LONDON--(BUSINESS WIRE)--The kiteboarding equipment market is expected to grow by USD 367.01 million during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
Over the past couple of years, kiteboarding has witnessed an increase in participation all over the world. In 2017, the sport had more than one million participants worldwide. Moreover, increasing health-consciousness and a need to stay fit and healthy is encouraging several people to participate in outdoor activities and adventure sports, including kiteboarding. Kiteboarding marked its debut in the Olympics in the Youth Olympic Games (YOG) Buenos Aires 2018. The International Kiteboarding Association (IKA) has also been campaigning for the inclusion of the sport in the Tokyo 2020 Olympics. Thus, the increased participation and inclusion of kiteboarding in Olympics will drive the demand for kiteboarding equipment during the forecast period.
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As per Technavio, the launch of innovative products with heightened user safety will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Kiteboarding Equipment Market: Innovative Product Launches Heightening User Safety
Vendors in the market are increasingly introducing innovative and ergonomically-designed equipment such as bars, locks, harnesses, kites, and boards, which are safer and easier to use than the older equipment. For instance, OZONE's new release system Click-In Loop is designed based on the principle of car seat belt locks. It has developed a Click-In function that is simple and intuitive, therefore, making activating and reloading easy. The self-positioning release mechanism locates automatically and is ready to be reloaded by simply clicking in the loop. This Click-In Loop provides flag out in almost all situations and helps in saving kiteboarders from fatal accidents. Thus, the introduction of such innovative product launches will drive the growth of the market during the forecast period.
“Factors such as the rise in e-commerce sales, introduction of online courses, and celebrity participation and endorsements will have a positive impact on the growth of the kiteboarding equipment market during the forecast period,” says a senior analyst at Technavio.
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Kiteboarding Equipment Market: Segmentation Analysis
This market research report segments the kiteboarding equipment market by product (kites, accessories and boards), distribution channel (retail and others), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The European region led the kiteboarding equipment market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as increasing popularity of kiteboarding, and presence of established vendors in the region.
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Some of the key topics covered in the report include:
Distribution channel segmentation
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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