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The bungee jumping equipment market size is estimated to grow at a CAGR of 10.04% between 2023 and 2028. The market size is forecast to increase by USD 83.59 million. Several factors play a crucial role in the market's growth, such as the growing tourism and popularity of adventure sports, greater awareness regarding safety equipment, and the multiple health benefits of bungee jumping.
The report includes a comprehensive outlook on the Bungee Jumping Equipment Market, offering forecasts for the industry segmented by Application segment into commercial and personal. Additionally, it categorizes Type into bungee harnesses, bungee cords, and others and covers Geography regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD 94.06 million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 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 bungee jumping equipment market growth is the growing tourism and popularity of adventure sports. There is an increasing preference for tourist homes by several individuals as a good source of refreshment from the hectic lifestyle. However, there is a significant evolution in the definition of tourism is evolving and moving toward exploration. For instance, engaging in adventure sports, as well as learning about traditional culture, values, cuisine, monuments, and lifestyle, have become the prime mottos of travel these days.
Moreover, countries such as the US, France, Italy, Spain, Thailand, and Australia are popular for adventure activities that attract many tourists from across the globe and contribute immensely to the growth of the global adventure tourism market. In addition, several developing countries, such as Mexico, Argentina, and China, are improving their infrastructure to attract a larger customer base which is positively impacting the market. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the bungee jumping equipment market growth is the increasing importance of online reviews in adventure tourism. Several people across the world tend to check online reviews before planning a holiday due to the easy Internet access and smartphones. Therefore, this trend has helped the travel industry, thus making it more convenient to plan a holiday and have a good experience. Furthermore, with the development of web portals and Internet affordability, a tremendous increase in the demand for adventure tourism has been witnessed.
Moreover, with the current trend of online reviews, consumers get a wide variety of necessary information and tools in terms of testimonials. In addition, the easy availability of essential data encourages travelers to try new adventure sports and be more confident about their journey and destination. Furthermore, it enables travelers to plan their journey beforehand and obtain food and lodging facilities in advance through the information available on the Internet. Hence, such factors are driving the market growth during the forecast period.
Easy availability of pre-owned and rented bungee equipment is one of the key challenges hindering the bungee jumping equipment market growth. There is an increasing preference by consumers for adventure travel once or twice a year, which includes a few days of travel. This trend is mainly in regions where customers have lower purchasing power accompanied by low availability of adventure sports equipment. In addition, these attributes make consumers prefer renting bungee jumping equipment instead of purchasing it.
Moreover, the business of pre-owned sports equipment impacts the sales of new bungee jumping equipment. In addition, pre-owned equipment is available in a wide range of varieties on a rental basis. Furthermore, specific centers have introduced initiatives where customized products are rented as per the needs of customers. Therefore, the easy availability of pre-owned and rented bungee jumping equipment hinders 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 Bungee Jumping 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.
BCI: The company offers bungee jumping equipments such as bungee cords which are designed to operate between 325 percent and 400 percent elongation and provide a very smooth ride for clients, by creating g-forces between 2.4 - 2.8.
The research report also includes detailed analyses of the competitive landscape of the market and information about 11 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 commerical segment is estimated to witness significant growth during the forecast period. There is an increasing demand for bungee jumping equipment due to an increased number of commercial bungee jumping facilities at popular tourist destinations.
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The commerical segment was the largest segment and valued at USD 94.06 million in 2018. Moreover, the growing number of adventure sports institutes and training institutes owing to rising adventure activities is fueling the demand for bungee jumping equipment. In addition, the increasing number of people preferring adventure sports due to the growing number of households with dual incomes, as well as the popularity of adventure sports is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 35% 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 countries in North America which are contributing to the market growth in North America include the US and Canada due to the growing travel and tourism industry in the region. In addition, travel and tourism is a booming industry in the US. Moreover, domestic travel spending has consistently contributed more than international travel spending.
In addition, the growth of adventure tourism is driven by the increase in government initiatives to promote tourism. Furthermore, the region is a popular destination for a large number of sports activities. Therefore, an increase in awareness about the benefits of a physically active lifestyle and the thriving adventure tourism industry is driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global bungee jumping equipment market witnessed a significant slowdown due to the restrictions on movement and the closure of adventure and air sports in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the reopening of bungee jumping clubs and spots. Such factors are expected to drive the market during the forecast period.
The bungee jumping 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 2018 to 2028.
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Bungee Jumping Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
136 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.04% |
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Market Growth 2024-2028 |
USD 83.59 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
9.05 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, UK, Italy, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BCI, ClimbingSutra, CobraRope, Excel Fit India, India Bungy, Lexco Cable, Priorfitness, Vertical Safety Systems, Vertige Aventures, Water Zorb, and Zhengzhou BigJoys Amusement CO. LTD. |
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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, and Market condition analysis for the forecast period. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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