Top companies covered in the water scooter market are TUSA , SUEX SRL , Nellis Engineering Inc., DiverTug , Dive Xtras Inc., Yamaha Motor, Genesis, Bombardier Recreational Products (BRP), Torpedo Inc., SubGravity, Kawasaki Motors, and more players profiled
Pune, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The global water scooter market size is expected to expand rapidly owing to the increasing availability of budget-friendly water scooters, observes Fortune Business Insights™ in its report, titled “Water Scooter Market Size, Share & Industry Analysis, By Propulsion Type (Battery Operated, Fuel Operated), By End-Use Type (Personal, Commercial, Others), By Vehicle Type (Under Water, Water Surface) and Regional Forecast 2020-2027”. Water scooters are extremely popular among tourists and adventure enthusiasts, especially those interested in activities in open waters. As a result, companies have been developing reasonably priced scooters to capture the steadily rising demand for these vehicles.
For example, Yamaha’s RDS200 is their cheapest water scooter in its RDS series, offering excellent features relative to price such as lightweight and battery-operated. Another unique offering by Yamaha is the Seal Seascooter, which has been designed for kids playing in shallow waters or for snorkeling in the sea, with a well-guarded propeller. The availability of such pocket-friendly water scooters will be a major factor driving the growth of this market.
Highlights of the Report:
A detailed assessment of each market segment;
In-depth analysis of the market drivers, trends, opportunities, and hindrances;
Granular examination of the regional developments impacting the market; and
A thorough evaluation of the top market players and their key strategies.
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Steep Decline in Tourism Activities amid COVID-19 to Hamper Growth
The sudden outbreak of the coronavirus pandemic in March 2020 had an immediately noticeable impact on the global tourism industry due to the strict lockdowns, social distancing rules, and travel bans imposed by the government around the globe. According to the UN World Tourism Organization (WTO), international tourist arrivals fell by 22% in the first quarter of 2020, and in March alone they dropped by 57%, translating into a decline of 67 million global tourists and accounting for a monetary loss of USD 80 billion.
Furthermore, the WTO estimates that for the remainder of the year, international tourist arrivals will shrink between 58% and 78%, putting 100 million to 120 million jobs linked directly to tourism at risk. The contraction in tourist activities will inevitably hit the water scooter market growth as these devices are primarily demanded by tourists and adventurers who travel to exotic places and engage in activities such as scuba diving and snorkeling.
Compounding this is the drastic downturn in the global economy, with the World Bank predicting that developed economies could shrink by 7%. The International Monetary Fund (IMF) estimates that the global economy could plunge by -3% in 2020, bringing bad news for most industries. Since the tourism industry is highly exposed to the effects of the pandemic, it is likely to undergo unprecedented suffering and all markets associated with this industry will in turn experience tremendous stress.
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Asia Pacific to Exhibit Promising Growth; North America to Dominate the Market
Among regions, Asia Pacific is anticipated to display an excellent growth trajectory owing to the surging popularity of water sport activities such as deep sea diving among the young populations in the region. Moreover, countries such as India which have long coastlines possess high tourism potential and are thus rapidly emerging as global tourism hubs.
North America is expected to dominate the water scooter market share on account of high purchasing power of consumers along with robust tourism and sports industries in the region. Similar factors are predicted to drive the market in Europe and with growing preference for eco-friendly devices by domestic tourists, companies in the region are getting encouraged to innovate.
Key Players to Gain Prominence through Novelty & Innovation
Major companies in this market are concentrating on creating innovative and novel products for adventurers around the world. This is emerging as the prime growth strategy adopted by key players to entrench their market position, diversify their offerings, and expand their footprint in the global market.
September 2020: Bombardier Recreational Products introduced a fully-transformed and enhanced version of its Sea-Doo RXP-X 300 water scooter. Weighing 60 pounds lighter, the RXP-X delivers a superior on-water experience and provides elevated acceleration along with a novel water-gripping hull design for excellent maneuverability.
List of Key Players Profiled in the Water Scooter Market Report:
Nellis Engineering Inc.
Dive Xtras Inc.
Bombardier Recreational Products (BRP)
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