LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hot air ballooning equipment market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global hot air ballooning equipment market will grow at a CAGR of over 6% during the forecast period. The rise in hot air balloon corporate advertising programs is a major factor driving the market’s growth.
Hot air balloons are majorly used by companies for brand promotion. As hot air balloons can easily attract the attention of consumers in densely populated areas, several companies have adopted it as a mode of outdoor advertising media. Hot air balloon advertising proves to be cost-effective as they can be transferred from one location to another as a part of a continuing promotional campaign. Hot air balloons are less expensive in terms of cost per thousand impressions and have a wider reach when compared to billboards. Hot air balloons are also used as a medium for generating awareness about the product or brand in a specific location or multiple locations. Such advantages are driving demand for hot air balloons by various companies to promote their products and brands.
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In this report, Technavio highlights the emergence of online reviews and easy Internet access as one of the key emerging trends driving the global hot air ballooning equipment market:
Emergence of online reviews and easy internet access
Technological advancements with regards to the Internet access and smartphones have had a negative impact on the tourism industry in general. Such innovations will improve the entire traveling experience by making it more convenient to dream, plan, book, and experience a perfectly planned vacation. Factors such as the development of shopping portals, online retailing, and internet affordability have augmented the demand for adventure tourism. There is more of demand for it than supply.
“The Internet provides consumers with an extensive range of vital information and tools in terms of testimonials, which also includes effective customer-generated reviews. Such reviews encourage travelers to select a destination confidently and plan their journey to secure credible food and lodging facilities in advance,” says a senior analyst at Technavio for research on outdoor gear.
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Global hot air ballooning equipment market segmentation
This market research report segments the global hot air ballooning equipment market into the following applications (passenger ride, advertising, and sports), products (components and other), and key regions (the Americas, APAC, and EMEA).
The passenger ride segment held the largest market share in 2017, accounting for nearly 44% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is advertising, which will account for nearly 34% of the total market share by 2022.
The Americas was the leading region for the global hot air ballooning equipment market in 2017, accounting for a market share of nearly 47%. By 2022, EMEA is expected to register the highest growth in terms of market share.
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