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The surface water sports equipment market size is estimated to grow at a CAGR of 7.96% between 2022 and 2027. The market size is forecast to increase by USD 13,175.17 million. The growth of the market hinges on multiple factors, including the growing number of water sporting facilities globally, the fitness benefits associated with surface water sports, and the growth in the online retail of surface water sports equipment.
This surface water sports equipment market report extensively covers market segmentation by type (surfing, boarding, sailing, skiing, and others), product (apparel, paddle sports equipment, and others), 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.
The growing number of water sporting facilities globally is driving the market growth. Coastal cities have seen growing business and employment opportunities due to the increasing popularity of recreational water sports. Additionally, several initiatives have been undertaken to aid the expansion and growth of water sporting facilities globally. For example, in Europe, the Facilities for the Water Sports Industry (FAWI) project focuses on improving facilities for the water sports industry. It achieves this goal by commercializing the water sports industry through various methods such as sustainable development, upgrades, quality improvements, and cross-border collaborations.
Furthermore, in the APAC region, various national governments are supporting water sports activities. In April 2022, Madhya Pradesh Tourism Board in India leased property to private parties for creating water sports facilities in the region to cater to increasing consumer and tourist demand. These initiatives can create interest among enthusiasts and will increase the number of tourists. Hence, such factors will boost market growth during the forecast period.
The increasing participation in surface water sporting activities is a key trend in the market. Several water sports, such as surfing, stand-up paddle boarding, rafting, canoeing, kayaking, and jet skiing, are among the most popular recreational activities. Moreover, there have been government initiatives to support the surface water sports market, especially by tourism boards, to maximize revenue from the tourism industry. Factors such as changing lifestyles and increasing consumer income are also positively impacting market growth.
Furthermore, there are an increasing number of water sports tournaments across the world, such as the United States Rafting Association Championships, from which the US team for the World Rafting Championships is determined. Additionally, when compared to all sports categories, water sports showed the largest year-over-year increase in participation - 2.2% from 2021 to 2022 as per the Sports and Fitness Industry Association (SFIA). Hence such factors will boost market growth during the forecast period.
The high degree of risks involved with surface water sports is challenging market growth. There is limited knowledge among consumers, including tourists, about the safety precautions and level of training for these sports. This results in not being able to operate the watercraft which might cause accidents, mostly prevalent in water rafting and kayaking. In fact, kayaking and rafting have a range of 0.5 - 3 injured persons per 100,000 users as per the National Center for Biotechnology Information. Drowning is the primary cause of water sports deaths, accounting for around 20% of total water sports deaths. Moreover, it has been observed that only 15% of such victims wear a life jacket or a floatation device.
Furthermore, the most common types of injuries are head and neck injuries, head lacerations, and concussions. Jet skiing injuries can range from mild skin lacerations to severe neurological damage such as a broken neck, broken spinal column, nerve damage, and whiplash. Neurological injuries caused by accidents in water sports can result in limited mobility, paralysis, lowered neurological functioning, and even death. Water skiing, tubing, and surfing combined caused 18,220 injuries globally in 2021, as per the National Safety Council Injury Facts statistics. Hence such factors will hinder 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 Surface Water Sports 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 surface water sports equipment such as the Puma series, cub series, jaguarundi, aire leopard, kayak force, and Bakraft.
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 surfing segment is estimated to witness significant growth during the forecast period. Surfing involves riding waves of oceans and seas or artificial reefs while upright. There has been an increasing number of surfers due to the establishment of public surfing facilities and artificial reefs. Moreover, it has gained interest among people from all age groups and is gaining traction due to increased consumer disposable income. It has become popular to the extent it is an integral part of youth culture across the world.
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The surfing segment was the largest segment and was valued at USD 8,970.47 million in 2017. Many professional surfing associations, such as the International Surfing Association (ISA) are spreading awareness among consumers about the knowledge, abilities, and skills of surfers. Moreover, they focus on using a scientific approach to the coaching of surfing. Furthermore, the increasing number of regional championships conducted is incentivizing surfers by raising prize money. Additionally, there are various professional surfing competitions conducted globally for both men and women, such as the World Surf League, which is held annually from February to December. Hence such factors will propel segment growth during the forecast period.
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North America is estimated to contribute 46% 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.
North America is the largest regional market due to the increasing 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 companies. Moreover, there are numerous surface water sports championships and events organized and marketed in the region. For example, Surf Canada organized a surfing event in June 2022 in Canada which had several national sponsors and an audience of thousands of people. Moreover, the rising popularity of different water sports like surfing and the growth of inbound tourism in the US also account for increasing market growth in recent years. In Canada, kayak surfing has gained significant popularity owing to increasing tourism in Canada. Such factors are predicted to fuel regional market growth during the forecast period.
The COVID-19 outbreak negatively impacted the regional market primarily due to the closure of major water sports events and activities to adhere to lockdown restrictions. For instance, the 2020 ICF Canoe Sprint Super Cup, which was to be held in the US in August 2020, was canceled due to lockdown restrictions. However, large-scale vaccination drives resulted in the resumption of surface water sporting events that adhered to COVID-19 safety norms such as the RIP CURL PRO NATIONALS, a surfing competition held in Canada. Such factors are expected to contribute to regional market growth during the forecast period.
The surface water sports 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.
Surface Water Sports 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 7.96% |
Market growth 2023-2027 |
USD 13,175.17 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, Mexico, Australia, France, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AIRE Inc., Belassi GmbH, Blue Sea Watersports, BomBoard LLC, Decathlon SA, Escalade Inc., Imagine Nation Sports LLC, Johnson Outdoors Inc., Kent Water Sports LLC, KJK Sports, Kubus Sports B.V., Marine Products Corp., North Sails LLC, Obrien, Solstice Watersports, Starboard Co. Ltd., Sunny Water Sports Products Pvt. Ltd., SurfTech LLC, Vanguard Inflatables, and Wing Group |
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. |
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 Type
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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