DUBLIN--(BUSINESS WIRE)--The "Water Sports Gear Market by Product Type, Age Group, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global water sports gear market was valued at $43.2 billion in 2019, and is projected to reach $55.2 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027.
Water sports gears are set of clothes & tools that are worn by a person during performing watersports activities such as swimming, snorkeling, rafting, scuba diving, boating, and others. These water sports gears increase efficiency of water sports enthusiast as well as provide protection while performing any watersport activities. These gears include wetsuits, dry suits, safety helmets, swim watch, wrist dive computer, swim mask & goggles, and others. Moreover, these water sports gears are easily available in the market through various distribution channels including franchise store, online stores, supermarkets/hypermarket, specialty stores, and others. The continuous growth of online stores is expected to drive the growth of the water sports gear market in terms of value sales during the forecast period.
Water sports gear such as safety helmet, life jackets, buoyancy control device (BCD), dive computers, and others protect water sports participants from getting injured; thereby, driving the market growth. Moreover, an increase in the number of water sport enthusiast further fuels the growth of the market. Furthermore, various initiatives taken by the government of various countries to promote watersports and water tourism in their respective countries also propel the growth of the market.
However, low penetration of water sport gear in developing region is expected to hamper the growth of the water sports gear market during the forecast period. Nevertheless, continuous innovation and rapid growth of online retail platform is anticipated to offer immense opportunity for the growth of the water sports gear market in terms of value sales during the forecast period.
Key Benefits
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global water sports gear market from 2020 to 2027 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped based on their market share.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the analysis of the regional as well as global market, key players, market segments, and growth strategies.
Key Findings
- By product type, the water sports clothes segment accounted for the highest market share in 2019, growing at a CAGR of 1.95% from 2020 to 2027.
- By age group, the adult segment accounted for the highest market share in 2019, growing at a CAGR of 2.6% from 2020 to 2027.
- By distribution channel, the franchise store segment accounted for the highest water sports gear market share in 2019, growing at a CAGR of 2.51% from 2020 to 2027.
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By region, North America occupied the maximum share in the water sports gear market in 2019 and is expected to dominate the market during the water sports gear market forecast period.
Market Dynamics
Drivers
- Increases Safety
- Increase in Number of Water Sports Enthusiasts
- Government Initiatives for Promoting Water Sports
Restraints
- Low Penetration in Developing Regions
- Penetration of Private Label Brands
Opportunities
- Continuous Innovation in Water Sports Gears
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Rapid Growth of Online Retail Platform
Companies Profiled
- Cressi Sub S. P. A.
- Aqua Lung International
- Johnson Outdoors Inc.
- Tabata Corporation
- Mares S. P. A,
- Beuchat International S. A. S
- O'Brien Watersports
- O'Neill Retail Europe B. V.
- Speedo International Limited
- Puma SE
For more information about this report visit https://www.researchandmarkets.com/r/yo9rfl
