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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 is experiencing significant growth, driven by the increasing number of water sporting facilities globally and the rising popularity of artificial water sporting experiences. The market is characterized by a high degree of risks involved, which necessitates the use of advanced and safe equipment. Key trends include the integration of technology to enhance safety and performance, customization of equipment to cater to individual needs, and the increasing adoption of sustainable and eco-friendly materials. Additionally, the market is witnessing a shift towards extreme and adventure sports, fueled by the growing youth population and their desire for thrill and excitement. Despite the challenges posed by regulatory restrictions and environmental concerns, the market is expected to continue its growth trajectory in the coming years.
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. Brands are leveraging targeted advertising and brand visibility to attract customers.
Moreover, 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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The surfing segment is estimated to witness significant growth during the forecast period. Surface water sports, particularly surfing, have gained immense popularity among travelers and adventure tourism enthusiasts internationally. With the development of infrastructure such as public facilities and artificial reefs, the participation in water sports has seen significant growth. Millennials and Gen Z populations, driven by their active lifestyles and disposable income, are the primary consumers of these leisure activities. Brands are capitalizing on this trend by investing in targeted advertising through social media platforms to increase brand visibility and ROI. Destination firms are recognizing the long-term gains of offering water sports as part of their offerings. Segmentation of the market includes equipment types such as T-tops, diving equipment, canoe livery, oars, punt, rowlock, kneeboards, wakeboards, and outdoor activities like mountaineering, surfing, snowboarding, and trekking.
Volume information and revenue generated from these revenue pockets indicate a promising market potential. Urbanization and lifestyle trends are further fueling the growth of this industry, subject to trade regulations.
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The Surfing segment accounted for USD 9.56 billion in 2018 and showed a gradual increase during the forecast period.
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.
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The market exhibits significant growth, driven by various market initiatives and the expanding global presence of key players. Notable manufacturers, such as Aire, Tahe Outdoors, Airhead, and Aquamarina Water, have established production sites in strategic locations to increase production capacities and cater to the diverse demands of consumers. Product launch continues to be a key strategy for market participants, with a focus on expanding both product width and product breadth to cater to a broader customer base. Companies invest in research and development to introduce innovative products and maintain their competitive edge.
Our surface water sports equipment market 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.
The growing number of water sporting facilities globally is the key driver of the market. The market has witnessed substantial growth in recent years, attracting travelers and adventure tourists to various destinations worldwide. This sector caters to the millennial and Gen Z populations, who are increasingly seeking unique experiences and are willing to spend their disposable income on outdoor activities like water sports. Infrastructure development is a crucial factor fueling the market's growth, with destination firms investing in modern facilities and equipment to enhance the overall experience. Social media plays a significant role in brand visibility and targeted advertising, allowing businesses to reach a wider audience and make informed investment decisions based on data and long-term gains.
Moreover, segmentation of the market includes various water sports such as T-top, diving equipment, canoe livery, oar, punt, rowlock, kneeboards, wakeboards, and other outdoor activities like mountaineering, surfing, snowboarding, and trekking. Trade regulations and revenue pockets are essential considerations for businesses looking to enter this market. Volume information and revenue generated indicate the market's potential for continued growth.
The artificial water sporting experiences is the upcoming trend in the market. The global the market is poised for significant growth during the forecast period due to the increasing popularity of adventure tourism and the desire of millennials and Gen Z populations for unique experiences. Infrastructure development by destination firms internationally to cater to this demand will create revenue pockets for businesses in this industry. Social media's influence on travel decisions and brand visibility is also a crucial factor driving investment in this market. The high cost of surface water sports equipment and the need to travel to specific locations for certain activities can be mitigated by the development of man-made water facilities, such as wave pools, artificial lakes, and water parks.
Furthermore, tese controlled environments offer consistent conditions for various water sports activities, making them attractive alternatives for enthusiasts. The disposable income of urbanizing populations and the growing lifestyle trend towards outdoor activities, including water sports, diving equipment, canoe livery, oar, punt, rowlock, kneeboards, wakeboards, and more, will further fuel market potential. Market segmentation includes volume information and revenue generated, with trade regulations playing a role in investment decisions for long-term gains.
The high degree of risks involved with surface water sports is a key challenge affecting the market growth. The market experiences significant growth due to the increasing trend of adventure tourism and the rising disposable income of millennials and Gen Z populations. Travelers seek unique experiences, making water sports a popular leisure activity. Destination firms internationally invest in infrastructure to cater to this demand. Brands target these consumers through social media and targeted advertising to increase brand visibility and ROI. Segmentation of the market includes T-top, diving equipment, canoe livery, oar, punt, rowlock, kneeboards, wakeboards, and outdoor activities such as mountaineering, surfing, snowboarding, and trekking. While the market holds immense potential, it is essential to consider the risks associated with water sports.
Activities like flyboarding and jet skiing carry a high degree of risk, increasing the chances of injury. White water rafting and kayaking, which are growing in popularity, also pose risks. Trade regulations and revenue pockets further influence investment decisions for businesses aiming for long-term gains. Volume information and revenue generated in the market demonstrate its significance.
The market forecasting 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 market growth analysis 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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 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.
In conclusion, disposable income and urbanization are key factors influencing consumer purchasing power. Trade regulations and volume information are crucial for investment decisions in this market. Data Bridge Market Research reports that the global market is expected to generate substantial revenue in the long term, making it an attractive business opportunity.
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 analysis, market growth inducers and obstacles, market forecast, 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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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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