LONDON--(BUSINESS WIRE)--The air sports equipment market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing popularity of extreme adventure activities will be one of the major factors behind the air sports equipment market growth. 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. 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.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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. Vendors in the market are constantly improving their air sports equipment to make trips more safe, secure, and comfortable. Technological innovations are based on several factors such as fabric design, system engineering, mechanical design, control systems, and rigging and packing. For instance, automatic activation device (AAD) is one of the latest innovations which is being used to open the reserve parachute automatically in cases where jumpers are unable to execute the on-time deployment. Thus, with such innovations, the market is expected to showcase a positive outlook during the forecast period.
“Other factors such as the rising number of training programs and courses for different air sports and growing popularity of helicopter bungee jumping above active volcanoes will have a significant impact on the growth of the air sports equipment market value during the forecast period,” says a senior analyst at Technavio.
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Air Sports Equipment Market: Segmentation Analysis
This market research report segments the air sports equipment market by product (paraglider, canopy, and reserve parachute, container and harness, protective gear, and others), application (skydiving, paragliding, BASE jumping, and bungee jumping), and geography (APAC, Europe, MEA, North America, and South America).
The European region led the air sports equipment market in 2018, followed by APAC, North America, South America, and MEA respectively. The growth of the air sports equipment market share in Europe can be attributed to several factors such as the development of a large number of tourist destinations, and the presence of a well-established adventure tourism industry in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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