LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hang gliding equipment market to grow at a CAGR of around 10% during the period 2018-2022, according to their latest report.
This market research report segments the global hang gliding equipment market into the following products (hang glider, safety equipment, and hang gliding instrument), distribution channels (offline distribution channel and online distribution channel), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increasing popularity of extreme sports activities as a key factor contributing to the growth of the global hang gliding equipment market:
Increasing popularity of extreme sports activities
At present, many individuals prefer extreme sports activities during vacations. These activities include hang gliding, bungee jumping, skydiving, surfing, rock or mountain climbing, caving, snorkeling, surfing, jet skiing, and wakeboarding. According to consumers, such adrenalin-boosting activities are effective in de-stressing. The physical and mental benefits, which these activities provide have encouraged more people to get involved in them. In the US, approximately 60% of the population belonging to the age group of 25-44 years participated in extreme sports activities in 2016. North America, Europe, and APAC are the key revenue contributors to the global market because of an increase in the demand for adventure sports.
Numerous promotional campaigns are being run by the governments of several countries and tour operators that are adding to the popularity and growth of the hard adventure sports industry. The changing demographics and lifestyles along with an increase in recreational expenditure have aided in the increasing popularity of such activities. The fast-paced and busy lifestyle has compelled consumers to look out for ways to de-stress. The demand for leisure activities and adventure sports is increasing because of such needs, primarily among urban dwellers. These factors coupled with the increasing health-consciousness and the need to stay fit and healthy are driving the demand for alternative physical activities. Thus, the popularity of adrenalin-boosting extreme sports is increasing.
According to a senior analyst at Technavio for outdoor gear, “Rapid urbanization is one of the major factors contributing to the increased expenditure in such activities. Rapid urbanization has led to changing lifestyle and higher stress level, thereby leading to high demand for adventure tourism such as hang gliding. This is true for both developed and developing economies such as Brazil, China, and India. Furthermore, the emergence of new urban areas has generated more employment opportunities, leading to an increase in the average income level.”
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Global hang gliding equipment market segmentation
Of the three major product segments, the global hang gliding equipment market was led by the hang gliders segment in 2017, followed by the hang gliding safety equipment and instruments segment. The hang gliders segment accounted for over 48% share of the global market.
In 2017, EMEA was the leading contributor to the global hang gliding equipment market. This region is expected to continue leading the market during the forecast period. The growth in the popularity of the sport, urbanization, and increasing number of training schools are considered as the key drivers in this region.
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