Published on : Dec 09, 2016
ALBANY, NY, Dec 09, 2016: The global water sports gear and equipment market will exhibit a healthy CAGR of more than 5% over the period between 2016 and 2024. The report states that the market is chiefly driven by the rising participation of the global population in outdoor sports activities, the easy availability of a vast range of specialized gear and equipment, and the flourishing e-retailing sector, especially across the Americas. The rising influence of the water sports industry on the revenues of the tourism industry has compelled government bodies to actively promote water sports.
In the report, the global water sports gear and equipment market has been segmented on the basis of three broad criteria: type of sport, product type, and geography.
On the basis of sport type, the market is segmented into underwater sports gear and equipment, in-the-water sports gear and equipment, and on-the-water sports gear and equipment. Of these, the segment of underwater sports gear and equipment held the majority of the market share in 2015. The demand for gear and equipment for underwater sports such as scuba diving and snorkeling is expected to remain strong over the period between 2016 and 2020 as well.
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The sub-segment of scuba-diving is the leading contributor of revenue to the global market owing to the high demand for apparel such as wetsuits. The rising popularity and usage of advanced gauges and diving computers during scuba diving activities is expected to make the scuba diving segment one of the most lucrative sports segment in the global water sports gear and equipment market in the next few years.
In terms of product variety, the market has been segmented into water sports apparel and water sports equipment. Of these, the segment of water sports equipment is the leading contributor of revenue to the global water sports gear and equipment market. The rising popularity of water sporting activities such as shoe skiing, wake boarding, and paddle boarding is expected to significantly increase the demand for a variety of water sporting equipment in the next few years.
In terms of geography, the water sports gear and equipment market in Americas accounts for the bulk of sales in the global market. The Americas water sports gear and equipment market is expected to remain one of the fastest-growing regional markets for water sports gear and equipment over the report’s forecast period. Growth of the regional market can be majorly attributed to the increasing popularity of water sports such as rafting, kayaking, fishing, canoeing, snorkeling, scuba diving, waterboarding, and water skiing.
In the exceedingly competitive and fragmented global market for water sports gear and equipment, leading vendors are American Underwater Products, Tabata, Aqua Lung, Cressi, Wilderness Systems, Billabong, Johnson Outdoors, and Apollo Sports USA.
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