LONDON--(BUSINESS WIRE)--The global air sports equipment market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
The surging popularity of extreme adventure sports has encouraged a growing number of people to participate in them. Over the past decade, extreme adventure sports such as paragliding, skydiving, bungee jumping, BASE jumping, surfing, rock or mountain climbing, caving, scuba diving, snorkeling, surfing, jet skiing, and wakeboarding have become popular as recreational activities. Several long-term mental and physical benefits are associated with extreme adventure sports that require excessive physical exertion. Also, factors such as a change in demographics and lifestyles along with a considerable increase in recreational expenditures have helped in increasing the popularity of such sports activities. Therefore, such factors are expected to drive the growth of the global air sports equipment market during the forecast period.
As per Technavio, the increase in technological innovations to enhance product performance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global air sports equipment market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global air sports equipment market: Increase in technological innovations to enhance product performance
Technological innovations in the product portfolio are one of the major factors that attract customers and increase sales. Therefore, the key competitors are continuously innovating their air sports equipment to make trips safe, secure, and comfortable. The technological innovations are based on several factors such as fabric design, system engineering, mechanical design, control systems, and rigging and packing. For example, the latest innovation in air sports equipment is the automatic activation device (AAD), which is an electronic-pyrotechnic or mechanical device used to open the reserve parachute automatically in cases where jumpers are unable to execute the on-time deployment. Another innovative equipment used in air sports are the digital and audible altimeters. The digital function gives flyers an accurate reading while the audible altimeters make noise at certain altitudes. The audible altimeter fit inside a helmet and remind flyers of their altitude at key stages like break off point and deployment altitude. Thus, with such innovations, the market is expected to showcase a positive outlook during the forecast period.
“Along with the increase in technological innovations to enhance product innovation, the rising number of training programs and courses for different air sports is one other aspect boosting the growth of the global market. These training schools have highly qualified and experienced instructors and pilots to train people and also offer air sports equipment at discounted rates, which further adds to the popularity and growth of these sports. They also increase in air sports training programs to boost people’s awareness, and churn out more air sports experts,” says a senior analyst at Technavio.
Global air sports equipment market: Segmentation analysis
This market research report segments the global air sports equipment market by type (sky diving, paragliding, BASE jumping, bungee jumping) and geographical regions (Europe, APAC, North America, South America, and MEA).
The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the considerable increase in inbound tourism.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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