According to a new market report published by Credence Research, Inc., “Global Water Sports Equipment & Accessories Market (By Sport Type (Swimming, Diving & Snorkeling, Kayaking & Boating, Water Surfing, Water Polo, Water Skiing & Tow Sports), By Product Type (Equipment (Surfboards & Skis, Leash, Paddle Connectors, Boat Oars, Docking & Anchoring Equipment, Water Polo Ball, and Others ) and Accessories (Wet Suits, Goggles, Fins, Ear & Nose Plugs, Snorkels & Snorkeling Masks, Headgear & Swimming Caps, and Others)), By Distribution Channel (Online Retail and Direct Retail)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”. The global water sports equipment & accessories market is expected to witness a growth of 4.3% CAGR during the forecast period from 2018 to 2026.
The global market for water sports equipment and accessories is expected to see a steady increase, rising to CAGR by 4.3 per cent during the forecast period from 2018 to 2026. Rising people’s interest in outdoor recreation and increased participation rates across all age groups for the same are some of the key factors driving the water sports equipment & accessories industry.
Water sports are very common not only for the thrill or adrenaline-rush of getting toned and tanned, but also for many health benefits. Water sports activities are a perfect form of exercise and support both the mind and the body. As a result, increasing health benefits associated with water sports are fueling market growth worldwide.
Based on the type of sport, the demand for water sports equipment & accessories was led by the swimming, diving & snorkeling category in 2017. Swimming, diving & snorkeling helps to optimize the body’s overall fitness and improves breathing, cardiovascular health, joint mobility, mental health, etc. Health benefits associated with these water sports enhance the development of this category.
Depending on the product type, the global market for water sports equipment & accessories was led by hardware in 2017. The increasing popularity of the various types of water sports activities is having an impact on the growth of this segment. In addition, ongoing innovation and production of water sports equipment contributes significantly to the growth of the sector.
In addition, based on geography, North America dominated the market for water sports equipment & accessories in 2017. The development of this area is largely due to the presence of a large number of water sports facilities and enthusiasts. The area has a significant presence in water sports, including scuba diving, water skiing, snorkeling, water surfing, etc.
The presence of several big and mid-sized players makes the global water sports equipment & accessories market fragmented and extremely competitive. 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.
Key strategies that are been adopted by the market players in order to gain competitive edge over others are new product development, partnerships and agreements, etc. For instance, in January 2017, Arena S.p.A. entered into a partnership with Swimming Australia, a governing body for competitive swimming for becoming the official supplier of swimwear products & accessories for the Australian Dolphins Swim Team for the next four years. The partnership will help Arena to drive sales of its products and will be a key pillar of its business development in Australia.