LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global scuba diving equipment market to grow at a CAGR of over 9% during the period 2018-2022, according to their latest report.
This market research report segments the global scuba diving equipment market into the following distribution channels (offline distribution channel and online distribution channel), products (bags and apparel, rebreathers and regulators, and diving computers and gauges), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the rising popularity of water sports as a key factor contributing to the growth of the global scuba diving equipment market:
Rising popularity of water sports
Lately, there has been an increase in demand for water sports such as scuba diving, wakeboarding, flyboarding, jet skiing, surfing, snorkeling, and stand-up paddleboarding. Governments of various countries have increased their emphasis on water sports to expand the potential of the tourism sector. The Facilities for the Water Sports Industry (FAWI) project was initiated to improve the water-sports infrastructure in Europe. Along with this, many countries have exclusive regulatory bodies that organize and promote water sports and games.
According to a senior analyst at Technavio for outdoor gear, “Demographic changes and lifestyle advancements have also significantly contributed to the high demand for water sports. The increased interest in recreational water sports and scuba diving activities is also a major driving factor for the global scuba diving equipment market. Therefore, rising preference for outdoor adventures and water sports is expected to positively impact the growth of the scuba diving equipment market during the forecast period.”
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Global scuba diving equipment market segmentation
Of the three major products, the bags and apparel segment held the largest market share in 2017, accounting for nearly 46% of the market. The market share for this product is expected to increase by 2022.
The Americas was the leading region for the global scuba diving equipment market in 2017, accounting for a market share of 41%. By 2022, APAC is expected to become a major contributor towards the growth of the market by registering a growth of nearly 2%.
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