LONDON--(BUSINESS WIRE)--The global riverboarding gears market is expected to grow at a CAGR of close to 7% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global riverboarding gears market by product (riverboards, protective gear, and fins) and by end-user (commercial operators, professional users, and swift water rescue users). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing popularity of riverboarding as a competitive sport
Riverboarding is not just a recreational adventure activity because it is also pursued as a competitive sport by water sports enthusiasts around the world. Numerous riverboarding championships and other competitions are held at the local, regional, and national level throughout the year. The WRA defines the standards for recognizing riverboarding records achieved by the athletes and oversees the international riverboarding competitions at the world and continental levels.
According to a senior analyst at Technavio for outdoor gear research, “In a riverboarding competition, the participants are judged based on their free-flow style, riverboard controlling skills, and reaching accuracy near a designated point. Riverboarders constantly enhance their knowledge through training and coaching lessons to improve their skills. Riverboarding competitions are held for numerous different disciplines and have a different set of rules.”
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Market trend: rise in water sports facilities worldwide
The recreational water sports market has been growing at a rapid rate, offering new business opportunities to several coastal cities or regions that have water bodies such as rivers or lakes. Also, pertaining to the extremely labor-intensive nature of the water sports industry, it additionally creates stable employment opportunities for the local population. Many countries have such water sports tour operators who conduct these activities in small units that are fragmented. Therefore, they do not always have the necessary investment to grow. Thus, many initiatives are being undertaken to promote the proper growth and expansion of water sports facilities across the globe.
Market challenge: growing market for pre-owned riverboarding gears
Tourist across the world often choose adventure travel once or twice in a year that spans over a few days. This phenomenon is noticed in regions with low availability of adventure sports equipment and customers who have low purchasing power because of which they prefer renting pre-owned riverboarding gears instead of purchasing them. The business of pre-owned sports equipment impacts the sales of new riverboarding gears.
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