GLOBAL WATER SPORTS EQUIPMENT MARKET IS ESTIMATED TO REACH USD 70.42 BILLION BY 2032: SPER MARKET RESEARCH
The internet trading of different gear and equipment used for water sports activities is referred to as the eCommerce water sports equipment market. Included in this are goods like inflatable boats, goggles, life jackets, snorkeling equipment, surfboards, and water skis. The products sold through online platforms only; no offline or physical retail channels are included in this category. A number of water sports are among the most well-liked pastimes, including jet skiing, surfing, stand-up paddle boarding, rafting, canoeing, and kayaking. In order to increase tourist industry revenue, the government has also taken steps to assist the surface water sports business, particularly through tourism boards.
According to SPER Market Research, ‘Global Water Sports Equipment Market Size- By Major Water Sports, By Gender, By Age- Regional Outlook, Competitive Strategies and Segment Forecast to 2032′ states that the Global water sports equipment market is estimated to reach USD 70.42 billion by 2032 with a CAGR of 3.83%.
A significant market trend is the rise in the number of people participating in surface water sports. A number of water sports are among the most well-liked pastimes, including jet skiing, surfing, stand-up paddle boarding, rafting, canoeing, and kayaking. To further optimize earnings from the tourism sector, the government has also launched programs to promote the surface water sports market, particularly through tourism boards. Additionally contributing to the market’s growth are elements like evolving consumer income and lifestyles. Additionally, the United States squad for the World Rafting Championships is chosen from an expanding number of water sports competitions held worldwide, such the United States Rafting Association Championships.
Surface water sports carry a high degree of danger, which is impeding market expansion. The amount of training and safety precautions for these games are not well known to customers, even visitors. This means that you are unable to control the watercraft, which increases the risk of accidents. This is especially common when water rafting and kayaking. According to the National Center for Biotechnology Information, rafting and kayaking actually cause injuries to a variety of people. Accidental brain damage resulting from water sports can cause paralysis, reduced neurological functioning, restricted movement, and even death.
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Impact of COVID-19 on the Global Water Sports Equipment Market
Due to lockdown limitations, significant water sports events and activities were closed as a result of the COVID-19 outbreak, which had a severe influence on the regional market. For example, lockdown limitations caused the 2020 ICF Canoe Sprint Super Cup, scheduled for August 2020 in the US, to be canceled. Large-scale immunization campaigns, however, led to the return of surface water competitions that met COVID-19 safety standards, such the Canadian surfing tournament RIP CURL PRO NATIONALS. During the projection period, these variables are anticipated to support regional market expansion.
Water Sports Equipment Market Key Players:
Due to the rising popularity of leisure sports, the rising number of both domestic and foreign visitors, the quick expansion of surfing competitions and events, and the presence of well-known businesses, North America is the largest regional market. Some of the key players are – Aqua Lung International, BIC Sport, Billabong, Cabrinha, Dongguan Eyson Lifesaving Equipment, Johnson Outdoors, Naish International, O’NEILL, Quiksilver, SEA-DOO, Seavenger.
Global Water Sports Equipment Market Segmentation:
By Major Water Sports: Based on the Major Water Sports, Global Water Sports Equipment Market is segmented as; Canoeing and Kayaking, Jet Skiing, Kiteboarding, Rafting and Parasailing, Scuba Diving, Snorkelling, Surfing.
By Gender: Based on the Gender, Global Water Sports Equipment Market is segmented as; Female, Male.
By Age: Based on the Age, Global Water Sports Equipment Market is segmented as; Under 18 years, 18 – 30 years, 31 – 50 years, Above 50 years.
By Region: The Americas made up the largest portion. The lifestyle in this region, particularly in the US, includes activities with the water. The US is the country that contributes the most to the region’s market revenue, followed by Canada, Brazil, Argentina, Mexico, and Colombia. Europe held the second-largest market share for water sports equipment worldwide. Europe is the second-largest revenue contributor to the global market for water sports equipment due to the abundance of water sports venues and outdoor sports lovers. One of the regions with the fastest growth is APAC. The smallest market share belonged to the Middle East and Africa.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Water Sports Equipment Market Outlook
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