LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the outdoor gear market over the next four years as several markets including the avalanche safety gear market, surfboard market, and snow goggles market, will witness an increase in revenues.
The global market for avalanche safety gear will grow steadily and is anticipated to post an impressive CAGR of approximately 12% during the period 2016-2020. The adventure tourism market seems to be growing at a promising pace. More consumers are participating in side country and backcountry travel, which in turn has increased the demand for safety equipment during the forecast period.
The increasing participation in outdoor recreational activities is a significant factor that will drive the prospects for growth in this market. especially in regions like Europe and North America. Factors such as changes in lifestyle and attitudes, demographics, increasing recreational expenditure, and the physical and mental benefits of outdoor recreational activities inspire consumers to engage in outdoor recreational activities. Outdoor recreational activities also help to maintain a proper work-life balance.
Aside from the global avalanche safety gear market, the second most sought after market for outdoor gear is the global surfboard market which is expected to grow at a CAGR of more than 9% between the period of 2016 to 2020. The International Surfing Association (ISA) is the global governing authority for bodysurfing, surfing, SUP racing and surfing, wake surfing, and other wave-riding sports. Owing to the global growth in surfing activities, the ISA has introduced several educational courses that aim to develop the knowledge, abilities, and skills required for surfers. Such efforts to encourage surfing across the globe will push more people to pursue surfing, which in turn, will augment the growth of this market during the forecast period.
According to Abhay Sinha, a lead research analyst at Technavio, “Technological advancements and product innovations are the latest trends in the surfboard market. Several manufacturers and surf enthusiasts have come up with improved designs and manufacturing techniques for surfboards.” For instance, Vanguard, an Australian surfboard, has nose-less crafts, straight rails, and angular tails. This helps to reduce the weight of the surfboard and increase its speed. Increased usage of new technologies will give surfers the opportunity to use highly-advanced surfboards, which in turn will increase sales during the forecast period.
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Technavio’s market research analysts have also predicted a steady growth of over 5% during the period 2016-2020 in the global snow goggles market. One of the primary drivers for this market is the increasing preference for outdoor recreational activities, as these activities offer numerous health benefits. As a result, consumers are engaging in outdoor activities like skiing, surfing, snowboarding, and mountaineering. Growing consumer interest in these nature-based getaways is likely to boost the sales of snow sports equipment like snow goggles during the forecast period.
The report identified Europe as the largest segment of the global snow goggles market in 2015 with a market share of around 39%. Various factors such as an increase in the disposable income and rising participation in outdoor recreational activities are likely to contribute to the growth of the market in this region during the coming years.
Some of the key vendors for the outdoor gear market include ABS, Black Diamond and K2 Sports, for the global avalanche safety gear market; BeachBeat Surfboards, Channel Islands Surfboards, and Firewire Surfboards for the global surfboard market; Bollé, Electric, and Oakley for the global snow goggles market.
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