Sales of water sports equipment is surging and is expected to continue increasing between 2020 and 2030. According to Future Market Insights (FMI), the surface water sports equipment market is a highly lucrative, and well poised to achieve a growth of over 5% over next ten years. Rising interest of people towards adventure water sports will boost sales.
The market is currently driven by frequent product launches and various technological advancements. For instance the advent of electric vehicles in water sports activities will encourage manufacturers to make their launches more interesting to consumers.
Resultantly, companies will focus on offering better technologies and making their equipment high-performing. Studies suggest smaller companies are likely to focus more on innovations to strengthen their footprint in the global market.
For instance a New Zealand based startup called Manta5 has recently combined electric vehicle’s technology to that of watercraft to offer an exciting new equipment for surface water sports. It has launched a water bike called XE-1, which is built with carbon fiber hydrofoils on an aluminum frame.
The water bike is inbuilt with a propeller that keeps the craft lifted out of the water as the rider picks up speed. It also has a proprietary gearbox connected to a hybrid chain and shaft drive that allows the craft to stay streamlines.
Driven by the slew of product launches witnessed at regular intervals, the global water sports equipment market will exhibit impressive growth. FMI studies the various factors driving the market in detail in its recent market study.
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The report offers a comprehensive overview of the global surface water sports equipment market, covering factors enabling growth and key restraints. It offers in-depth insights into the market. Some of these are:
- North America is expected to record high demand for surface sports water equipment
- The market is expected to witness growth at a higher pace in East Asia
- North America, Europe, and East Asia markets are likely to showcase a high degree of competition. Hence companies are expected to focus on technological advancements and product launches to gain edge
- Advent of electric vehicles and AI will give significant impetus to the market
- The unprecedented COVID-19 outbreak is expected to hamper growth. Lack of tourism due to the ongoing pandemic crisis might result in plummeting sales of surface water sports equipment
“Surface water sports equipment market is expected to witness considerable growth. While it might witness stunted sales due to the ongoing pandemic, recovery is on cards as soon as the coronavirus passes. Upward trend of investment will enable growth in the market in the coming years,” said a lead analyst at FMI.
Who is winning?
Some of the leading companies operating in the global surface water sports equipment market are Paddle Surf, AIRE, Naish International, Rave Sports, O’Brien, BIC Sports, Aqua Marine, Belassi, BomBoard, Starboard, Solstice Sports, Surftech, and Johnson Outdoors.
Companies operating in the market usually focus on innovations. FMI observes a higher spending on research and spending to support product launches. While the market exhibits a presence of a significant number of established companies, it also offers immense prospects for smaller businesses and new entrants.
Get Valuable Insights on Surface Water Sports Equipment Market
Future Market Insights, provides an unbiased analysis of the global surface water sports equipment market in its new offering, giving historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights into the market. In terms of product, the market can be segmented into paddle sports equipment, ski sports equipment, board sports equipment. Based on end user, the market can be segmented into beginner, professional, and intermediate. On the basis of consumer orientation, the market can be bifurcated into adults and kids and based on price range it can be bifurcated into mass and premium. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.