LONDON--(BUSINESS WIRE)--The global flyboarding equipment market is expected to grow at a CAGR of just above 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global flyboarding equipment market for 2017-2021. Based on product type, this market is segmented into flyboard and flyboard gear.
The number of water sporting facilities has been increasing especially in coastal cities, which is resulting in increased popularity of flyboarding thereby driving market growth. This market creates stable employment opportunities and provides novel business avenues in coastal regions.
Technavio’s research study segments the global flyboarding equipment market into the following regions:
- Americas
- Europe
- ROW
Americas: largest flyboarding equipment market segment
“The Americas constitute the largest regional segment of the flyboarding equipment market, generating over 51% of the total revenue in 2016. Participation in water sports is shooting up from all age groups, which is the major reason driving the sales of flyboards in the region,” says Brijesh Kumar Choubey, one of the lead analysts a Technavio for outdoor gear research.
The long coastline of the US, especially Florida, California, and Hawaii, and regions around the Gulf of Mexico are prime spots for warm water experiences. The temperatures here are warm for most of the months in a year and attract a lot of tourists and locals alike to its shores. The emergence of championships will further propel the growth of the flyboarding equipment market in the region.
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Europe: adventure tourists driving growth
Europe is a popular destination for adventure tourism, and a vast number of countries offer ample scope for the development of water sports. The cultural wealth and the great diversity of the European coasts make the region a preferred destination for many holidaymakers. Tourists who flock to the region often seek a unique and customized experience, with value-added recreational activities such as flyboarding sports. Among various water sports, flyboarding is expected to be one of the fastest growing sports in the region.
ROW: fastest growing flyboarding equipment market segment
“The flyboarding equipment market is expected to grow swiftly, with a CAGR of 3.22% from all the regions. The market in APAC is growing swiftly, with significant contributions from South Korea, Australia, Hong Kong, and Taiwan,” says Brijesh.
In the Middle East, there are several flyboarding championships conducted, which is drawing increased participation to the sport. Dubai is a key destination for flyboarding enthusiasts due to the World Flyboarding Championships that it hosts. South Africa and Egypt are two other important countries where flyboarding is rapidly gaining popularity.
The top vendors in the global flyboarding equipment market highlighted in the report are:
- Adidas
- DEFY WaterFlight
- FlyDive
- Stratospheric Industries
- Zapata Racing
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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