1. Global Electric Jetboards Market Revenue and Future Growth
The global Electric Jetboards market is projected to reach a revenue of 77.13 million USD in 2024. This market is experiencing a robust growth trajectory, with a Compound Annual Growth Rate (CAGR) of 15.32% from 2024 to 2033.
An Electric Jetboard is a motorized board propelled by a jet designed for riding above water. Powered by electricity, these jetboards can reach speeds of up to 60 km/h and offer around 40 minutes of riding time, depending on the model. They represent a significant innovation in water sports, eliminating the need for perfect wave conditions and allowing riders to enjoy surfing anytime, anywhere. This not only opens up a new world of water sports but also makes Electric Jetboard an effective tool for water rescue operations.
Figure Global Electric Jetboards Market Size (M USD) and CAGR (2024-2033)
2. Driving Factors and Limiting Factors of Electric Jetboards Market
The growth of the Electric Jetboards market is driven by several key factors. Firstly, the increasing popularity of water sports and the desire for new, thrilling experiences have led to a higher demand for Electric Jetboard. These boards offer an innovative supplement to traditional surfing, providing an exciting and accessible way to enjoy water activities. Secondly, technological advancements have made Electric Jetboard more efficient and affordable, with improved battery life and performance. Additionally, the development of tourism and the growing interest in outdoor activities have created new opportunities for the market.
However, there are also limiting factors. The high cost of Electric Jetboards, due to the use of advanced materials and technology, restricts the market audience. The industry is also vulnerable to fluctuations in raw material prices, which can reduce operating profits. Furthermore, the impact of the COVID-19 pandemic and the downturn in the tourism market have led to a decline in downstream demand.
3. Technology Innovation and Corporate Mergers and Acquisitions in the Electric Jetboards Market
Technology innovation plays a crucial role in the Electric Jetboards market. Companies are continuously investing in research and development to improve the performance, efficiency, and safety of their products. For instance, advancements in battery technology have extended the riding time of Electric Jetboard, while improvements in motor design have increased their speed and maneuverability. Additionally, the integration of smart features, such as GPS tracking and remote control, has enhanced the user experience.
In terms of corporate mergers and acquisitions, the market has seen several strategic moves aimed at expanding market share and enhancing product offerings. For example, Radinn AB’s private placement of SEK 65m demonstrates the company’s ambition to finance further growth and expand its product range. These activities not only strengthen the competitive position of the companies involved but also contribute to the overall development of the market by promoting innovation and efficiency.
4. Global Electric Jetboards Market by Types
Electric Jetboards are categorized into two main types: Inflatable and Solid
Inflatable Jetboards are designed with a flexible body, making them easier to transport, lighter, and simpler to store. They are ideal for individuals who value portability and convenience. Despite their flexibility, inflatable boards may not always perform as well as solid boards in terms of speed and maneuverability. However, they offer a more accessible entry point for beginners and casual users due to their lower cost and ease of use.
In 2024, the market revenue for Inflatable Electric Jetboard is projected to be 13.11 M USD. This type of Electric Jetboard has been experiencing a steady growth rate, with a compound annual growth rate (CAGR) of 16.19% from 2024 to 2033. The increasing popularity of water sports and the demand for more portable and affordable options are driving the growth of this segment. The ease of storage and transportation, combined with the ability to enjoy water sports in various environments, makes inflatable boards an attractive choice for a wide range of consumers.
Solid Jetboards, on the other hand, are constructed with a rigid body, typically made of materials like carbon fiber or high-grade aluminum. These boards are known for their speed, stability, and performance in rough water conditions. They are more suitable for experienced riders and professionals who require a higher level of performance and control. Solid boards also have a longer lifespan and are more durable, making them a worthwhile investment for serious water sports enthusiasts.
The market revenue for Solid Electric Jetboards in 2024 is forecasted to be 63.91 M USD. This type holds the largest market share and is also the fastest-growing segment, with a CAGR of 15.09% from 2024 to 2033. The growth of the solid board market is attributed to the increasing demand for high-performance water sports equipment and the growing number of professional water sports events.
Table Global Electric Jetboards Market Size by Type in 2024
|
Type |
Market Size (M USD) 2024 |
|
Inflatable |
13.11 |
|
Solid |
63.91 |
|
Total |
77.13 |
5. Global Electric Jetboards Market by Applications
The Electric Jetboards market serves various applications, primarily divided into Amateur and Professional categories.
The Amateur application segment refers to casual users and enthusiasts who use Electric Jetboard for recreational purposes. This group includes individuals who enjoy water sports as a hobby and are looking for a fun and exciting way to spend their leisure time. Amateur users are attracted to Electric Jetboard due to their ease of use, low learning curve, and the ability to ride in various water conditions without the need for perfect waves or wind.
In 2024, the market revenue for the Amateur application is expected to be 64.67 M USD. This segment holds the largest market share and is growing at a healthy rate, with a CAGR of 15.38% from 2024 to 2033.
The Professional application segment encompasses professional surfers, water sports instructors, and water rescue workers. These users require Electric Jetboards with advanced features, high performance, and reliability. Professional Electric Jetboards are designed to meet the rigorous demands of professional use, including high-speed capabilities, long battery life, and robust construction. They are also used in water rescue operations, where their speed and maneuverability can make a significant difference in emergency situations.
The market revenue for the Professional application in 2024 is projected to be 12.46 M USD. Although this segment has a smaller market share compared to the Amateur application, it is growing at a slightly faster rate, with a CAGR of 14.99% from 2024 to 2033. The growth is fueled by the professionalization of water sports, the increasing number of water sports competitions, and the growing importance of water rescue operations. As the demand for professional-grade water sports equipment rises, the market for Professional Electric Jetboards is expected to continue its upward trajectory.
Table Global Electric Jetboards Market Size by Application in 2024
|
Application |
Market Size (M USD) 2024 |
|
Amateur |
64.67 |
|
Professional |
12.46 |
|
Total |
77.13 |
6. Global Electric Jetboards Market Size by Region
North America emerged as a prominent region in terms of Electric Jetboards consumption, with a total of 3235 units consumed in 2024. This region’s strong performance can be attributed to several factors. Firstly, the United States and Canada have well-established recreational boating and water sports cultures, which have naturally extended to the adoption of Electric Jetboards. The presence of numerous lakes, rivers, and coastal areas provides ample opportunities for enthusiasts to enjoy these boards.
Europe is another significant region in the Electric Jetboards market, with a consumption of 3847 units in 2024. The region’s diverse geography, featuring a extensive coastline, numerous lakes, and rivers, provides a perfect setting for water sports enthusiasts. Countries like France, Spain, and Italy have a long-standing tradition of beach and water-based activities, which has contributed to the high demand for Electric Jetboards.
China, with a consumption of 378 units in 2024, represents a growing market for Electric Jetboards. The country’s rapid economic development and increasing disposable income have led to a rise in demand for recreational activities, including water sports. The Chinese government’s efforts to promote sports and tourism have also created a favorable environment for the market’s growth.
Japan consumed 454 units of Electric Jetboards in 2024. The country’s advanced technological infrastructure and penchant for innovation have made it a suitable market for high-tech water sports equipment. Japanese consumers are known for their appreciation of quality and performance, and Electric Jetboards have found a niche among the country’s water sports enthusiasts.
The Middle East and Africa region, with a consumption of 46 units in 2024, represents a market with emerging opportunities. The region’s vast coastline, particularly in countries like the United Arab Emirates and South Africa, provides a conducive environment for water sports. The growing tourism industry in these countries has also led to an increase in demand for recreational watercraft, including Electric Jetboards.
Southeast Asia, with a consumption of 387 units in 2024, is a developing market for Electric Jetboards. The region’s tropical climate and extensive coastline, particularly in countries like Thailand and Indonesia, provide ideal conditions for water sports. The growing tourism industry in these countries has also led to an increase in demand for recreational watercraft, including Electric Jetboards.
Figure Global Electric Jetboards Market Share by Region in 2024
7. Global Electric Jetboards Market Analysis by Major Players
Onean, a company specializing in the design, manufacture, and distribution of electric surfboards, is a prominent player in the market. Established in 2013 and based in the Basque Country, Spain, Onean benefits from the region’s industrial experience and surfing culture. The company’s Twin Electric Jetboard is a flagship product, offering a 30% performance increase compared to previous models. In 2022, Onean reported sales of 1782 units, with a revenue of 11.73 million USD. The company’s focus on innovation and quality has helped it maintain a strong market position.
Radinn, founded in 2013 and headquartered in Malmö, Sweden, is a leading electric jetboard company. Known for its completely modular, 100% electric jetboards, Radinn has expanded its product line to include models such as the X-Sport, Freeride, and Carve. These models offer speeds of up to 56 km/h and a range of up to 45 minutes. In 2022, Radinn sold 899 units, generating a revenue of 8.77 million USD. The company’s commitment to sustainability and performance has resonated with consumers, contributing to its market success.
Awake, established in 2017 and based in Stockholm, Sweden, is a company that redefines performance mobility on water. Its product, the Awake RÄVIK 3, is designed for speed and agility, with a top speed of 36 MPH and a riding time of 15-30 minutes. The company’s focus on user experience and product quality has led to a strong market presence. In 2022, Awake sold 632 units, achieving a revenue of 6.50 million USD. Awake’s innovative approach to product design and performance has helped it carve out a niche in the competitive Electric Jetboards market.