Selbyville, Delaware, Oct. 15, 2024 (GLOBE NEWSWIRE) —
Water Sports Products Market size was valued at USD 38.4 billion in 2023 and is projected to grow at a CAGR of over 4.9% from 2024 to 2032, attributed to a rising enthusiasm for water sports.
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More individuals are gravitating towards outdoor adventures, engaging in activities like surfing, kayaking, paddleboarding, and snorkeling. This heightened interest is largely motivated by aspirations for fitness, stress alleviation, and social interaction. Data from the National Marine Manufacturers Association indicates a 7% uptick in water sports participation over the last five years. As enthusiasm for these activities swells, so does the appetite for associated gear, apparel, and accessories. Moreover, social media plays a pivotal role, showcasing water sports as both enjoyable and attainable, thereby encouraging broader participation and investment in premium equipment.
The overall water sports products market is classified based on product type, age group, end-use, distribution channel, and region.
The industry categorizes its offerings into surfing products, safety products, and diving products. In 2023, the safety products segment emerged as the frontrunner, raking in USD 19.41 billion in revenue, with projections to hit USD 30 billion by 2032. The dominance of safety products in the water sports arena can be attributed to heightened safety awareness among participants and stringent governmental regulations. As water activities gain traction, so does the demand for protective gear—ranging from life jackets and helmets to personal flotation devices (PFDs).
Segmenting the water sports products market by end-user reveals two categories: individuals and commercial entities. In 2023, the commercial sector commanded a substantial 65% market share and is projected to grow at a CAGR of 4.8% during the forecast period. The commercial segment, which includes water sports resorts, adventure tourism, and recreational centers, plays a pivotal role in the water sports products landscape. These entities make significant investments in safety gear, boats, kayaks, and other equipment to serve their expansive clientele.
North America leads the water sports products market, generating USD 13 billion in revenue in 2023, with expectations to reach USD 20 billion by 2032. The region’s rich culture of water-based recreation, coupled with high participation rates, propels its industry. North America’s diverse water bodies—ranging from expansive oceans to serene lakes—facilitate a wide array of activities, including kayaking, paddleboarding, and jet skiing. Cultural inclinations further amplify this access, with activities like surfing, wakeboarding, and sailing deeply embedded in the region’s lifestyle.
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Major players in water sports products market include Airhead Sports Group, Aqua Lung International, Beuchat, Body Glove, Cressi S.p.A., Hobie Cat Company, Hurley. Inc, Liquid Force, Mares S.p.A., Naish International, O’Brien Watersports, and Tabata Co., Ltd. among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Distribution channel trends
Chapter 3 Market Insights
3.1 Industry ecosystem analysis
3.2 Key news and initiatives
3.2.1 Partnership/Collaboration
3.2.2 Merger/Acquisition
3.2.3 Investment
3.2.4 Product launch & innovation
3.3 Regulatory landscape
3.4 Impact forces
3.5 Consumer buying behavior analysis
3.5.1 Demographic trends
3.5.2 Factors affecting buying decision
3.5.3 Consumer product adoption
3.5.4 Preferred distribution channel
3.5.5 Preferred price range
3.6 Growth drivers
3.6.1 Growing interest in water sports activities
3.6.2 Expanding tourism and recreational activities:
3.7 Industry pitfalls & challenges
3.7.1 Fluctuations in demand by season
3.8 Growth potential analysis
3.9 Raw material analysis
3.10 Trade analysis
3.10.1 Export data
3.10.2 Import data
3.11 Porter’s analysis
3.12 PESTEL analysis
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By GlobeNewswire – Press Releases
Source: GlobeNewswire – Press Releases