Global Canoeing and Kayaking Equipment Market 2017-2021
About Canoeing and Kayaking Equipment
Increased awareness of a healthy lifestyle and growing number of water sports enthusiasts are the major factors boosting the water sports equipment market in the Americas. The Americas is expected to maintain its leading position during the forecast period as well. A large number water sporting sites spread across Europe and outdoor sports enthusiasts make it the second-largest revenue contributor to the global water sports equipment market. France and Germany are the major contributors to the market in Europe. APAC is a fast-growing region among all the other geographic regions in the global water sports equipment market. South Korea and Australia are the prime markets for water sports equipment in the region, along with other prominent countries such as Indonesia, Hong Kong, Taiwan, Thailand, and Singapore.
Technavio’s analysts forecast the global canoeing and kayaking equipment market to grow at a CAGR of 3.50% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global canoeing and kayaking equipment market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Canoeing And Kayaking Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global canoeing and kayaking equipment market: AIRE, BIC Sport, HYSIDE, NRS, and SOTAR.
Other Prominent Vendors in the market are: AIRHEAD, Aqua Marina, Ocean Kayak, Malibu Kayaks, Rave Sports, and Vanguard Inflatables.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is fitness benefits associated with canoeing and kayaking. While canoeing and kayaking are picking up on popularity as a water sport or an outdoor activity, the sport has also been gaining pace as an effective fitness engagement. The addition of having health benefits associated with canoeing and kayaking offers an additional dimension to the sport. Canoeing and kayaking act as an effective cardiovascular workout, and endurance training and strength training tool to build muscles in the shoulder region and arms. Balance and coordination can also be highly improved with the practice of regular rafting activities.”
According to the report, one driver in market is increased adoption of canoeing and kayaking. Water sports, including scuba diving, surfing, canoeing and kayaking, and snorkeling, have become an inherent part of recreational activities in the past decade. Recently, there has been increased emphasis on water sports by various government bodies, especially tourism boards, in an attempt to increase the revenue generated from the tourism industry. Various promotional campaigns are being run by governments and tour operators in different countries, which are adding to the popularity and associated growth of the water sports industry on the whole. Changing demographics and lifestyles, along with an increase in recreational expenditures, have helped in increasing the popularity of outdoor sports.
Further, the report states that one challenge in market is high costs of canoes and kayaks leading to preference for rentals. Canoes and kayaks are relatively high priced, and this associated price with canoeing and kayaking tends to restrict the potential market growth, especially among people engaging in canoeing and kayaking casually. The average cost of quality canoes and kayaks is more than $1,500, and this high cost of canoes and kayaks offered by global vendors results in a significant challenge to the renowned global vendors, as most of the end-users, especially in the developing regions of Indonesia and Cambodia, are reluctant to use such highly priced canoes and kayaks, which in turn affects the revenue of the global canoeing and kayaking equipment market. Moreover, casual stand-up canoeing and kayaking enthusiasts tend to rent canoes and kayaks rather than buying them, which further hampers the growth.
AIRE, BIC Sport, HYSIDE, NRS, SOTAR, AIRHEAD, Aqua Marina, Ocean Kayak, Malibu Kayaks, Rave Sports, Vanguard Inflatables.