Water Sports Equipment And Accessories Market By Sport Type (Swimming, Diving & Snorkelling, Kayaking & Boating, Water Surfing, Water Polo, Water Skiing & Tow Sports) By Product Type (Equipment, Accessories) By Distribution Channel (Online Retail, Direct Retail) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

What Water Sports Innovations Catch Consumer Interest?

The water sports industry is concentrating on equipments and accessories with automated technology. As a result, in order to stay competitive in the market, manufacturers of water sports equipment are releasing new, innovative products that incorporate IOT (Internet of Things) technology. According to Ericsson's Mobility Report and Internet of Things Forecast, 18 billion IoT devices will be in use by 2022. This trend is being fuelled by the introduction of numerous tech-powered marine devices. Over the possibilities of traditional beach activities, these inventions are providing individuals with uncommon adventures. As a result, sales of cutting-edge equipment to support an adrenaline-fulled beach vacation are increasing along with demand for surface water sports.

For instance, water sports fans all over the world applaud the introduction of the electric surfboard. Unlike a regular surfer, it enabled them to bomb waves coming from the opposite direction. The innovation's straightforward goal was to enable surfing without relying on waves or the need for paddling. High-tech water sports were raised a notch with the introduction of the Zapata Flyboard. One of the most cutting-edge innovations in water sports, in the opinion of enthusiasts. The Flyboard is propelled into the air by a water propulsion system, giving anyone who dares to ride it the potential to fly up to 49 feet in the air or dive up to 8 feet underwater.

What is the Market Size of Water Sports Equipment and Accessories in terms of value?

The global Water Sports Equipment and Accessories Market is projected to increase at a significant CAGR of 5.80% in the coming years. In 2021, the global Water Sports Equipment and Accessories market was valued at USD 6792.5 million and is projected to reach at the value of USD 9526.73 million by 2028. The demand for Water Sports Equipment and Accessories is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 2734.23 million during the forecast period of 2022 and 2028.

How is the Demand for AI-powered Water Sports Equipment expected to Rise in the near Future?

The introduction of artificial intelligence, like that of other sports, is causing havoc in the water sports business. At the present, equipment specifically intended to enable immersive visual reality sports is in the spotlight. The Internet of Things (IoT) powers virtual sporting experiences, which also require smart sensors, gamification, and specialised equipment. Sports fans can compete against other players while eliminating the risks associated with true water sports by using virtual reality equipment. Some of the biggest manufacturers are investing in AI-powered water sports equipment, seeing this as a potential sector to capitalise on. As internet infrastructure improves, the demand for more immersive and interactive experiences grows. As a result, the demand for upgraded models that enable 5G technology is increasing.

Interesting Facts about Water Sports Equipment and Accessories Industry

• The advancement of water sports has resulted in increased interest in recreational water sports activities, which is aiding the global expansion of the water sports equipment and accessories market. Growing consumer interest in outdoor recreational activities, combined with greater involvement across all age groups, has fuelled the construction of numerous water sports facilities worldwide.
• North America region had a major share in terms of volume as well as value in the global Water Sports Equipment and Accessories market in 2021 and is presumed to dominate over the forecast period.
• Dry Top technology is a new snorkelling technology that was introduced. This technology prevents water from entering a snorkeler's mouth and nose. When submerged, the top of a dry snorkel is blocked by a variety of improved devices like as flaps and valves. Unlike typical snorkels, this function eliminates the need to periodically empty the snorkel when returning to the water's surface.
• The key players in the global water sports gear market are focusing on notable strategies to overcome competition and maintain and improve their global market share.
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Who are the Top 10 Players/Companies in the Water Sports Equipment and Accessories market in term of value?

The key players in the global Water Sports Equipment and Accessories market in terms of value include Speedo International Limited, Arena S.p.A., KAP7 International, Inc., Baden Sports, Inc., Apollo Sports USA Inc., Mikasa, Billabong International Limited, Nike, Inc., Adidas AG, Aqua Lung International, Johnson Outdoors, Inc., Beuchat, Cressi, Seavenger, Sherwood Scuba, and Aquatec – Duton Industry Co., Ltd. These key players are concentrating on new product developments as well as technological innovation to enhance their production in Water Sports Equipment and Accessories to gain competitive market share at a global level. For instance, Bixpy, a San Diego-based firm, has developed a jet propulsion system that can be used for a variety of water activities. Standup paddle boarders, divers, kayakers, and other sports fans can use this method. On the other hand, Saxdor has introduced low-cost and entry-level boats. These 20-foot-long water scooters claim to provide budget-friendly enjoyment on the water. They are intended for water sports as well as a relaxing beach visit.

Who are the Top 10 Countries in the Water Sports Equipment and Accessories Market?

In the global Water Sports Equipment and Accessories market, the major countries are US, Canada, China, Japan, Australia, Germany, France, Italy, Spain, and UK. The largest market share is in United States. In 2021, roughly 14 % (aged six and up) participated in water sports. Similarly, in 2020, 17.1 % in the United States reported participating in water sports, making them the generation with the greatest participation rate. Growing consumer awareness of the importance of health and fitness, as well as the rise of e-commerce, are some of the primary drivers of the water sports equipment and accessories market in the United States. Constant advances in the materials used in the construction of sports equipment help to improve product performance and, as a result, the rate of adoption. Water sports enthusiasts are becoming more interested in artificial bodies of water for kayaking and rafting. The United States National Whitewater Center, located in Charlotte, North Carolina, includes the world's largest artificial river, which is appropriate for rafters and kayakers.

Which is the Key Product Type Segment in the Water Sports Equipment and Accessories Market?

The equipment type segment led the water sports equipment & accessories market by product type. Water sports equipment is further classified as surfboards and skis, leashes, paddle connectors, boat oars, docking & anchoring equipment, water polo ball, and surf wax/traction pads, towable, and so on. The growing popularity of various sorts of water sports is affecting the expansion of this market. Furthermore, ongoing innovation and development in water sports equipment contribute significantly to market growth since consumers prefer purchasing new and improved equipment that is well-suited to their unique needs.

What are the Major Driving Factors for Water Sports Equipment and Accessories Market?

Water sports proliferation has resulted in increased interest in recreational water sports activities, which is helping the expansion of the water sports equipment & accessories market globally. Growing consumer interest in outdoor recreational activities, combined with increased participation across all age groups, has fuelled the building of numerous water sporting facilities around the world. With a growing desire for recreational water sports, the market for water sports equipment and accessories is likely to rise significantly in the coming years. Various government agencies have recently begun to emphasise the promotion of water sports. Several countries have launched programmes to support the development of water sports facilities in order to upgrade water sports infrastructure, hence driving the water sports equipment and accessories market growth.

What are the Major Restraints for Water Sports Equipment and Accessories Market?

Low penetration of water sports equipment and accessories in developing regions is likely to stymie market expansion over the projection period. There are numerous risks involved with water sports, some of which might be fatal, hence limiting the expansion of the water sports equipment and accessories industry. Furthermore, the COVID-19 regulations imposed by the government hampered market growth.

Which Region Dominated the World Water Sports Equipment and Accessories Market?

In 2021, North America dominates the Water Sports Equipment and Accessories market over the forecast period. The advent of e-commerce and rising consumer awareness of the value of health and fitness are two major factors propelling the growth of the water sports equipment and accessory market in the United States. The performance of sporting equipment is always being improved because to developments in the materials used in their production, which is speeding up consumer adoption. 

Additionally, the market is being driven forward by an increase in the number of water sports enthusiasts, technical advancements, safer equipment, increased tourism, growing government backing for the promotion of water sports, and new water sports gear. In 2021, North America had the fastest growth rate of any other area, at 44%. The millennial generation participates in water sports at a rate of roughly 20 %. With an average participation percentage of around 29%, Gen Z follows the millennials. Canoeing, fishing, kayaking, rafting, sailing, scuba diving, snorkelling, water polo, stand-up paddle boarding, surfing, water skiing, and wakeboarding are among the region's most popular water activities.

Europe is expected to grow significantly over the forecast period. The water sports business has seen an increase in the number of projects developed by Europe. The Facilities for the Water Sports Industry (FAWI) project is one such programme that attempts to enhance facilities for the water sports industry. Through sustainable development, improvements, quality enhancements, and cross-border cooperation in the water sports sector, the project aims to professionalise and economically boost the water sports business. 

Additionally, it has been noted that governments in nations like Thailand, Indonesia, and others have been actively highlighting the development of water sports to boost the money made from the tourism sector. In the end, this led to a growth in consumer demand for equipment for water activities. In the United Kingdom (UK), almost 17 million individuals engage in some form of water sport activity. They typically just relax at the beach, take walks along the shore, or go swimming outside. In the UK, recreational boating is practised by about 3.9 million individuals. 22 % of boaters participated at least six times during the course of the year.

Segmentation of Global Water Sports Equipment and Accessories Market-

Global Water Sports Equipment and Accessories Market – By Sport Type

·       Swimming

·       Diving & Snorkelling

·       Kayaking & Boating

·       Water Surfing

·       Water Polo

·       Water Skiing & Tow Sports

Global Water Sports Equipment and Accessories Market – By Product Type

·       Equipment

·       Accessories

Global Water Sports Equipment and Accessories Market – By Distribution Channel

·       Online Retail

·       Direct Retail