(MENAFN- GlobeNewsWire - Nasdaq) The global water sports gear market size is anticipated to grow from USD 45 billion to USD 66.61 billion in 10 years. The market will experience rapid growth due to technological advancements in water sports gear during the forecast period.
Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 45 billion in 2023 global water sports gear market will reach USD 66.61 billion in 2033. Any sporting event held in a body of water is referred to as a water sport. It might be as easy as kayaking or swimming. More daring sports like surfing, skiing, waterboarding, and kiteboarding may also be included. It also offers enjoyable activities like canoeing, snorkelling, and scuba diving. The gear used for these water sports and activities is called "wate sports gear," and it includes specific apparel, gear, and other necessities. Helmets and safety jackets are among the standard items of equipment that are needed for all water sports. The type of activity being done determines what additional equipment is needed. For example, you need wetsuits to go surfing or water skiing, and you need kayaks and paddles to go canoeing or kayaking. In addition to other essential gear, these items of clothing and equipment are required for participants to have the safest and best possible experience. They are made necessary by laws, policies, and directives in order to prevent any unfortunate events that could cause property or human casualties.
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Key Insight of the Global Water sports gear Market
North America will dominate the market during the forecast period.
With so many natural bodies of water in the area, the physical terrain permits the growth of water sports activities. The region's supremacy is fueled by this as well as large financial expenditures made to build the infrastructure required to encourage the adoption of water sports. The population's rising participation in outdoor activities as a means of reducing the prevalence of lifestyle diseases further fuels the market's expansion. Leading companies in the production of premium sports equipment are based in the area. Through awareness campaigns, sporting programmes, funding, scholarships, and other means, the area is dedicated to promoting sports in the nations, particularly in the United States, which leads the world in numerous sports.
In 2023, the clothes segment dominated the market with the largest market share of 40% and revenue of 18 billion.
The product type segment is divided into clothes, swim fins, swim masks and AMP, goggles, BCD (buoyancy control devices), watches, life jackets, safety helmets, and others. In 2023, the clothes segment dominated the market with the largest market share of 40% and revenue of 18 billion.
In 2023, the kids segment dominated the market with the largest market share of 42% and revenue of 18.90 billion.
The age group segment is divided into kids, adults, and geriatric. In 2023, the kids segment dominated the market with the largest market share of 42% and revenue of 18.90 billion.
In 2023, the franchise stores segment dominated the market with the largest market share of 35% and revenue of 15.75 billion.
The distribution channel segment is divided into specialty stores, franchise stores, online stores, supermarkets/hypermarkets and others. In 2023, the franchise stores segment dominated the market with the largest market share of 35% and revenue of 15.75 billion.
Advancement in market
The international sports retailer Decathlon extended its buy-back program to let consumers repair and replace worn-out athletic gear and receive store credit in an effort to encourage sustainable consumption and establish a circular economy for all of its goods. The program, which was first introduced for own-brand bicycles, will now encompass additional sports categories, including gear for camping, water sports, racquet sports, and fitness. To register their return and get an instant estimate, customers can take a brief online examination. After that, they can return their product to any Decathlon location to get gift cards that can be worth up to 40% of the original purchase price.
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Market Dynamics
Driver: The growing interest in and knowledge of water sports.
The prevalence of lifestyle diseases has increased due to lifestyle trends that combine sedentary living with stressed, hectic lives. Adopting healthy habits is one of the best strategies to stop or lessen the negative impacts of such a lifestyle. Engaging in outdoor activities is one such lifestyle shifts that people of all ages are advised to make. The growing popularity of outdoor activities has raised awareness of the various water sports that are enjoyable, unique, and have long-term advantages for both mental and physical health. Additionally, it has developed into a means for people to enhance their social contact and re-establish a connection with nature, both of which have been shown to enhance mental health. It has also developed into a means for people to enhance their social contact and re-establish a connection with nature, both of which have been shown to alleviate the global mental health crisis. Consequently, the growing interest in and knowledge of water sports will fuel a rise in the demand for water sports equipment, which will propel the market's expansion.
Restraints: The overuse of water resources.
A growing number of private companies are entering the market to provide these operations as a result of the rising demand for water bodies. However, these participants engage in unethical business methods that harm aquatic environments. It results in the extinction of marine life as well as the destruction of biodiversity. These actors only want to make money from these firms, which is why they engage in such exploitative business methods that have resulted in strict regulations. Guidelines that limit the use of such activities through licencing, permit grants, and penalties have been put in place by relevant authorities. Thus, the expansion of the market will be constrained by the required regulation.
Opportunities: developments in technology.
The growing popularity of water sports and the related gear has pushed industry participants to make improvements in equipment performance, efficiency, and safety. Technological progress has enabled this kind of innovation. For example, there are now speciality textiles that offer improved performance and durability, making them perfect for water activities. They are lightweight, cosy, and intelligent since they can better comprehend their user's actions and encourage engagement. Because they can better comprehend their users' actions and help them participate in these activities more safely and effectively, they are lightweight, pleasant, and intelligent. Additional technological improvements include computer-aided design software, which matches customers' needs with appropriate equipment based on water bodies and water sports. Better customisation has also resulted from advances. During the forecast period, all of these will support the market's expansion.
Challenges: Alternative sports activities.
Water sports activities are not readily available like other sports activities which will challenge the market's growth. the proliferation of gyms, fitness centres and other such facilities has encouraged the adoption of strength training, running, cycling, badminton, Pilates, boxing etc. these activities are much more accessible to consumers than water sports activities. These activities are also preferred as they don't require investment in expensive water sports gear and can be done regularly in an economical manner. Social media also significantly impacts the demographic as more influencers encouraging or marketing these activities over water sports activities. Therefore, the presence of other sports activities will challenge the market for water sports gear.
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Some of the major players operating in the global water sports gear market are:
. Johnson Outdoors Inc.
. Cressi Sub S.P.A.
. Speedo International Limited
. Puma SE
. Beuchat International S.A.S
. O'Neill Retail Europe B.V.
. Aqua Lung International
. O'Brien Watersports
. Mares Tabata Corporation
Key Segments covered in the market:
By Product Type
. Clothes
. Swim Fins
. Swim Masks and AMP
. Goggles
. BCD (Buoyancy Control Devices)
. Watches
. Life Jackets
. Safety Helmets
. Others
By Age Group
. Kids
. Adults
. Geriatric
By Distribution Channel
. Specialty Stores
. Franchise Stores
. Online Stores
. Supermarkets/Hypermarkets
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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