With changing lifestyles of individuals due to healthy growth in income levels drives the consumer expenditure in leisure activities. Watercraft is one of the major activity of fun for the general population across the globe. To ensure maximum leisure as well as safety of personnel, there are few accessories which play a crucial role during water crafting activities. Watercraft accessories are equipment, parts or systems which can be used during the watercraft fun to make it more enjoyable, safe and attractive.
Watercraft accessories include battery chargers, water sports, bilge pumps, go pro, dock lines & fenders, flush kits, lifting slings, fuel jugs & accessories, locks & cables, quick drain kits, race buoys and much more. Recently watercraft has become one of the major activities for fun and pleasure for the outing with friends or with family. Campaigning, racing, sailing, fishing as well as water sports games are some of the water crafting activities. Water craft also includes boats and vessel such as runabouts, pontoon boats, cabin cruisers, fishing boats, towboats, sailboats, personal watercraft, stern drive powerboats, jet boats etc.
The subsequent increase in tourism and rising disposable income has been a major driver of the watercraft accessories market. Other than this rising promotional tourist sports activities and rising waterborne tourism also contribute towards the growth of watercraft accessories market. Also rising population and improving economy may also contribute towards the healthy growth. As watercraft comes in amusement and luxury segment, an increase in the number of water parks will also impact the market of the water craft market in a positive way. Also, higher consumer confidence, high-tech features, and advanced technology are some of the major driving factors of this market.
The market is also anticipated to be significantly benefitted by government norms and individual awareness regarding However, high prices of these products and adoption of low-cost counterfeit products act as a restraint. Also, as these products come under amusements and luxury items, i.e. market is prone to be affected during the downturn of the economy. Significant opportunities exist in the market for technological advancement of products so as to provide better performance and enhanced features.
Watercraft Accessories Market Segmentation By Basis Of Type – Life Vests, Tow Ropes and Harnesses, Pumps, Boat Dock Lines and Storage, Dock Bumpers and Boat Fenders, Waterproof, Others; By Sales Channel – Retail Sales, Online selling, B – 2 – B sales; By Application – Boat and marine care, Boat accessories, Marine electronics, Marine safety, Trailer accessories, Water sports
North America holds a major share of the global watercraft accessories market, followed by Europe. Asia Pacific is expected to show significant growth in the forecast period due to increase in spending of general population owing to increase in disposable income in this region. Where Latin America also has a significant share in the watercraft accessories market owing to increase in the events and participation of general population related watercraft events. The rest of the world market is estimated to account for a relatively small share of the passenger boarding bridge market.
Some of the examples of the market participants in the global watercraft accessoriesmarket, identified across the value chain are: Yamaha Motor Corporation, Cobra Electronic Corporation, Kawasaki Motors Corp., Bombardier Recreational Products, Attwood marine, Faria/Beede Instruments, Buccaneer Rope Company, Hubbell Incorporated, Barnegat Light Marine Products, Moeller Marine Products, Ritchie Navigation, Shurhold Industries
In terms of product offerings, perennial research & development in product design to provide high operating efficiency and compact engine assemblies has been undertaken by the manufacturers. The marketing process is based on B-2-B model, which involves showcasing of new prototypes on market platforms such as Expo Fairs and via media & communications, which have been the marketing and promotion activities followed by the global Watercraft Accessories Market participants.
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