Jet Boats Market Share, Size, Trends, Industry Analysis Report, By Product Type (<11m, 11-18m, 19-24m, >24m); By End-Use; By Region; Segment Forecast, 2024- 2032
- Published Date:Mar-2024
- Pages: 119
- Format: PDF
- Report ID: PM4730
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global jet boats market was valued at USD 2.07 billion in 2023 and is expected to grow at a CAGR of 4.6% during the forecast period.
Jet boats, characterized by their propulsion system that uses a jet of water expelled from the back of the boat, have gained popularity for various water-based recreational activities. The jet boat market is closely tied to the broader trends in recreational boating. As more people engage in water-based activities for leisure and recreation, the demand for innovative and high-performance boats, such as jet boats, tends to increase.
Ongoing advancements in jet propulsion technology contribute to the development of more efficient and powerful jet boats. Innovations in hull design, propulsion systems, and materials enhance the overall performance, safety, and fuel efficiency of jet boats. Jet boats are versatile and suitable for various water activities, including water sports, fishing, cruising, and general recreational boating. This versatility broadens their market appeal and attracts consumers with diverse interests.
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The jet boat market is not limited to individual buyers; it also includes opportunities in the tourism and rental sectors. Jet boat tours and rental services at popular tourist destinations contribute to market growth.
Rising demand for leisurely aquatic activities like fishing, water sports, and leisure sailing is driving the demand for jet boats. The expanding marine industry and recreational activities are providing numerous business prospects all over the world for entertainment activities like jet boats. In addition, the jet boat provides a swimming platform and many chairs. The presence of the younger generation globally is driving the demand for adventurous activities, which in turn fuels the demand for jet boats in the coming years. Growing consumer interest in environmentally friendly products has led to the creation of electric and fuel-efficient jet boats. Companies are investing in technologies to meet rising consumer needs.
Moreover, jet boats are appealing to a wide range of users as they are incredibly adaptable and can operate in a variety of water conditions, including shallow waters. Families and rental companies are showing a preference for them because of their design, which promotes safety as they do not have any exposed propellers. Many manufacturers provide buyers with customization possibilities, enabling them to design jet boats according to their interests. Customers who desire a customized watercraft experience are drawn to this modification.
However, jet boats can cost more upfront than conventional propeller-driven boats, restraining demand from recreational organizations. Some jet boats have increased fuel efficiency, but many jet boats are less fuel-efficient than other boat types, which can be a rising concern due to the increase in the cost of fuel. The pandemic disrupted the tourism industry due to the prevalence of lockdowns in various places globally. Businesses that rent and offer jet boat rides to visitors were severely damaged by the restrictions on foreign travel, which resulted in revenue losses.
Growth Drivers
- Rising demand for recreational activities is expected to fuel the need for jet boats.
Growing population interest in recreational activities in their free time is the primary driver of the jet boat market's expansion. Jet boats appeal to a wide spectrum of customers looking for memorable water-based experiences, including adventure travel and water sports, due to their remarkable versatility and safety features. This expansion of the jet boat market is successful due to the manufacturer's continuous efforts in innovating jet boats in line with consumer preferences. The ongoing research activities in jet propulsion technology and design are another factor fueling the expansion of the jet boat market. Jet boats manufacturers are continually enhancing their performance, effectiveness, and environmental friendliness to fulfill ongoing consumer interests in waterfront entertainment activities.
Report Segmentation
The market is primarily segmented based on product type, end-use and region.
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By Product Type |
By End-Use |
By Region |
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By Product Type Analysis
- <11m segment is expected to witness the highest growth during the forecast period
The less than 11m segment is projected to grow at a CAGR during the forecast period, mainly driven by its wide range of growth opportunities at the global level. These smaller jet boats are frequently used for leisure activities with a larger consumer base, such as fishing, cruising, and water sports, as they are more convenient. A wide variety of boaters and enthusiasts perceive them as attractive options due to their size, which will further fuel the demand and jet boats market growth.
These smaller jet boats can be used for a variety of different activities. They can be used for transportation, recreation, and a variety of other activities, including fishing. Furthermore, the affordability of smaller jet boats is propelling the growth and demand for jet boats in the forecast period. Manufacturers' ongoing innovation to accommodate the changing tastes of boaters and water sports enthusiasts are further propelling the demand in the coming years.
By End-Use Analysis
- The entertainment segment held the largest market share in 2023
In 2023, the entertainment segment held the largest market share. Jetboats are a popular option for entertainment activities. Rising disposable income among the population is driving the demand for entertainment activities, including jet boats, as they offer delightful rides and memorable moments to visitors and recreational boaters. Jet boat rides are offered at tourist places with gorgeous settings and provide a memorable kind of entertainment, and are becoming popular among travelers looking for adventure tourism experiences.
Additionally, jet boats allow tourists to witness the surroundings' beauty in an enjoyable way to experience water-based tourist places. Social media is highly influencing consumer behaviors through the sharing of posts by visitors about their travels and excursions. This is creating a feeling of missing out among the netizens, driving profound interest in entertainment with jet boats in the future.
Regional Insights
- North American region dominated the largest market share in 2023
In 2023, the North American region dominated the largest market share. The presence of a higher number of attractive places, primarily water-based tourist destinations, is enhancing the demand for entertainment and leisure activities like jet boats in the region. The younger population is showing interest in adventures and recreational activities, and jet boats fulfill this demand, propelling the need for jet boats.
Prominent river's presence in North America is attracting visitors and recreational lovers at the global level as the Niagara River, Salmon River, Rogue River and Fraser River are making a popular destination for great river experiences. The existence of higher water tourist places is fuelling the need for jet boats as they offer unique experiences to foreign and domestic tourists. As people in the region are aware of the importance of recreational activities in daily life, this will fuel the demand for water-based tourist places; this may further create new growth opportunities for the jet boat market in the coming future.
The Europe region will grow at the fastest rate during the forecast period, owing to rising consumer preferences for personalized experiences on trips. Jet boats give customized experiences to travelers, as manufacturers are stepping forward to renovate jet boats with various sizes and shapes to attract a wide range of customers to have pleasurable boating experiences. Furthermore, luxury tourism is booming in places like the Mediterranean, and jet boats are frequently employed to provide guests with upscale, exclusive experiences. Moreover, the use of jet boats is consistent with the outdoor lifestyle that is strongly ingrained in European culture. Many people enjoy leisure and adventurous activities on the water, driving demand for jet boats in the coming years.
Key Market Players & Competitive Insights
The global jet boat market is expected to expand in the near future, owing to the rising interest in tourism, water sports, and leisure activities on a global scale. Rising modern technology innovations in this field by market players are expanding the global reach of jet boats and driving the demand for jet boats in the entertainment industry. In order to stay ahead of the competition, the major service providers in the industry are constantly updating their technologies.
Some of the major players operating in the global market include:
- Alamarin-Jet
- Bean Marine Fabrication (BMF)
- Chaparral Boats
- Glastron Boats
- HamiltonJet
- Scarab Boats
- Smoky Mountain Jet boats
- Snake River Boats Ltd.
- Williams Jet Tenders
- Yamaha Boats
Recent Developments
- In February 2024, Marine Jet Power (MJP), a prominent player in the waterjet propulsion market worldwide, proudly declares the inauguration of MJP India. This marks a noteworthy achievement in MJP's dedication to promoting local manufacturing and indigenization initiatives within the Indian defense sector. With a focus on blending innovation and technology, the company is pleased to announce the establishment of Marine Jet Power in India.
Jet Boats Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2.16 billion |
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Revenue forecast in 2032 |
USD 3.10 billion |
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CAGR |
4.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
Jet Boats Market report covering key segments are product type, end-use and region.
Jet Boats Market Size Worth 3.10 Billion By 2032
The global jet boats market is expected to grow at a CAGR of 4.6% during the forecast period.
North American is leading the global market
The key driving factors in Jet Boats Market Rising demand for recreational activities is expected to fuel the need for jet boats.
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