Jet Boat Market – Overview
The growing marine sector and recreational activities around the globe are creating ample opportunities for the jet boat market. Jet boat is a type of powerboat motorized by a jet and marine is ejected from behind the vessel, which is essential for its maneuverability. Moreover, jet boat offers a lot of seating space along with a swimming platform. The most prominent jet-driven vessels are used in military due to their capability of performing crash stops. Over the years, there has been an increase in the use of jet boats in the form of luxury yacht tenders and rigid-hulled inflatable boats. Recently, Vortex boat, the key player in the jet boat market launched 203 Vortex VRX, which features a hull design and comes in six different colors.
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Jet Boat Market - Dynamics
The demand for jet boats for several services including passenger ferry services, police patrol, navy & military, and adventure tourism are likely to drive the global jet boat market growth in the near future. The growing technology and use of hull design in jet boat will contribute to the transformation of the worldwide jet boat market. One of the prominent features of jet boat is that it has no outer rotating part, so it is safer for swimmers and marine life. This attracts customers and leads to exponential growth in demand for jet boats. The fuel efficiency and performance of jet boat can hinder the market growth. The jet boat market has gained traction in tourist beach & marine destinations and this trend is estimated to continue throughout the forecast period.
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Jet Boat Market – Regional Analysis
Jetboats were designed for maneuver in fast-flowing waves and the rivers of Oceania region to cope up with problem of the propeller striking rocks in the water. Jet boats are very common for many coastal and riverine tourism activity globally. The jet boat market can be segmented into seven regions: North America, Europe, East Asia (Japan, China, and South Korea), South Asia (India, Thailand, Malaysia, Indonesia, Philippines, and Rest of South Asia), Oceania (Australia, New Zealand), and Latin America. Oceania and North America along with Asian countries leads the jet boat market during the forecast period due to increase in the parent marine sector. Latin America is considered as one of the key market for jet boat because of increasing per capita expend by regional population in recreational activities. The MEA and Africa markets are growing at a slow pace due to less number of ports and marine areas.
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Jet Boat Market- Key Segments
The global jet boat market can be segmented on the basis of product type and end use applications.
According to product type, the jet boat market can be segmented as:
<11m 11-18m 19-24m>24m
According to end use, the jet boat market can be segmented as:
Transportation
Competition
Entertainment
Other
Jet Boat Market: Key Players
Manufacturers of jet boats are actively engaged in accommodating the surge in demand for new technology. Some of the market participants in the global jet boat market are Yamaha Motor Corporation, Snake River Boat Builders, Custom Weld, Vortex Boats, Smoky Mountain Jetboats, outlaw eagle manf. Ltd, Rec Boat Holdings, LLC, Bean Marine Fabrications, Bahamas Jet boat, Alamarin-Jet, and others.
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