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.
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The global water sports equipment & accessories market projected to witness a steady growth, expanding at a CAGR of 4.3% during the forecast period from 2018 to 2026. Rising interest of people in outdoor recreational activities and increased participation rates across all age groups for the same are some of the major factors driving the water sports equipment & accessories market. Water sports are very popular not only for the excitement or adrenaline-rush of getting toned and tanned, but also because of several health benefits. Water sports activities are a great form of exercise and benefits both mind and body. As a result, increasing health benefits associated with water sports is supporting the market growth worldwide.
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Based on sport type, the water sports equipment & accessories market was led by swimming, diving & snorkeling segment in 2017. Swimming, diving & snorkeling helps in refining the overall fitness of the body and improves breathing, cardiovascular health, joint mobility, mental health, etc. Health benefits associated with these water sports augmenting the growth of this segment. Based on product type, the global water sports equipment & accessories market was led by equipment in 2017. 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. Further, based on geography, North America led the water sports equipment & accessories market in 2017. The growth of this region is primarily due to the presence of large number of water sports facilities and enthusiasts. The region has major participation 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.
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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.
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