Overview:
The global water sports equipment & accessories market expected to grow at a steady rate, growing at a CAGR of 4.3% during the forecast period from 2021 to 2029. Sport has gained significant importance as one of the active source of entertainment. For that reason, more people and enthusiasts are progressively taking up sporting and other recreational activities due to growing stress management and health awareness. Proliferation of water sports have led to an increased interest in recreational water sports activities, which in turn is facilitating the growth of water sports equipment & accessories market worldwide.
Water sports activities are entertaining as well as challenging and involve inherent risks of injury, sometimes even death. Growing interest of consumers in outdoor recreational activities coupled with improved participation among all age groups have steered the development of many water sporting facilities across the globe. With the growing preference towards recreational water sports, the market for water sports equipment & accessories expected to witness noteworthy growth in the years to come.
In the recent years, various government bodies have actively started accentuating the promotion of water sports. In several countries, initiatives are been commenced to encourage the development of water sports facilities in order to advance water sports infrastructure. For instance, in 2020, according to the Watersports Participation Survey held in U.K., a record of 3.96 million U.K. adults participated in one or more of 12 core boating activities. The survey also found that irrespective of challenges to consumer confidence and unsettled economy due to the Brexit negotiations, there has been an increase in boat ownership, with more than 690,000 boat owning households in U.K.
"Swimming, Diving & Snorkeling held Largest Market Share in 2020"
In 2020, the global water sports equipment & accessories market, based on sports type was dominated by the swimming, diving & snorkeling segment and likely to remain dominant in the years to come. Increasing health benefits associated with these water sports is enhancing the growth of this segment. It helps in refining the overall fitness of the body and improves breathing, cardiovascular health, joint mobility, mental health, etc. Further, water surfing likely to grow at a significant rate and emerge as the fastest growing segment during the forecast period from 2021 to 2029. Increasing interest amongst individuals in surfing as a lifestyle sport, easy access to the sport through pools and surf-parks expected to facilitate the growth of this segment.
"Equipment Garnered Largest Share in 2020"
Based on product type, the water sports equipment & accessories market was led by the equipment type segment in 2020. Water sports equipment are further segmented into surfboards & skis, leash, paddle connectors, boat oars, docking & anchoring equipment, water polo ball, and surf wax/traction pads, towable, etc. among others. Rising popularity of different types of water sporting activities is influencing the growth of this segment. Moreover, continuous innovation and development in the water sports equipment is significantly contributing towards the market growth as consumers prefer purchasing new and improved equipment that are well-suited to their specific needs.
"North America to Continue its Supremacy during the Forecast Period from 2021 to 2029"
The water sports equipment & accessories market, based on geography was led by North America in 2020 and expected to demonstrate notable growth, while maintaining its lead during the forecast period from 2021 to 2029. The growth of this region is primarily backed by U.S. owing to the presence of large number of water sports facilities and water sports enthusiasts. In the U.S., millennial population accounts for the highest participation in water sports including snorkeling, scuba diving, water skiing, water surfing, etc. As a result, growing inclination towards water sports among people likely to enhance the market growth in the region.
Competitive Insights
Major players in the water sports equipment & accessories market include Speedo International Limited, Arena S.p.A., Apollo Sports USA Inc., Mikasa, Billabong International Limited, KAP7 International, Inc., Baden Sports, Inc., Nike, Inc., Adidas AG, Aqua Lung International, Cressi, Seavenger, Sherwood Scuba, Johnson Outdoors, Inc., Beuchat, and Aquatec – Duton Industry Co., Ltd. among others.
The market is categorized by the presence of well-established water sports equipment & accessories manufacturers who offer wide range of products. These players compete on the basis of various parameters including product quality, pricing, variety and brands, while undertaking different sustainability strategies to withstand the competitive environment.
New product development, strategic partnerships and agreements remain the key strategies adopted by the prominent players in the water sports equipment & accessories market. For instance, in January 2019, Aqua Lung International, one of the leading manufacturer and designer of water sports equipment introduced a line of analog instrumentation & dive computer products. The collection of analog gauges and dive computers has been engineered to provide sophisticated and reliable dive technology that is easy-to-use. With an extensive range of functionality, Aqua Lung dive instrument collection serves a wide-ranging needs of the divers.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Water Sports Equipment And Accessories market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Sport
| |
Product
| |
Distribution Channel
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
