LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global surface water sports equipment market is expected to reach USD 28.51 billion by 2021, growing at a CAGR of almost 11%.
This research report titled ‘Global Surface Water Sports Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Surfing today stands as a multibillion-dollar industry, which makes it one of the most important segments of the global surface water sports equipment market in terms of revenue generation. The primary equipment required for the sport is a surfboard, and the sport enjoys considerable popularity among the general population.
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Technavio’s analysts categorize the global surface water sports equipment market into three major segments by product. They are:
- Paddle sports equipment market
- Board sports equipment market
- Ski sports equipment market
The top three segments based on product for the global surface water sports equipment market are discussed below:
Global paddle sports equipment market
The global paddle sports equipment market includes rafting, stand-up paddle boarding, canoeing, and kayaking equipment. The market is expected to grow due to technological advancements to improve the product features and enhance the performance of the equipment, growing interest in water sports and outdoor recreational activities, awareness of the need for healthy lifestyles, and rise in the number of water sports enthusiasts.
According to Brijesh Kumar Choubey, a lead retail goods and services research analyst from Technavio, “Several championships have been held across the world to enhance participation and build the popularity of the sport. These championships have helped build tourism in regions worldwide, especially in APAC and MEA.”
Global board sports equipment market
The increasing disposable income has encouraged people to explore outdoor activities like surfing, mountaineering, trekking, and snowboarding. Surfing has managed to attract people from all age groups. There has been an increasing participation of female surfers as well.
“Many professional surfing associations have increased the visibility of surfing through educational and promotional programs designed to attract new surfers. For instance, the International Surfing Association has introduced educational courses worldwide for the growth and development of surfing,” says Brijesh.
Global ski sports equipment market
Based on jet skiing product type, the global jet skiing equipment market is categorized into four segments: protective gear, PWCs, telescoping paddle, and other accessories. In 2016, the protective gear segment, including life jackets and helmets, dominated the global jet skiing equipment market in terms of revenue, due to the compulsory use of these products by all jet ski enthusiasts.
The demand for protective gear, PWCs, and clothing has been growing, particularly among vacationers. Over the forecast period, the protective gear segment is expected to continue its dominance in the market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BIC Sport
- Naish International
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