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The in-the-water sports equipment market size is estimated to grow at a CAGR of 4.43% between 2022 and 2027. The market size is forecast to increase by USD 6,085.46 million. The growth of the market depends on several factors such as the increasing interest and participation in water sports, the technological advances in in-the-water sports equipment and the growing consumer preference for fitness
This in-the-water sports equipment market report extensively covers market segmentation by product (sports gear and sports apparel), type (swimming, water aerobics, and water polo), distribution channel (offline and online) 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.
Increasing interest and participation in water sports is a major factor driving the market growth. Over the past decade, watersports, including water polo, swimming, scuba diving, surfing, and snorkelling, the major sports become popular recreational activities. Various government bodies have also increased their focus on these sports events. To increase the revenue from the tourism industry, various campaigns promoting water sports have been organized by several governments and tour operators. For instance, Kenya is trying to promote itself as a water sports destination. Globally, many countries have exclusive regulatory bodies for different water sports that organize and promote sports in the country. A few examples of such exclusive regulatory bodies are Water Polo Australia and US Water Polo.
Moreover, these factors, along with varying demographics and lifestyles and growing expenditure on recreation, are supporting to expand the popularity of water sports. Therefore, the interest and participation in these sports are rising and boosting the market growth during the forecast period.
An increase in the number of female participation in-the-water sports is an emerging trend shaping the market growth. The participation of women in different sports has increased across the globe over the past few years. The shrinking of the gender gap between the number of male and female athletes in the Olympic Games is considered one of the biggest achievements. With an equal number of men and women participating in some water sports, the participation of women in water sports has been particularly high over the last few years.
For instance, an equal number of men and women participated in diving in London Olympics Games and Paralympics Games. The US sent the maximum number of women players in these games. Such trends are expected to drive market growth during the forecast period.
Strict regulations on high-tech swimsuits are a significant challenge hindering market growth. Scientifically advanced fabrics and materials such as nylon composites and spandex are generally used to make high-tech swimsuits. These swimsuits were mostly used in different events of swimming competitions as they helped lower the resistance that normal fabrics have against water.
However, FINA banned the use of these swimsuits in swimming competitions and set up certain guidelines for the manufacturing of swimsuits such as it should be permeable to water and should not contain any metal, rubber, or polyurethane. It also set certain coverage requirements banning the use of neck-to-ankle suits in both men's and women's competitions. Such strict regulations may 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 In-the-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.
Adidas AG - The company offers water sports equipment such as swim caps, swimming shorts, swimwear.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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 market share growth by the sports gear segment will be significant during the forecast period. The water sporting gear comprises all water sporting equipment used for sports, such as water aerobics, swimming, and water polo. During the forecast period, both the water sporting gear and apparel segments are expected to gain pace with the rising popularity of different types of water sporting activities.
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The sports gear segment was the largest segment and was valued at USD 11,702.35 million in 2017. People have more spending power to invest in recreational activities like water sports, including the purchase of specialized gear as economies grow and disposable incomes rise. The water sports industry has experienced significant growth, and companies producing water sports gear have been reacting to the growing demand by advancing and offering a wide range of innovative products catering to various skill levels and preferences. The trend of outdoor recreation and interest in water sports is likely to continue, driving further growth in the water sports gear segment as well as the global market in focus.
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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. The major markets in this region are the US and Canada in North America and Brazil in South America. Among these, the US is the largest market for water polo equipment. Swimming is the fourth most popular recreational activity in the US. North America is the largest share of the global water polo equipment market, and its share is expected to grow further during the forecast period.
However, the winters in this region are very cold, and this acts as a major hindrance for water sports businesses in the region. Although, promotional campaigns and initiatives have had a favourable influence on the growth of the market in North America. For instance, The Swimming Saves Lives Foundation initiated a nationwide campaign in the US. This campaign was aimed at lowering the number of adult drownings. Such initiatives driving participation in water sports are fueling the revenue growth of the market in the region during the forecast period.
In 2020, the COVID-19 pandemic severely impacted the regional market growth. The pandemic had an adverse impact on sports activities, as most people could not participate in sports activities, particularly in swimming pools and sports clubs. In 2021, large-scale vaccination programs were initiated across the region which led to the removal of lockdown restrictions. Due to the increasing relaxation of lockdown regulations and the opening of sports clubs, water sports events, and others market for in-the-water sports equipment witnessed growth. Such factors will drive the need for in-the-water sports equipment and accessories, which will together boost the market growth during the forecast period.
The in-the-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.
In-the-Water Sports Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.43% |
Market growth 2023-2027 |
USD 6,085.46 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.15 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, China, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, Apollo Sports USA Inc, Aqualung Trading, BEUCHAT INTERNATIONAL S.A.S, Boardriders Inc., Cressi Sub Spa, Descente Ltd., Head, Johnson Outdoors Inc., JumpKing International LLP, KAP7 International, Mikasa Corp., Nike Inc., Obrien, Pentland Brands Ltd., Turbo Swim, and Under Armour Inc. |
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. |
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 Product
7 Market Segmentation by Type
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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