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Technavio’s market research analyst predicts the global flyboarding equipment market to grow steadily at a CAGR of above 3% by 2021. One of the primary growth drivers for this market is the rising popularity and subsequent participation in water sports across the globe. This factor will significantly increase the flyboarding equipment market size in the forthcoming years. Water sports like scuba diving, surfing, and snorkeling have become a significant part of recreational activities over the past decade. To capitalize on this growing popularity of water sports, various government bodies have actively started promoting water sports to increase the revenue generated from the tourism industry.
Multiple promotional campaigns are being run by both local governments and tour operators in several countries, which, in turn, are resulting in the growth of the water sports industry at large. Moreover, changing demographics and lifestyles, coupled with an increase in recreational expenditures will propel the flyboarding equipment market development during the forecast period.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. The high participation rate in water sports in the region is the key contributor to the growth of this market in the region. The highest participation rate stems from the millennial population in the Americas. Also, in an attempt to further in the popularity of water sports in the region, the governments are planning to establish championships that will further propel the growth of the flyboarding equipment market in the next four years.
The global flyboarding equipment market is marked by the presence of well-established vendors in the Americas and Europe. To gain a competitive advantage, suppliers are compelled to distinguish their product and service offerings through a clear and unique value proposition. Vendors operating in this space compete on different factors like price and quality while focusing on various strategies to increase their shares in the global market. The current competition, coupled with upgrades in technology and consumer preferences, is expected to keep the market buoyant over the coming years.
Leading vendors in the market
During 2016, the sporting goods retailers dominated the flyboarding equipment market and accounted for a significant part of the overall market share. The advantage of sporting goods retailers to offer popular brands is the key contributor to the popularity of this segment. With the increasing competition and rising awareness, the growth rate of this segment is expected to decline in the next few years.
In this market study, analysts have estimated the flyboard segment to dominate the flyboarding equipment market during the forecast period. The primary reason for the dominance of this segment is that these boards are relatively expensive as compared to other flyboarding equipment and are the most necessary product for pursuing and practicing the sport.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by retail format
PART 07: Market segmentation by product type
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Key vendor analysis
PART 17: Appendix
PART 18: Explore Technavio
Tags: protective gears, surfing, outdoor sporting goods, outdoor gear, flyboarding equipment business segment, outdoor gear top companies,
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