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The report includes a comprehensive outlook on the market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline and online. Additionally, it categorizes Product into wakeboards, protective gears, and clothing, and covers Regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. The report covers market trends and analysis and also includes an in-depth analysis of the growing popularity and subsequent adoption of wakeboarding, the increase in number of female participants in water sports, and the fear of accidental collisions and falls during wakeboarding activities
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Aqua Leisure Recreation LLC, Autision Group GmbH, Boardriders, Brunotti, Cabrinhakites Inc., Dupwake, Escalade Sports, Jobe Sports International, Kent Water Sports LLC, Knubb Action GbR, Kubus Sports, Mesle Sportartikel GmbH, Nobile Sports, Pentasi Kft., Playmaker, Slingshot Sports, Snow and Wakeboard Solutions LLC, Square One, and Xtreme Tower Products
Qualitative and quantitative analysis of market growth and trends 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. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing popularity and subsequent adoption of wakeboarding are the key factors driving market growth. Water sports, including scuba diving, surfing, wakeboarding, and snorkeling, have become an inherent part of recreational activities in recent years. Nowadays, there has been an increased emphasis on water sports by various government bodies, particularly tourism boards, in an attempt to increase the revenue generated from the tourism industry. Changing demographics and lifestyles, along with an increase in recreational expenditures, have helped in increasing the popularity of outdoor sports.
Additionally, some of the water sporting activities expected to be undertaken in the championship during the forecast period are windsurfing, kite surfing, kayaking, SUP boarding, wakeboarding, deep-sea fishing, and snorkeling. The popularity of wakeboarding is also attributed to the fact that the sport can be held in any water body, be it a lake, dam, stream, sea, or ocean. This growth in popularity and awareness of water sporting activities will further drive market growth during the forecast period.
An increase in number of female participants in water sports is the primary trend shaping market growth. Over the past few years, the participation of females in different sports has increased across the world. One of the biggest achievements on this front is the shrinking of the gender gap between the number of male and female athletes in the Olympic Games. The participation of women in water sports has been particularly high in 2022 and 2023, with an equal number of men and women participating in some of the water sports.
For example, the percentages of participation in swimming and water polo of women were high, with 48% of the participants in swimming and 40% of the participants in water polo being women. The US contributed the maximum number of female players to these games. Therefore, an increase in the number of female participants in water sports will increase the demand for wakeboarding equipment, which in turn is likely to drive market growth during the forecast period.
Fear of accidental collisions and falls during wakeboarding activities is a major challenge that affects market growth. Most consumers, especially tourists, and people who participate in water sports for recreation, do not have sufficient knowledge about or training needed for these sports. Such customers may not know how to efficiently operate this equipment and may not know how to swim, which could then lead to drowning or other serious accidents. Some of the most dangerous water sporting activities are considered to be scuba diving, jet-skiing, wakeboarding, flyboarding, and motorboating.
Additionally, most water sporting activities have associated risk factors, which need to be taken care of through proper training. At least 20% of water sports participants die from drowning. Only 15% of such victims wear a life jacket or a floatation device. Governments and legal bodies of the different water sports have made it compulsory to wear protective gear, which, in turn, can minimize the number of accidents. Thus, such factors will impede the growth of the market during the forecast period.
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The offline segment will account for a major share of the market's growth during the forecast period.?The offline segment includes sporting goods retailers and department stores, hypermarkets, and supermarkets Sporting goods retailers carry popular brands of wakeboarding equipment and provide a wide range of brands and product portfolios. Specialty Motorsports, DICKs Sporting Goods, WaterSki World, and Recreational Equipment Inc. (REI) are the popular specialty outdoor sports stores. The offline segment was valued at USD 1,201.32 million in 2018. The sporting goods retailers segment was followed by the department stores, hypermarkets, and supermarkets segment. Consumers prefer buying wakeboarding equipment from department stores, hypermarkets, and supermarkets as they carry a large portfolio of products and provide the required support and information to consumers, and offer them advice via expert customer service personnel. Walmart and Kohls are examples of department stores, hypermarkets, and supermarkets. Thus, such factors will drive the growth of the offline segment of the market during the forecast period.
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The market is segmented by product into wakeboards, protective gear, and clothing.
North America is estimated to contribute 38% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. In 2023, the wakeboarding equipment market in North America registered significant growth due to the growing interest in recreational sports activities, the increasing number of overseas and domestic tourists, rapid growth in surfing championships and events, and the presence of prominent market players in the region.
Furthermore, the growth of inbound tourism in the US boosts the demand for water sports, which, in turn, propels the demand for wakeboarding equipment in this country. Water activities have gained significant popularity owing to the increasing tourism in Canada. Thus, the growth of the tourism industry and the increase in the demand for water sports as a major recreational activity in the US and Canada will drive market growth during the forecast period.
Wakeboarding Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.68% |
Market Growth 2024-2028 |
USD 894.39 million |
Market structure |
Fragmented |
YoY growth (%) |
8.26 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, Australia, New Zealand, Spain, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Aerial Wakeboard Tower, Aqua Leisure Recreation LLC, Autision Group GmbH, Boardriders, Brunotti, Cabrinhakites Inc., Dupwake, Escalade Sports, Jobe Sports International, Kent Water Sports LLC, Knubb Action GbR, Kubus Sports, Mesle Sportartikel GmbH, Nobile Sports, Pentasi Kft., Playmaker, Slingshot Sports, Snow and Wakeboard Solutions LLC, Square One, and Xtreme Tower Products |
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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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