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The South Korea - Scuba Diving Equipment Market size is estimated to grow at a CAGR of 4.24% between 2023 and 2028. The market size is forecast to increase by USD 30.03 million. The growth of the market depends on several factors such as the significant increase in e-commerce, the improvement in tourism in South Korea, and the increasing demand for adventure sports.
This South Korea scuba diving equipment market report extensively covers market segmentation by distribution channel (offline and online), product (apparel, rebreathers, computer and gauges, and others), and type (masks, snorkels, fins, BCD, and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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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 South Korea scuba diving equipment market growth is the increasing demand for adventure sports. There is a significant increase in the number of foreign tourists opting for underwater leisure activities. in South Korea. In addition, as per the Korean Federation of Underwater Leisure Association, the underwater leisure industry in South Korea is growing at a rapid rate.
Moreover, a rapid rise in the number of underwater sports shows and underwater sports expos fuels the growth of the market, as these shows promote scuba diving equipment with the latest technology, thereby resulting in their purchase. For example, the Korean Underwater Sports Expo (KUSPO) is one of the biggest underwater sports expos organized by the Professional Association of Diving Instructors (PADI). Hence, such factors are positively impacting the scuba diving equipment market in South Korea (Republic of Korea). Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the South Korea scuba diving equipment market growth is the rise in demand for eco-friendly scuba diving equipment. Sustainability is a crucial factor considered by manufacturers when choosing fabrics for manufacturing swimsuits. There is an increasing preference by several consumers in South Korea for eco-friendly swimwear made of recycled fabrics. Some major brands that offer eco-friendly swimwear are NB Divers and Emobi.
Moreover, traditional leather, synthetic rubber, polyurethane, nylon, and other synthetic materials are being replaced by organic, water-based adhesives. Furthermore, scuba diving sites such as Seonjaedo, Sinuido, Hongdo, Cheongsando, Ulleungdo, and Deokjeokdo are fuelling the number of tourists. Hence, such factors are positively impacting the scuba diving equipment market in South Korea (Republic of Korea). Therefore, it is expected to drive the market growth during the forecast period.
An increasing number of counterfeit products for scuba diving equipment are one of the key challenges hindering South Korea scuba diving equipment market growth. As the scuba diving equipment market in South Korea is subject to low entry barriers for new players, several local retailers offer fake and counterfeit products in the country. In addition, the emergence of e-commerce has driven the market, it has also increased the number of counterfeit products in the market.
Moreover, the rising popularity and the easy availability of counterfeit smart and portable accessories, such as diving equipment like masks, are likely to increase the price competition in the market. For example, e-retailers such as Amazon.com and Alibaba.com account for almost 40% of all the products sold on e-retail websites. Hence, such factors negatively impact the South Korea - scuba diving equipment market. Therefore, it is expected to hinder 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.
South Korea Scuba Diving 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.
Amer Sports Corp: The company offers scuba diving equipment under the brand name of Suunto.
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 offline segment is estimated to witness significant growth during the forecast period. fline comprises specialty stores, hypermarkets and supermarkets, and certification centers. There is significant growth in the scuba diving equipment market in South Korea (Republic of Korea) due to the presence of specialty stores. These stores mainly comprise specialty dive stores, specialty apparel stores, and other similar sports stores.
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The offline segment was the largest segment and was valued at USD 97.32 million in 2018. Some of the popular specialty stores in South Korea include NB Divers, Aquatic Frontier, and Big Blue 33. In addition, these stores offer a high degree of visibility, along with a wide assortment of products. Furthermore, several international players willing to expand their business and operations in South Korea have started selling their products through these specialty stores. For example, Big Blue 33, located in Sogwipo City, offers various diving equipment under the brands Johnson Outdoors (SCUBAPRO), Suunto (a part of Amer Sports), and Cressi. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The South Korean scuba diving equipment market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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South Korea Scuba Diving Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
145 |
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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 4.24% |
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Market Growth 2024-2028 |
USD 30.03 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.76 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amer Sports Corp., ANTA Sports Products Ltd., AP DIVING UK, ATOMIC AQUATICS, BEUCHAT INTERNATIONAL S.A.S, CASCO ANTIGUO COMERCIAL S.L, Cressi Sub Spa, Dive Rite, DOUBLEK PREMIUM DIVING GEAR, Head, Johnson Outdoors Inc., SUUNTO, TECKO Co. Ltd., Underwater Kinetics, and Kinugawa Rubber Industrial 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, 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 Distribution Channel
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer 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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