forecast period. The market is poised to grow due to the increase in standard of living and water sports activities.
The extensive use of mechatronics in jet skis benefits the operator in terms of increased productivity and precision in the bike’s operation. Thus, electric water bikes are expected to gain more popularity in the coming years.
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An increase in speculative demand has been observed among American jet skiers. A decline in speculative demand for the same can be seen in China, which is detrimental to market dynamics. An imbalance in demand was observed in the market size in 2020 due to the Covid-19 pandemic.
These jet skis are relatively expensive and most of the customers choose to rent these equipments according to their requirements. Renting a jet ski costs an average of about $70-80 per hour which benefits the clients.
North America is the largest exporter of jet ski products and has led the sales of jet skis in the historical period and is expected to continue its dominance in other regions by accounting for just under half of the market share by 2032.
Key takeaways from the market study
The global jet ski market is expected to expand at an impressive CAGR of 25% and to be valued at US$225.8 million by 2032.
The market experienced a compound annual growth rate of 12.1% for the period 2017-2021.
Under technology type, floating water bikes are expected to dominate the market and it is estimated to be worth US$16.8 million in 2022.
The United States dominated the market share in North America with 84.6% market share in 2022.
Rental ownership is likely to account for 69.5% of the market share in 2022.
Electric water bikes market is expected to be worth US$3.6 million in 2022.
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Companies are constantly adding new features to make products more user-friendly. Many jet skis nowadays are electric, which makes it easier to paddle in the water. Now focusing on electric watercraft and exploring new technologies such as hydrofoils, the market has seen further growth in recent years.
Envo, an electric waterbike company in Canada, does extensive research to come up with new and advanced models of waterbikes. This will help the company stand out from its competitors
With new upgrades constantly entering the technology sector of the market, the market is going to witness a remarkable growth in the near future.
Notable waterbike manufacturers globally such as Chiller Waterbikes, Manta5, Hydrobikes Inc. Aurea Bike, SBK ENGINEERING SRL, Redsharkbikes and Waterbike Italia SRL to launch new technologically advanced products and leverage marketing strategies such as acquisitions and collaborate with other market players to help improve production capabilities, improve market penetration and gain larger market share.
Fact.MR provided detailed information on major water bike manufacturers price points spread across regions, sales growth, production capacity and speculative technology expansion, in the recently published report.
Profile of the main companies
Cooled water bikes
SBK ENGINEERING SRL
Waterbike Italia SRL
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Segmentation of the jet ski industry research
By product type:
South Asia and Oceania
More valuable ideas on offer
Fact.MR, in its new offering, offers an unbiased analysis of the global jet ski market, offering historical market data (2017-2021) and forecast statistics for the period 2022-2032.
Study reveals key insights based on technology (pontoon, hydrofoil, surfboard), product type (manual, electric), ownership (personal, rental), ownership (personal, rental) across major regions of the world (North America, Latin America America, Europe, East Asia, South Asia, Oceania, Middle East and Africa).
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