PORTLAND, Oregon, Jan. 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Water Scooter Market by Application (Personal, Commercial, and Military), Propulsion Type (Fuel Operated and Battery Operated), and Vehicle Type (Underwater and Abovewater): Global Opportunity Analysis and Industry Forecast, 2019?2026." According to the report, the global water scooter industry generated $1.3 billion in 2018, and is expected to reach $2.2 billion by 2026, growing at a CAGR of 7.2% from 2019 to 2026.
Prime determinants of growth
The ability to enhance diving range, surge in usage for underwater exploration, and ease in navigation drive the growth of the global water scooter market. However, safety issues related to driving hinder the market growth. On the other hand, its wide applications during rescue operations create new opportunities and open new pathways.
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The commercial segment to grow fastest & generate the highest revenue by 2026
Based on application, the commercial segment contributed to more than two-fifths of the total share of the global water scooter market in 2018, and is expected to maintain its leadership position during the forecast period. Moreover, this segment is expected to register the fastest CAGR of 9.7% from 2019 to 2026. This is due to rise in inclination towards water sporting and continuous developments carried out in water scooters. Moreover, the research analyzes the segments including personal and military.
The fuel-operated segment to maintain its dominance in terms of revenue by 2026
Based on propulsion, the fuel-operated segment held the largest market share of the global water scooter market, accounting for more than four-fifths of the total market share in 2018, and is estimated to maintain its dominance in terms of revenue by 2026. This is attributed to enhanced and better performance offered by these scooters. However, the battery-operated segment is expected to grow at the highest CAGR of 10.5% from 2019 to 2026, owing to technological advancements and introduction of new type of fuels for propulsion.
North America to offer lucrative opportunities
Based on region, North America accounted for the highest market share in terms of revenue, generating nearly half of the global mobile scooter market in 2018, and is estimated to dominate in terms of revenue during the forecast period. Moreover, this region is estimated to maintain the highest CAGR of 7.9% from 2019 to 2026. This is a lucrative segment, due to extensive applications of water sporting in the region and trend for deep sea diving using water scooters. The research also analyzes Europe, Asia-Pacific, and LAMEA.
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