Global Water Sports Gear Market Research Report, 2028

Global Water Sports Gear Market Research Report, 2028

Actual Market Research 31-08-2023 175 Pages Figures : 38 Tables : 84 Region : Global Category : Consumer Goods & Services Leisure

If you purchase this report now and we update it in new 100 days, get it free!

The water sports gear market is making waves on the global stage, and its influence is particularly pronounced in regions like the Middle East and Africa. This dynamic market encompasses a wide array of equipment and accessories tailored to the needs of enthusiasts who are passionate about water-based activities. From scuba diving and snorkelling in the azure depths of the Red Sea to windsurfing across the crystal-clear waters of Zanzibar's coastlines, this market caters to an array of water sports, each with its own specialised gear requirements. Tourism, coupled with favourable climates, has spurred the growth of water sports in these regions, driving demand for top-quality gear and equipment. Moreover, a burgeoning awareness of environmental conservation has led to a shift towards sustainable and eco-friendly products, emphasising the importance of responsible enjoyment of aquatic environments. In this vibrant market, specialty stores have emerged as hubs of expertise and innovation, providing enthusiasts with expert guidance and access to cutting-edge technology while fostering a sense of community among water sports aficionados. Water has always been an integral part of human existence. Early humans likely engaged in basic water activities for sustenance and transportation. Primitive forms of water gear such as rafts, canoes, and simple fishing tools emerged. Throughout antiquity, civilizations around the world developed various water-related sports and activities. The ancient Egyptians, for example, engaged in swimming and boating. In ancient Greece, swimming was a common pastime, and they even held organised swimming races. Sailing and fishing technologies continued to advance. The Age of Exploration and maritime trade led to significant advancements in sailing technology. This period saw the development of more sophisticated sailing vessels, navigation tools, and rigging systems. The Industrial Revolution brought about innovations in materials and manufacturing processes. This era saw the production of more durable and efficient water sports gear, including sails, rowing equipment, and fishing gear. Water sports became increasingly global, with enthusiasts travelling to destinations worldwide for specific activities like scuba diving in the Caribbean or kiteboarding in the Mediterranean. The market expanded to include a wide range of specialised equipment, from high-performance surfboards to advanced underwater cameras. Furthermore, the 21st century has seen a surge in technology-driven water sports gear, with innovations such as GPS navigation for sailing, hydrofoils for surfing and sailing, and eco-friendly materials for equipment. The industry also faces growing pressure to adopt sustainable practises and develop gear with a reduced environmental impact. According to the research report, "Global Water Sport Gear Market Research Report, 2028," published by Actual market Research, the global water sport gear market is expected to cross USD 64.38 billion in size, increasing from USD 47.59 billion in 2022. The global market is forecast to grow at a 5.27% CAGR by 2023–28. Water sports have gained immense popularity worldwide. Activities such as surfing, paddle boarding, scuba diving, kayaking, and sailing attract enthusiasts of all ages. This surge in interest drives the demand for water sports gear. As global economies have grown, individuals have more disposable income to spend on leisure activities. Water sports gear, which can be an investment, becomes more accessible to a broader demographic. Furthermore, technological innovations in gear design and materials have led to safer, more efficient, and more enjoyable water sports experiences. High-performance materials, advanced wetsuit technology, and improved safety equipment contribute to the growth of the market. The growth of specialty stores, both physical and online, has made it easier for consumers to access a wide range of water sports gear. These stores often provide expert advice and a variety of options, catering to different interests and skill levels. Water sports events, competitions, and coverage in various media outlets have created awareness and interest in the activities. The marketing and promotion of these sports contribute to the growth of the gear market. Water sports events, competitions, and coverage in various media outlets have created awareness and interest in the activities. The marketing and promotion of these sports contribute to the growth of the gear market. Stand-up paddle boarding (SUP) has experienced explosive growth, becoming one of the fastest-growing water sports. This has led to a surge in demand for paddleboards and related gear. Water sports often foster a sense of community and lifestyle among enthusiasts, driving brand loyalty and engagement beyond the gear itself. Based on the product types, there are water sports clothes, boards, sailboats, swim masks and goggles, personal watercraft, life jackets, buoyancy control devices, cylinders, diving propulsion vehicles, swim fins, decompression chambers, and others. At the global level, water sports clothes such as surfing apparel, swimwear, diving suits, water polo swimsuits, and caps lead the market. Surfing, swimming, diving, and water polo are some of the most popular water-based recreational activities enjoyed by people around the world. As a result, there is a consistent demand for specialised gear associated with these sports. Surfing, in particular, has evolved into a lifestyle, influencing fashion trends globally. Surfing apparel and swimwear are not only functional but also fashionable, making them popular choices for beachgoers and water enthusiasts. Manufacturers continually innovate in terms of materials and design. This includes advancements in wetsuit materials for surfing and diving suits, which offer better insulation, flexibility, and comfort. Cutting-edge fabrics and technologies improve swimwear and water polo suits for enhanced performance. The water sports culture, particularly in regions like Southern California and Hawaii, has had a significant impact on global fashion and lifestyle trends. This influence extends to surfwear and swimwear. Based on the regions, Europe will dominate the market in 2022. Europe has a rich maritime history and culture, with a long tradition of water-based activities such as sailing, rowing, and swimming. This cultural connection to water has contributed to the growth and popularity of water sports in the region. Europe offers a wide variety of water sports opportunities due to its extensive coastlines, rivers, lakes, and favourable weather conditions in many regions. This diversity includes surfing in Portugal, sailing in Greece, kiteboarding in Spain, and rowing in the United Kingdom. The availability of various water sports has expanded the market. Furthermore, Europe is one of the top tourist destinations, attracting millions of visitors each year. Many tourists engage in water sports during their vacations, leading to a significant demand for water sports gear. European consumers and businesses are increasingly focused on sustainability and eco-friendliness. European water sports gear brands have been at the forefront of developing eco-friendly products, attracting environmentally conscious consumers. Europe frequently hosts international water sports events, such as the Olympics, world championships, and major sailing regattas. These events showcase the region's commitment to water sports and generate interest in the market. Based on the age group, which includes adults, kids, and geriatrics, at the global level, the adult market share is higher than the other two. Adults typically have more disposable income than younger age groups, allowing them to invest in water sports gear. Many water sports activities, such as scuba diving, sailing, and surfing, require specialised equipment, which can be expensive. Adults are more likely to afford these investments. Adults often have a wider range of interests and hobbies compared to children and teenagers. Water sports encompass a diverse array of activities, including sailing, kayaking, windsurfing, and snorkelling, which cater to the varied interests of adults. Adults are more likely to travel independently or with their peers, and water sports are a popular choice for recreational activities during vacations. This drives the demand for water sports gear among adult travellers. Adults, especially those in the age range of 25 to 54, are generally more focused on maintaining active and healthy lifestyles. Water sports offer excellent opportunities for physical fitness, relaxation, and stress relief. Adults are influenced by their peers and social circles. If friends or colleagues engage in water sports, adults are more likely to join in and invest in the necessary gear. Water sports gear is typically designed with adults in mind in terms of size and fit. Rental facilities, training programmes, and specialty stores also cater primarily to adult customers. Many adults seek adventure and eco-tourism experiences, which often involve water sports. These travellers are more likely to invest in high-quality gear for these activities. Based on the distribution channel, which includes the franchise store, specialty store, online store, supermarket/hypermarket, and others (resort shops, boating and marine supply stores, direct sales, tour operators, etc.), the franchise store is the leading market. Franchise stores often represent well-established and trusted brands in the water sports gear industry. Customers have confidence in the quality and authenticity of the products offered by these stores. Franchise stores often carry a diverse range of water sports gear, catering to a variety of activities and skill levels. This variety appeals to a broad customer base. Many franchise stores have customer loyalty programmes that incentivize repeat business. These programmes often include discounts, rewards, and exclusive offers for regular customers. Franchise models often have rigorous quality control standards in place to ensure that all products meet specific criteria for safety and performance. Furthermore, online stores will grow at the highest CAGR rate. Online stores provide 24/7 accessibility, allowing customers to browse and purchase water sports gear at their convenience, eliminating the limitations of physical store hours and locations. Customers can shop from online stores worldwide, giving them access to a broader range of products and brands, including those not available locally. Market Drivers: • Increasing Popularity of Water Sports: Growing interest in water-based recreational activities, such as surfing, snorkelling, diving, kayaking, paddle boarding, and more, is a significant driver of the market. People are increasingly looking for active and adventurous leisure experiences. • Tourism and Travel: The global tourism industry plays a vital role in the water sports gear market. Popular tourist destinations often offer water sports activities, leading to increased demand for rental and purchase of gear. Market Challenges: • Seasonal Demand: Many water sports are seasonal, with demand peaking during the summer months in many regions. Manufacturers and retailers must manage inventory and cash flow to accommodate seasonal fluctuations. Manufacturers, retailers, and rental businesses must carefully manage their inventory to meet the fluctuating demand. Overestimating demand can result in excess inventory and storage costs, while underestimating demand can lead to missed sales opportunities. Many water sports destinations are heavily reliant on tourism. Seasonal fluctuations in tourism can affect the local economy and businesses that cater to water sports enthusiasts. • Weather Dependency: Water sports are highly dependent on weather conditions. Unpredictable weather, including storms, hurricanes, and adverse conditions, can disrupt planned activities and affect gear sales. The seasonality of water sports and weather-related disruptions can create challenges in hiring and retaining seasonal staff, leading to issues with training and expertise. Businesses in the water sport industry often incur operational costs regardless of the weather, such as staff salaries, equipment maintenance, and facility upkeep. Poor weather can strain budgets when revenues are lower than expected. Companies Covered in this Report: The Columbia Sportswear Company, Adidas AG, Decathlon S.A., Under Armour, Inc, Speedo International Limited, Beneteau, Johnson Outdoors Inc, Aqua Lung International, Patagonia, Inc., Quiksilver, O'Neill, Sea-Doo, Helly Hansen AS, Head Sport GmbH, Cressi Sub SpA, TYR Sport, Inc., Zoggs International Limited, Beuchat International, VF Corporation and JSW Powersports. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Water Sport Gear with its value and forecast along with its segments • Region-wise Water Sport Gear market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report: • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa) By Products • Water sports Clothes • Boards • Sailboat • Swim Mask & Goggles • Personal Watercraft • Life Jackets • Buoyancy Control Device • Cylinder & Diving Propulsion Vehicle • Swim Fins • Decompression Chamber • Others By Age Group • Adults • Kids • Geriatric By Distribution Channel • Franchise Store • Specialty Store • Online Store • Supermarket/Hypermarket • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Water Sport Gear industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

Read More

Card image cap

Interested in this report?
Get your FREE sample!

Requirement Gathering & Methodology
Data Collection Techniques
Our Research Team & Data Sourcing
Data Science & Analytical Tools
Data Visualization & Presentation Skills
Project/ Report Delivery & After Sales Services