The producers of personal watercraft are concentrating on providing personal watercrafts equipped with safety features including sound signalling devices and multi-faceted features due to the increase in mortality and accident rates when participating in various water sports activities. Due to the growing popularity of water sports around the world, personal watercraft demand will only continue to rise. Participating more in different watersports activities develops muscles and promotes cardiovascular health. Water sports participation has, however, significantly increased pollution. These elements will undoubtedly have a substantial impact on the expansion of the Personal Watercraft Market worldwide.
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Technological Advancements to Underscore Significant Growth Opportunities
While the rate of fatality and accidents continue to rev up during participation, manufacturers are increasingly concentrating on offering personal watercraft products equipped with enhanced features and technology. In order to offer personal watersports with safety features, the manufacturers of personal watersports are increasingly focusing on development of multi-faceted watercrafts. Moreover, the manufacturers are further concentrating on adopting enhanced technology such as nanocomposite technology to create hull materials, which reduces the weight of liner, deck and hull.
Moreover, adoption of the nanotechnology further allows the end users to control the material flow conditions during the process of molding. The manufacturers of the personal watercraft are also opting for plastic as an important ingredient to manufacture watercrafts in a cost-effective manner.
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Product Innovation to Impact Global Market Growth
Major companies are mainly focusing on product innovation and development in order to gain a competitive edge over the other market players. However, small companies are catering to the demands of the personal watercraft at a local level, due to which these players are mainly offering their products to a small section of the population.
In addition, the manufacturing companies operating in the global are further focusing on incorporating advanced technological features such as GPS and sensors. Bound to these factors, growth of the global personal watercraft market is expected to witness significant growth.
Three Seater Products to Represent a Leading Segment
With the increasing demand to participate in the water sports activities, demand for three seater watercrafts will continue remain high globally. On the basis of product type, the three seater segment is expected to witness robust revenue growth, recording a value of over US$ 79,000 Mn by the end of 2026. During the forecast period, the three seater product type segment is expected to witness the highest CAGR.
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