About Water Sports Gear and Equipment
Water sports gear and equipment include gear and equipment for any sports activity conducted in water, under water, and on water. The global water sports gear and equipment market is expected to grow at a CAGR of 5.37% during the forecast period. This growth can be attributed to the increasing interest for water tourism, including sailing and boating.
Technavio’s analysts forecast the global water sports gear and equipment market to grow at a CAGR of 5.37% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global water sports gear and equipment market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of water sporting gear and equipment to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Water Sports Gear and Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global water sports gear and equipment market: American Underwater Products, Aqua Lung, Cressi, Tabata, and Wilderness Systems.
Other prominent vendors in the market are: Apollo Sports USA, AQUATEC - DUTON INDUSTRY, BAUER COMPRESSORS, Beuchat International, Billabong, Body Glove, Dive Rite, Johnson Outdoors, Mares, and Sherwood Scuba.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is artificial water sports experiences. For every version of an outdoor adventure sport, an indoor version of the same is available today. This will likely become an important trend in the global water sports gear and equipment market during the forecast period. Water sports equipment are costlier in comparison to the other traditional sports equipment available in the market. Also, for most water sports, enthusiasts or athletes need to travel long distances during proper seasons to participate in that particular sports activity. Hence, the availability of these man-made facilities for the same is expected to boost the market's growth for significantly.”
According to the report, one of the primary drivers in the market is increasing popularity and subsequent participation rates in water sports. Water sports like scuba diving, surfing, and snorkeling have become an inherent part of recreational activities over the past decade. Recently, various government bodies have actively started emphasizing the promotion of water sports to increase the revenue generated from the tourism industry across the globe. Many promotional campaigns are being run by both local governments and tour operators in several countries, which, in turn, are resulting in the growth of the water sports industry at large. Changing demographics and lifestyles, along with an increase in recreational expenditures, have been aiding in increasing the popularity of outdoor sports.
Further, the report states that one major challenge in the market is need for training and certification. Water sports are mostly undertaken for recreational purposes, often by tourists and water sports enthusiasts once in a while. However, many of these water sports, especially the ones that are associated with a high degree of risk, cannot be undertaken without proper training or certification programs. Kayaking or canoeing, dinghy sailing, windsurfing, and scuba diving are a few major water sports that require proper training. Various water sports centers have their own mandatory training courses, with specific requirements. For example, the water sports centers under the Leisure and Cultural Services Department of Hong Kong offer several training programs for different water sports. For its Racing Kayak Elementary Training Course, a participant must be more than 14 years of age, and have all the certificates of the earlier levels of kayak training.
American Underwater Products, Aqua Lung, Cressi, Tabata, Wilderness Systems, Apollo Sports USA, AQUATEC - DUTON INDUSTRY, BAUER COMPRESSORS, Beuchat International, Billabong, Body Glove, Dive Rite, Johnson Outdoors, Mares, Sherwood Scuba.