How the Global Snorkeling Equipment
Market Currently Positioned?
The
review period 2012-2017, Snorkeling
Equipment Market has witnessed a
moderate growth at a CAGR of ~%. Growth in the market can be attributed to the
supportive trends visible in the market such as technology innovations, rising
popularity of the sport, spreading awareness on the health benefits of
snorkeling and others.
The
participation in the sport has seen a rise during the review period especially
in the regions like APAC and MEA. The demand in these markets is led by
tourism. Rising number of tourists in these regions have led to a rise in the
demand for snorkeling equipments. Moreover, to increase the revenue from
tourism, governments across the world are also supporting the market by
maintaining and preserving more snorkeling sites.
It
is observed that most established snorkeling equipment manufacturers depend on
small factories or outsourced processes for manufacturing equipment parts.
The
launch of innovative snorkeling equipments has turned out to be an important
emerging trend. During this period, it was observed that the major players in
the market were greatly focusing on delivering innovative product offerings
with respect to design, color, shape and weight, to meet the needs of
individual consumers.
The
largest market for snorkeling equipment in the world during the period
2012-2017 was Americas, followed by APAC. Both these markets have experienced a
high demand for the snorkeling equipments.
In
APAC, the market has witnessed a growth of over ~% owing to the rising
popularity of the sport in this region. The presence of many stretched
coastlines is the major reason for the fastest growth of APAC.
It
has been observed that in the recent years renting of snorkeling equipments
have gained a significant traction among the people especially in the regions
like APAC and Europe. People in these regions generally go for snorkeling in
their vacations. Hence, they prefer to rent equipments from rental stores than
owning one.
Which is the Best Selling Snorkeling
Equipment?
The
snorkeling equipment market has been dominated by snorkels as of the year 2017.
The demand for snorkels is directly proportional to the demand for snorkeling
as a sport. In 2017, it accounted for a share of ~% in terms of consumer
expenditure in the overall snorkeling equipment market. The major drivers for
the increased market share of snorkels are their increased application among
the users and their improved features.
Snorkeling
masks holds the second largest share in the consumer expenditure derived in the
market. It accounted for a share of ~% as of 2017. With advancement in
technologies, the companies have been able to manufacture the masks keeping the
consumer preferences in mind.
Snorkeling
Fins accounted for a share of ~% in 2017. Fins are made depending on the type
and preferences of the customers in the market. They are attached to the feet
by way of either a shoe-like foot pocket or a half foot pocket with a heel strap.
Other
equipments in the snorkeling equipment market include snorkeling vests,
underwater cameras and related accessories.
They
accounted for a share of ~% as of 2017.
Which Region has contributed Highest
AMONG Snorkeling Equipments?
As
of 2017, Americas accounted for the largest share in global snorkeling
equipment market. It accounted for a share of ~% in terms of consumer
expenditure. The domination of a region is supported by the factors such as the
number of water bodies, snorkeling sites, participations, presence of
enthusiasts and others. In Americas, the major revenue contributor to the
market is the US. In the US snorkeling is among one of the most practiced water
sports activity.
APAC
accounted for the second largest share in the global snorkeling equipment
market in 2017. It held a share of ~% in the overall market. It is one of the
fastest growing markets for snorkeling as a sport and related equipments.
In
2017, Europe accounted for a share of ~% in the snorkeling equipment market.
The region possesses a significant number of snorkeling sites. Major share of
revenue to the market in this region is contributed by Germany and France.
Middle
East and Africa has accounted a share of ~% in the snorkeling Equipment market.
The share of the region in the market can be attributed to their growing
tourist destinations such as Dubai, Abu Dhabi, Egypt and South Africa.
Is the Competition Landscape
Concentrated?
The
global snorkeling equipment market highly fragmented with the presence of
mid-sized and big players. The sport has a well-established market in the
regions like Americas and APAC owing to the increased scope and interest of the
public in underwater photography and exploration.
Both
the suppliers and manufacturers in the market depend on multiple sources for
their requirements. As a result, the bargaining power of suppliers in the
market is moderate. Furthermore, high establishment cost incurred for the
setting up of a manufacturing unit in the market leads to a discouragement
among the new players to enter the market.
The
need for technological upgrades, changing consumer preferences, changing
demographics is the factors infusing competition in the market.
The
market includes both exclusive snorkeling equipment manufacturers as well as
multiple water sports equipment manufacturers. This makes the competition in
the market tougher. The manufacturers of multiple water sports equipments
generally have an advantage over the other players as they may be an already
established brand for a similar other water sport equipment. This reduces their
promotional expenses.
Some
of the major parameters on the basis of which competition is led in the market
include price, geographical presence, brand image, product portfolio and
innovation.
To
survive in the market it has become mandatory for the players to bring
innovation in their products and to technologically upgrade their products with
time and changing consumer preferences.
Snorkeling Equipments Market- Future
Projections
The
snorkeling equipment market is expected to grow at a substantial rate in the
coming five years. The growth is expected to be at a CAGR of ~% in the forecast
period 2018-2022. Some of the major factors that shall drive growth in the
market in the coming years include the launch of innovative snorkeling
equipments, rising interest in underwater photography, increasing use of
eco-friendly and better quality equipments and others.
The
region Americas is expected to dominate the market in the coming five years,
owing to an increased participation rates and popularity of new snorkeling
sites in the region.
APAC
is anticipated to be the fastest-growing region among all the other
geographical regions in the global snorkeling equipment market.
Additionally,
competitors are focusing on developing advanced snorkeling fins that are better
than regular fins currently available in the market. Many types of equipment
are incorporating high-tech materials that are strong yet lightweight, flexible
and resistant to chemicals, which are being marketed by global competitors.
For more information on the research report, refer to below link:
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