LONDON--(BUSINESS WIRE)--The global scuba diving equipment market size is expected to grow by USD 537.80 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
There has been an increase in demand for water sports such as scuba diving, wakeboarding, flyboarding, jet skiing, surfing, snorkeling, and stand-up paddleboarding. In addition, governments of various countries have been focusing on water sports in a bid to boost the tourism sector. For instance, the Facilities for the Water Sports Industry (FAWI) project was initiated to improve the water-sports infrastructure in Europe. Similarly, many countries around the world have independent regulatory bodies that organize and promote water sports and games. Hence, with the rising popularity of water sports, the scuba diving equipment market is expected to grow during the forecast period.
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As per Technavio, the surge in innovative scuba diving equipment 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.
Scuba Diving Equipment Market: Surge in Innovative Scuba Diving Equipment
The global scuba diving equipment market is witnessing a surge in innovative scuba diving equipment. Key market competitors have been focusing on the improvement of their offerings in terms of design, color, shape, and weight to cater to the needs of individual consumers. Many players in the market are investing in lightweight and flexible scuba diving equipment. Additionally, vendors are investing in advanced dry suits, which can withstand lacerations, abrasions, and punctures. For instance, Diving Unlimited International Inc., one of the prominent vendors in the market offers the TLS350, a premium drysuit that offer features such as telescoping torso and crotch strap, internal waist adjustment cord, and double layer material over knee area for extra durability.
“Factors such as the health benefits associated with scuba diving, and the rise in demand for eco-friendly scuba diving equipment will have a significant impact on the growth of the scuba diving equipment market value during the forecast period,” says a senior analyst at Technavio.
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Scuba Diving Equipment Market: Segmentation Analysis
This market research report segments the scuba diving equipment market by product (bags and apparel, rebreathers and regulators, diving computers and gauges, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the scuba diving equipment market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increased awareness of outdoor activities and increasing participation in in-the-water sports.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
■ Vendors covered
■ Vendor classification
■ Market positioning of vendors
■ Competitive scenario
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