Rising number of water sports enthusiasts, technological up gradation, safer equipments, rising tourism, growing support from the government and tourism sector to promote water sports coupled with innovative water sports equipment offerings by the manufacturers and growing penetration of online retailing in the market have been the key drivers supplementing growth in the review period.
The report titled “Global Water Sports Equipment Market Outlook to 2022 – By Major Water Sports (Surfing, Scuba Diving, Jet Skiing, Snorkeling, Kite boarding, Canoeing and Kayaking, Rafting and Parasailing), By Regions (Americas, Europe, APAC and MEA)” by Ken Research suggested that rising tourism to various APAC regions of Australia, South Korea and India have surged a positive CAGR in terms of consumer expenditure and hence, would facilitate growth in global water sports equipment market in the next 5 years.
The market includes protective gear, accessories and major sport-specific equipment for any sports activity conducted in water, under water, and on water. The global water sports equipment market has displayed a substantial growth at a CAGR of close to 5% during the period 2012-2017. The market for water sports equipments is largely dependent upon the demand for the water sports activities among the people. There are numerous micro and macro factors that impact the demand for water sports in the world. Some of the influencing factors include interest of consumers in outdoor recreational activities, accessibility to water sporting equipment and facilities, tourism trends, government restrictions, weather conditions and others. In many countries several initiatives are being undertaken to promote the growth and expansion of water sports facilities. For instance, Europe has been increasingly coming up with initiatives that are aimed at strengthening the water sports industry. One such initiative is the Facilities for the Water Sports Industry (FAWI) project, which aims at improving facilities for the water sports industry. The project is aimed at professionalizing and economically strengthening the water sports industry through sustainable development, upgrades, quality improvements, and cross-border collaborations in the water sports segment. Moreover, it has been observed that the government of countries such as Thailand, Indonesia and others has also seen actively accentuating the promotion of water sports to increase the revenue generated from the tourism industry. This ultimately resulted in a rise in the demand for water sports equipments among the people.
In the recent years, it has been observed that artificial water bodies for kayaking and rafting are gaining increased popularity among water sports enthusiasts. The US National Whitewater Center situated in Charlotte, North Carolina, has the largest artificial river in the world, which is suitable for rafters and kayakers. The Kielder Water in northern Europe is one of the largest man-made lakes in the region, which has become extremely popular among tourists for canoeing and water-skiing. The popularity list also includes the surf parks integrated with artificial wave technology. Currently, there are at least 10-15 such water surf parks, which are scheduled to start operating in the next few years in Russia, Spain and Hawaii. The major objectives of these artificial attractions are the provision of convenience and an easier alternative to the customers. These would also enable the complementary tourist businesses, like restaurants and lodging options, to thrive in the market. For example, the Riverdale Hall in Northumberland, which is the closest hotel to the Kielder Water, cashes in on the various water sporting activities undertaken on the Kielder Water, like sailing, water skiing and ferry trips, among others.
A recent trend visible in the market is the launch of innovative water sports equipment and the same is expected to significantly contribute to the market's growth during the forecast period. To withstand the existing competition, the companies in the market are largely focusing on the introduction of innovative product offerings with respect to design, color, shape and weight, to meet the needs of individual consumers. The manufacturers are thus, launching new lightweight and more advanced equipments to cater to the changing consumer preferences. For instance, the players are focusing on the development of advanced snorkeling fins that have better quality than the regular fins currently available in the market. The companies are choosing high-tech materials that are strong yet lightweight, flexible and resistant to chemicals, for manufacturing the equipments. Moreover, the consumers also prefer to purchase equipments with new and improved features that match their requirements.
Recently, a new technology was introduced in snorkel which is known as Dry Top technology. This technology enables the prevention of water from reaching a snorkeler's mouth and nose. The top of a dry snorkel uses a variety of improved mechanisms like flaps and valves that block the top of the snorkel when it is submerged. This feature reduces the need to frequently clear the snorkel, unlike traditional snorkels, while returning to the water surface.
Furthermore, closed-circuit re-breathers are becoming popular among recreational divers as they enable divers to enhance their scuba diving experience without the noisy open-circuit scuba re-breathers. Most of the diving enthusiasts in the market prefer advanced scuba diving equipments. Apart from this advanced scuba diving equipment, divers also require cutting devices, primary lights, backup lights and underwater cameras. This shows that the market is witnessing a growing demand for such advanced scuba diving equipment. Such advancements in the market are expected to raise the replacement rate of the equipments in the market.
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