LONDON--(BUSINESS WIRE)--The global canoeing and kayaking equipment market is expected to grow by USD 124.44 million during 2020-2024, progressing at a CAGR of almost 2% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
The growing preference for recreational kayaking will drive the canoeing and kayaking equipment market growth. Globally, most travel agencies offer surfing as one of the common adventure activities in their tour packages to attract domestic as well as overseas tourists. Participants choose kayaking as the activity allows them to exercise outdoors while socializing with friends and family. Kayaking in oceans, rivers, and preserved inland lakes is gaining popularity in most tourist destinations globally, owing to the rapid growth of the millennial population, growing disposable income, and the increasing popularity of adventure tourism. Therefore, the increasing adoption of kayaking in adventure tourism will propel the growth of the global canoeing and kayaking equipment market.
Report Highlights
- The major canoeing and kayaking equipment market share came from the canoes and kayaks segment in 2019, and it is expected to witness the fastest growth during the next five years.
- North America was the largest canoeing and kayaking equipment market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the growing interest in recreational sports activities, the increasing number of overseas and domestic tourists, rapid growth in surfing championships and events, and the presence of prominent vendors.
- The global canoeing and kayaking equipment market is fragmented. AIRE Inc., Airhead Sports Group, Aqua Marina, BIC Sport, Confluence Outdoor, GUMOTEX akciova spolecnost, HYSIDE Inflatables, Johnson Outdoors Inc., Malibu Kayaks, and NRS are some of the major market participants. To help clients improve their market position, this canoeing and kayaking equipment market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global canoeing and kayaking equipment market 2020-2024 is expected to have negative & inferior growth. Even if the spread of virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
Read the full report here: www.technavio.com/report/canoeing-and-kayaking-equipment-market-industry-analysis?
Increasing Number of Paddle Sports Contests will be a Key Market Trend
Globally, the growing interest among people in adventure sports has increased the number of paddle sports competitions being organized. Professional surfers, who participate in various surfing championships, receive corporate sponsorships. As a part of their marketing strategy, many large companies, such as Stubbies (a clothing brand), Stance (a lifestyle brand), and Dakine (a specialist in sportswear and equipment), sponsor surfers or championship events and competitions. Many organizations also organize sporting events for surfing to promote surfing destinations. For instance, in September 2020, the BSUPA Championships announced that it would complete its 12th anniversary of the competition on September 26 and 28, 2020, in the UK. Such an increasing number of paddle sport events and championships encourage many people to participate in them either recreationally or professionally. This, in turn, increases the demand for canoeing and kayaking equipment, which drives the growth of the market.
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Canoeing and Kayaking Equipment Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist canoeing and kayaking equipment market growth during the next five years
- Estimation of the canoeing and kayaking equipment market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the canoeing and kayaking equipment market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of canoeing and kayaking equipment market vendors
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