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The canoeing and kayaking equipment market size is estimated to grow at a CAGR of 2.51% between 2022 and 2027. The market size is forecast to increase by USD 173.35 million. The growth of the market depends on several factors such as a growing preference for recreational kayaking, an increasing number of paddle sports contests, and rising interest in soft adventure sports activities.
This canoeing and kayaking equipment market report extensively covers market segmentation by distribution channel (sports goods retailers, department stores/hypermarkets and supermarkets, online retail, and others), product (canoes, kayaks, and accessories), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the canoeing and kayaking equipment market growth is the growing preference for recreational kayaking. Some of the key comprehensive range of sports activities in adventure tourism include surfing, kayaking, rafting, and trekking. Additionally, some of the main destinations for surfing are countries like Australia, South Africa, Brazil, the US, and Mexico. Several travel agencies across the world are providing surfing as one of the common adventure activities in their tour packages in order to attract domestic as well as overseas tourists.
Furthermore, the main reason for the increasing participation in kayaking as an activity is that it enables them to exercise outdoors while socializing with friends and family. Factors such as the rapid growth of the millennial population, rising disposable incomes, and the growing popularity of adventure tourism are fuelling the increase in participation in kayaking in oceans, rivers, and preserved inland lakes. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the canoeing and kayaking equipment market growth is the rising demand for distribution through online channels and retailers. There is an increasing focus by manufacturers on the distribution of kayaks and canoes through direct channels as well as retailers and online channels. Such marketing initiatives online are increasing the easy accessibility of products to consumers. Some of the prominent online channel which sells kayaks and canoes and their accessories include Alibaba, Amazon, and IndiaMart.
For example, one of the prominent market players in the global canoe & kayak equipment market, BIC Sport sells its kayaks through Amazon in various geographies. Such online portals help market players to expand their business to new geographic territories. Hence, such factors are expected to positively impact the market which, in turn, will drive the market growth during the forecast period.
Inconsistent raw material prices are one of the key challenges hindering the canoeing and kayaking equipment market growth. Due to the significant fluctuations in the prices of raw materials and the increasing competition in the market, it is significantly impacting the profit margins of canoe & kayak equipment manufacturers. Additionally, there is an increasing price war in the market due to intense competition with local players entering the market.
As a result, several market players are forced to reduce the price of their offerings in order to sustain in the competition which significantly impacts their profit margins. Additionally, one of the main raw materials which are used in the manufacturing of inflatable canoes and kayaks is ethylene-vinyl acetate (EVA) which offers rubber-like softness and flexibility. The function of this raw material negatively impacts the market which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Canoeing and Kayaking Equipment Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AIRE Inc: The company offers canoeing and kayaking equipment such as fishing kayaks, touring kayaks, and whitewater kayaks.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The sports goods retailers segment is estimated to witness significant growth during the forecast period. This segment offers various brands of canoeing and kayaking equipment, making them attractive shopping destinations. The main offline distribution channels that offer the products in this segment are sports specialty stores and vendor-specific showrooms. Additionally, there is an increasing preference for touch-and-feel experience in shopping among consumers which significantly fuels the demand for this segment during the forecast period.
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The sports goods retailers segment was the largest segment and was valued at USD 594.94 million in 2017. Some of the main benefits of this segment include convenience, better product assortment, and significant stock-keeping units. In terms of convenience, these stores enable customers to contact market players and negotiate over the products, their specifications, and prices. Furthermore, significant storekeeping allows end-users to select from a wide range of branded products. Furthermore, these stores help customers to make informed decisions with the help of store staff who are specialists in sports goods. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the global canoeing and kayaking equipment market growth during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors which are significantly contributing to the global canoeing and kayaking equipment market growth in North America are the rising interest in recreational sports activities, the growing number of overseas and domestic tourists, the rapid increase in surfing championships and events, and the presence of prominent market players. Several surfing championships and events are organized in North America as well as various promotional activities are undertaken to increase the popularity of the sport in the region. For example, one of the main professional events is Surf Expo which happens twice a year in the US, the Caribbean, and other countries. Factors such as the support from several national sponsors and an audience of thousands of people are fuelling the popularity of different water sports, such as canoeing and kayaking. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global canoeing and kayaking equipment market witnessed a significant slowdown due to the cancelation of major water sports events and recreational activities in Q1 2020 in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of the conduction of sports events, including water sports. Such factors are expected to drive the market during the forecast period.
The canoeing and kayaking equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Canoeing And Kayaking Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.51% |
Market growth 2023-2027 |
USD 173.35 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.05 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, Australia, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AIRE Inc., Airhead Sports Group, Aqua Marina, Baroda Polyform Pvt Ltd, Confluence Outdoor, Gumotex Group, HYSIDE Inflatables, Imagine Nation Sports LLC, Johnson Outdoors Inc., Kirton Kayaks LTD, Northshore Kayaks, NRS Inc., Obrien, Pyranha Mouldings Ltd, Rockpool Kayaks Ltd., Sea Kayaking, Tahe Outdoors France SASU, Valley Kayaks, Venture Kayaks, and YOLO Kayaks |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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