Global Water Sports Gear Market to expand at a CAGR of 3.7% by 2030

Introduction

A person wears water sports gear when participating in watersports, such as swimming, snorkeling, rafting, scuba diving, and boating. These watersport accessories enhance the performance of their users and provide safety when partaking in any watersport activity. Wetsuits, dry suits, safety helmets, swim watches, wrist dive computers, swim masks and goggles, and additional equipment are included. A range of distribution channels, including franchise stores, internet shops, supermarkets and hypermarkets, specialty shops, and others, facilitate the availability of this water sports equipment on the market. Due to the continued expansion of online retailers, the demand for water sports gear is projected to increase in sales value over the forecast period. The sector's growth is because equipment such as safety helmets, life jackets, buoyancy control devices (BCD), and dive computers protect water sports participants from injury. Enhanced interest in water sports also contributes to the expansion of the industry.

Market Dynamics

Increases Safety and Growing Number of Water Sports Enthusiasts to Drive the Global Water Sports Gear Market

Various equipment protects water sports participants from damage, including safety helmets, life jackets, buoyancy control devices (BCD), and dive computers. For example, the buoyancy control system lets divers switch lanes while submerged, preventing them from falling into a deep chasm. Additionally, it allows wreck and cave divers to safely explore the surface. In addition, safety helmets protect swimmers' and others' heads from damage. These advantages increase user demand for water sports equipment, which boosts the water sports equipment market.

Additionally, buyers today are actively engaged in health and fitness maintenance. Watersports are healthy since they reduce the risk of chronic diseases and other ailments. Consequently, the number of individuals who prefer aquatic sports increases. Furthermore, watersports are typically portrayed as exciting. These activities cultivate a sense of connection with nature and develop environmental awareness. As a result, the popularity of sports like swimming, boating, surfing, and rowing has increased.

Additionally, water tourism is growing increasingly popular among people today. This results from a growing interest in discovering underwater animals, connecting with the environment, and having unique experiences. This increases demand for water sports equipment, hence accelerating market growth.

The Growing Innovation to Create Global Water Sports Gear Market Opportunities

The operation and accessories of water sports equipment have seen consistent technological developments throughout the years. Industry participants make significant investments in research and development to produce new and better water sports equipment. As an example, manufacturers of water sports equipment are developing swim watches embedded with the Internet of Things (IoT) technology that enable swimmers and athletes to track timing, pace, distance, stroke count, number of laps, stress level, heart rate, online training logs, and other parameters. The popularity of swim watches among water sports enthusiasts is because they assist swimmers and athletes in monitoring, measuring, analyzing, and enhancing their performance. This is expected to give the market for water sports equipment tremendous value sales opportunities over the forecast period.

Regional Insights

North America will likely have the predominant share while advancing at a CAGR of 2.87%. The United States dominates the North American market in terms of sales value and is a significant user of water sports equipment worldwide. The United States and Canada, the two greatest sports nations in the world, offer a vast array of sporting activities, facilities, and infrastructure and frequently host tournaments in cities such as New York, Los Angeles, Boston, Toronto, and Vancouver. The outdoor industry association estimates that Americans spend over USD 29 billion yearly on equipment, accessories, and vehicles for water activities. In addition, Americans embrace stand-up paddle boarding and kayaking as water sports.

The Canadian government has also hosted sporting events and regularly encourages the public to participate in sports and recreational activities. As a result, consumption patterns in North America have altered, becoming more active and displaying a growing interest in sports, mainly aquatic sports. As a result, the sports business is expanding exponentially, and these nations are the most important markets for water sports equipment. In addition, as consumers in the region adopt better lifestyles, more people like water sports, which raises the need for water sports equipment in the area. Consequently, this drives the North American market for water sports equipment.

Europe will likely have a shareholding of USD 21,717 million, expanding at a CAGR of 3.2%. Due to the increased desire of the European populace to participate in water sports to stay in shape, have fun, acquire new abilities, explore the undersea environment, and obtain one-of-a-kind experiences, watersports participation has expanded throughout Europe. In addition, the European Union is beginning to promote watersports. The European government, for instance, established the “Get Wet” initiative to encourage people to spend more time outdoors and improve their health by engaging in local water sports and activities. And hence, there is an upsurge need for water sports equipment in this region, stimulating market growth.

Key Highlights

• The global water sports gear market had a revenue holding of USD 45,245 million in 2021. It is expected to reach USD 62,745 million by 2030, growing at a CAGR of 3.7% during the forecast period (2022-2030).
• Based on the product type, the watersports cloth section is presumed to hold the largest revenue share, growing at a CAGR of 2.1%.
• Based on the age group, the kid section will presumably grow at a CAGR of 4.2% and hold the largest share.
• Based on the distribution channel, the franchise store section is presumed to have the highest shareholding, expanding at a CAGR of 2.67%.
• Based on regional analysis, North America will likely have the predominant share while advancing at a CAGR of 2.87%.

Competitive Players

Competitive Players in the Market

• Cressi S.p.A.
• Aqua Lung International
• JOHNSON OUTDOORS INC.
• Tabata Co., Ltd.
• Mares S.p.A
• Beuchat
• O’Brien
• Oneill
• Puma
• Speedo International

Recent Developments

Market News

• In 2022, Christian Pulisic and PUMA collaborated to introduce the eye-catching new CP line. With his first trademark line, Christian and PUMA capture the tenacity, hustle, and fearless attitude that elevated him to the position of a new generation's leader both on and off the soccer field.
• In 2022, the Autumn Winter 2022 ION F Hybrid & Puff collection was made public by PUMA. A third-generation version of the classic ION F shoes, this highly anticipated collection merges distinctive materials, structures, and elite FERRARI design cues to create a shoe that is genuinely meant to stand out from the crowd.

Segmentation

Global Water Sports Gear Market: Segmentation

By product type

• Watersports Clothes
• Swim Fins
• Swim Mask & Goggles
• Buoyancy control device (BCD)
• Watches
• Life Jackets
• Safety Helmets
• Others

By age group

• Kid
• Adult
• Geriatric

By distribution channel

• Specialty Store
• Franchise Store
• Online store
• Supermarket/Hypermarket
• Others

By region

• North America
• Europe
• Asia Pacific
• LAMEA