LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global bungee jumping equipment market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global adventure tourism market is expected to post a CAGR of over 46% during the forecast period. Increased preference for adventure activities over other tourism activities will significantly boost the growth of the market in the coming years.
“Many people are shifting toward adventure activities as these fitness activities help relieve stress. The global bungee jumping equipment market is expected to post a CAGR of more than 6% during the forecast period. Product innovations and improved distribution and marketing initiatives through digital channels will play a crucial role in the increased demand for the equipment,” says Sharan Jagannath, a lead analyst at Technavio for retail goods and services research.
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The top three emerging market trends driving the global bungee jumping equipment market according to Technavio research analysts are:
- Advent of innovative cameras
- Increase in adventure sports for fundraising purposes
- Rising preference for online reviews
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Advent of innovative cameras
People prefer adventure sports activities because they fuel adrenalin. Rather than just taking part in the activities, adventure sports enthusiasts love to get captured while in the act, to relive the moment later. The emergence of GoPro cameras is a new evolution in innovative cameras. These cameras allow bungee jumpers to enjoy the adrenaline-fueled action and record all the experiences more easily than normal cameras.
“Key manufacturers have introduced helmet cameras to capture even the minutest details of a jumper, such as their facial expression during the act. The cameras capture high-definition videos, slow motion videos, and still photos, thereby attracting more customers. The cameras are equipped with an upgraded sensor to take clearer and brighter pictures automatically,” says Sharan.
Increase in adventure sports for fundraising purposes
With people getting attracted to fund-raising events for civic or health issues, many industries are coming up with several ideas to raise funds for a noble cause through sports activities. One of those adventure sports is nude bungee jumping where nude bungee jumping is done to raise funds for mental health. Many adventure sports enthusiasts are taking up this challenge for the noble cause.
In 2017, the Naked Bungy Jump event was held on February 18 and 19 at WildPlay Elements Parks, Canada. Since this event's inception, each year has been more successful than the previous one. British Columbia Schizophrenia Societies (BCSS) of Victoria and Nanaimo, Canada, organize the event each year to provide assistance to people who are suffering from mental health issues.
Rising preference for online reviews
The development of web portals and the rise in internet affordability have led to a tremendous increase in the demand for adventure tourism. Consumers get necessary information and testimonials, which include effective customer-generated reviews. For instance, in January 2017, TripAdvisor, which is a popular website for travel reviews, recorded 435 million unbiased reviews and averaged 390 million new visitors per month.
Such availability of information enables travelers to plan their journey, destination, and adventure activities. It helps them in planning their holiday well in advance and booking food and lodging facilities based on favorable reviews. The internet provides direct access to destination images and videos, reviews, weather reports, maps, and guides.
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