The global jet boat market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). Jet boats are propelled by a water jet installed at the rear end of the boat. Unlike motorboats or powerboats, jet boats take water from the intake under the boat and pass it through a pump-jet. Which is then expelled by the nozzle of the stern. The major factor attributing to the growth of the global jet boat market includes the increasing application of jet boats for entertainment and recreational activities due to consistent growth in fishing activities & pleasure riding. According to the National Marine Manufacturers Association (NMMA), recreational boating industry contribute around $170.3 billion to the US economy in 2021 and are expected to consistently grow during the forecast year. Moreover, measures taken by the government of several countries is also promoting personal boating & recreational activities among the younger generation. Measures include increasing investment in the tourism industry, easing regulations, and developments in infrastructure. Thus increasing the demand for jet boats.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
- In May 2019, Brunswick Corp. Co., an American marine products manufacturing and marketing organization bought a new boat club. The new boat club will support Brunswick in navigating through its choppy business cycle and is expected to expand its future market with its product portfolio of boats & pontoons.
- In June 2020, Mercury Marine Inc., a marine engine division of Brunswick Corp. signed a contract with Frydenbo. According to this contract, Mercury Marine Inc. will provide boat engines to brands including Nordkapp & Sting across the globe.
- In April 2022, Indmar, a manufacturer of inboard marine engines for boats launched a new EcoJet pontoon propulsion system for recreational boaters. This new EcoJet pontoon propulsion system will provide benefits to boaters including a more quiet, nimble, safe, and eco-friendly system.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Yamaha Motor Corp., Snake River Boat Builder, Custom Welding & Fabrication Inc., Chapparal Boats Inc., and Smoky Mountain Jetboats, among others.
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Global Jet Boats Market Report by Segment
By Application
- Transportation
- Entertainment
- Competition
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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