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The surface water sports equipment market size is forecast to increase by USD 17.65 billion, at a CAGR of 9.61% between 2023 and 2028. The market's expansion is driven by several key factors. Firstly, there is a notable increase in the number of water sporting facilities worldwide, catering to the growing interest and participation in aquatic activities. Secondly, surface water sports are increasingly recognized for their significant fitness and health benefits, attracting enthusiasts of all ages. Thirdly, there is robust growth observed in the online retail sector for surface water sports equipment, offering consumers convenience and a wide range of choices. These factors collectively contribute to the burgeoning market for surface water sports, fostering innovation in equipment design, accessibility to training and recreational facilities, and overall engagement in aquatic leisure pursuits globally.
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The market is witnessing significant growth due to the increasing popularity of adventure tourism and leisure activities among travelers, particularly millennials and Gen Z populations. Infrastructure development at popular water sports destinations and the rise of internationally recognized brands are key drivers for this market. Social media and user-generated content have played a pivotal role in promoting water sports as a trendy and exciting activity. Equipment such as T-tops, canoe livery, oars, punts, rowlocks, kneeboards, wakeboards, and more are in high demand. Outdoor and recreational activities like surfing and rowing are experiencing a resurgence in popularity.
In addition, the brands are leveraging targeted advertising and brand visibility to attract customers. Water sports equipment manufacturers are continually innovating to meet the evolving needs of consumers, offering a wide range of products to cater to various skill levels and preferences. The market is expected to continue its growth trajectory, driven by the increasing number of water sports enthusiasts and the continuous development of new and improved equipment. Additionally, the growing trend of combining water sports with other adventure activities like mountaineering and snowboarding is expected to provide further opportunities for market expansion.
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 pockets 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. 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 research and growth, 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 market growth and forecasting strategies.
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 and was valued at USD 9.56 billion in 2018. 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing significant growth due to the increasing trend of adventure tourism among travelers. Millennials and Gen Z populations are particularly drawn to water sports as a leisure activity, driving demand for innovative and high-quality equipment. Brands are leveraging social media to target these demographics, increasing brand visibility and ROI for businesses. Infrastructure development at popular water sports destinations, both internationally and domestically, is also fueling market growth. Segmentation of the market includes T-top boats, diving equipment, canoe livery, and various types of boards such as kneeboards, wakeboards, and punt boats. Outdoor activities like surfing, snowboarding, mountaineering, and trekking also contribute to the market potential. Disposable income and urbanization are key factors influencing consumer purchasing power.
In addition, trade regulations and volume information are crucial for investment decisions in this market. Data Bridge Market Research reports that the market is expected to generate substantial revenue in the long term, making it an attractive business opportunity. The market is thriving due to several pivotal factors. Destination firms like Tahe Outdoors and Aquamarina Water lead with a global presence and extensive production capacities, ensuring a wide product breadth. This sector sees continuous revenue generation and long term gains, buoyed by strategic market initiatives and innovative product launches. Essential gear such as Oar Rowlock is crucial for enthusiasts, emphasizing both lifestyle benefits and revenue generated pockets within the industry. With increasing consumer interest in water sports for fitness and leisure, coupled with robust online retail channels, the market for surface water sports equipment promises sustained growth, catering to diverse needs and preferences worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.61% |
Market Growth 2024-2028 |
USD 17.65 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.06 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, France, Italy, Australia, and Mexico |
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 growth analysis, Market Forecasting, 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 market forecast period. |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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