Water Sports Equipment And Accessories Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Overview:

The global water sports equipment & accessories market expected to grow at a steady rate, growing at a CAGR of 4.3% during the forecast period from 2021 to 2029. Sport has gained significant importance as one of the active source of entertainment. For that reason, more people and enthusiasts are progressively taking up sporting and other recreational activities due to growing stress management and health awareness. Proliferation of water sports have led to an increased interest in recreational water sports activities, which in turn is facilitating the growth of water sports equipment & accessories market worldwide.

Water sports activities are entertaining as well as challenging and involve inherent risks of injury, sometimes even death. Growing interest of consumers in outdoor recreational activities coupled with improved participation among all age groups have steered the development of many water sporting facilities across the globe. With the growing preference towards recreational water sports, the market for water sports equipment & accessories expected to witness noteworthy growth in the years to come.

In the recent years, various government bodies have actively started accentuating the promotion of water sports. In several countries, initiatives are been commenced to encourage the development of water sports facilities in order to advance water sports infrastructure. For instance, in 2020, according to the Watersports Participation Survey held in U.K., a record of 3.96 million U.K. adults participated in one or more of 12 core boating activities. The survey also found that irrespective of challenges to consumer confidence and unsettled economy due to the Brexit negotiations, there has been an increase in boat ownership, with more than 690,000 boat owning households in U.K.

Swimming, Diving & Snorkeling held Largest Market Share in 2020

In 2020, the global water sports equipment & accessories market, based on sports type was dominated by the swimming, diving & snorkeling segment and likely to remain dominant in the years to come. Increasing health benefits associated with these water sports is enhancing the growth of this segment. It helps in refining the overall fitness of the body and improves breathing, cardiovascular health, joint mobility, mental health, etc. Further, water surfing likely to grow at a significant rate and emerge as the fastest growing segment during the forecast period from 2021 to 2029. Increasing interest amongst individuals in surfing as a lifestyle sport, easy access to the sport through pools and surf-parks expected to facilitate the growth of this segment.

Equipment Garnered Largest Share in 2020

Based on product type, the water sports equipment & accessories market was led by the equipment type segment in 2020. Water sports equipment are further segmented into surfboards & skis, leash, paddle connectors, boat oars, docking & anchoring equipment, water polo ball, and surf wax/traction pads, towable, etc. among others. Rising popularity of different types of water sporting activities is influencing the growth of this segment. Moreover, continuous innovation and development in the water sports equipment is significantly contributing towards the market growth as consumers prefer purchasing new and improved equipment that are well-suited to their specific needs.

North America to Continue its Supremacy during the Forecast Period from 2021 to 2029

The water sports equipment & accessories market, based on geography was led by North America in 2020 and expected to demonstrate notable growth, while maintaining its lead during the forecast period from 2021 to 2029. The growth of this region is primarily backed by U.S. owing to the presence of large number of water sports facilities and water sports enthusiasts. In the U.S., millennial population accounts for the highest participation in water sports including snorkeling, scuba diving, water skiing, water surfing, etc. As a result, growing inclination towards water sports among people likely to enhance the market growth in the region.

Competitive Insights

Major players in the water sports equipment & accessories market include Speedo International Limited, Arena S.p.A., Apollo Sports USA Inc., Mikasa, Billabong International Limited, KAP7 International, Inc., Baden Sports, Inc., Nike, Inc., Adidas AG, Aqua Lung International, Cressi, Seavenger, Sherwood Scuba, Johnson Outdoors, Inc., Beuchat, and Aquatec - Duton Industry Co., Ltd. among others.

The market is categorized by the presence of well-established water sports equipment & accessories manufacturers who offer wide range of products. These players compete on the basis of various parameters including product quality, pricing, variety and brands, while undertaking different sustainability strategies to withstand the competitive environment.

New product development, strategic partnerships and agreements remain the key strategies adopted by the prominent players in the water sports equipment & accessories market. For instance, in January 2019, Aqua Lung International, one of the leading manufacturer and designer of water sports equipment introduced a line of analog instrumentation & dive computer products. The collection of analog gauges and dive computers has been engineered to provide sophisticated and reliable dive technology that is easy-to-use. With an extensive range of functionality, Aqua Lung dive instrument collection serves a wide-ranging needs of the divers.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of water sports equipment & accessories in 2020 and forecast up to 2029?
• What are the factors driving the water sports equipment & accessories market?
• What are the key market trends in the water sports equipment & accessories market?
• Which is the largest regional market for water sports equipment & accessories market?
• Which players are leading the water sports equipment & accessories market?
• What are the sustainability strategies adopted by the key players operating in the market?

Unique data points of this report

• Current and future scenario of water sports equipment & accessories across the globe
• Adoption rate of water sports equipment & accessories across different geographies
• Comparative scenario for all segments for the years 2020 (actual) and 2029 (forecast)
• Qualitative and quantitative insights across different geographies and sub-geographies
• Comprehensive mapping of the competitive landscape and the market participants’ behavior
• Must-have information for market players to enhance and sustain their market footprint

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