Growth in consumer spending has resulted in the growth of individuals undertaking leisure trips to the countryside or the beaches. In addition to this, there has been an increase in enthusiasts of water sports in economies such as North America and Europe, owing to the increased awareness about healthy lifestyle water sports. In addition to this, there are several small and medium businesses that are setting up their shops to promote various water sports.
Population growth has played a significant role in ensuring the rise of consumer spending across the globe. An increase in the global population has resulted in relatively cheaper labor in emerging economies, a window to the diverse talent pool, and an untapped set of potential consumers across diverse consumer segments. These factors have led to the emergence of the new urban middle class, which likes to travel, explore, and has also led to a rise in corporate culture. In addition to this, boat parties and exhibitions, too, have increased rendering services of a yacht or other recreational boats, which is likely to increase the demand for sailing jackets.
The sports and fitness industry is anticipated to witness a growth rate of around 5% during the forecast period. Several companies are now developing mobile applications to cater to the various and diverse needs of the customers. Individuals are also taking up different types of sports, which demand high levels of physical fitness while also giving the player a unique way to get rid of the stress. Sailing is turning out to be one such sport, which provides players with a chance to showcase their agility, balance, and exceptional swimming skills.
Modern lifestyle has become increasingly sedentary, which has led to an increase in the number of people opting for various physical activities. The number of water sports enthusiasts is increasing consistently, especially in the regions of North America and Europe. Furthermore, there have been considerable advances in water sports equipment, which will further boost the growth of the sailing jacket market during the forecast period.
International arrivals have increased consistently over the past several years. This is evident by the rise in international airports and flights. The increase in international travel and tourism has been boosted by the rise of the urban middle class, the need for a better life, increased jobs, and education opportunities.
The arrival of migrants and tourists has increased, especially in the region of North America and Europe. These regions are also popular for their affinity towards water sports, which is also enabled by the clean water sources of the regions. The rise in international arrivals has increased from 950.80 million in 2010 to around 1.4 billion in 2018, with Europe having the highest international arrivals in 2018, which was around 713 million in 2018. In contrast, the Americas had a combined international arrival of around 217 million in the same year.
Europe is anticipated to hold the largest market share in the sailing jackets market. The region, over the last several years, has seen a steady rise in the influx of tourists. Cheaper airfares, rise in connecting flights, easier booking options, and the growth of consumer income in emerging economies drive the market growth.
Europe is among the leading importers of recreational boats, with several economies such as the Netherlands, Malta, Gibraltar, France, and the U.K., being among the largest importers of recreational boats. In addition to this, the region has been undertaking active initiatives to promote various sporting activities. Europe also has a significant number of people employed in sports with a tertiary education level in sports, which stands at around 37%.
Furthermore, the region is also among the largest trading economy, which is active in the trade of various sporting equipment. The region is a massive importer and exporter of boats and water sports equipment, skates, bicycles, parachutes, footwear, sporting shotguns, and golf equipment. This underlines that the region has the necessary infrastructure to manufacture, as well as transport various sporting equipment, which includes sailing jackets. This is likely to drive the sailing jackets market in Europe during the forecast period.
The boats and water sport equipment exports constitute around 65.6% of the total exports. This highlights the considerable potential the region holds with respect to dominating the sailing jackets market during the forecast period. The most popular destinations in yachting include Italy, Greece, Croatia, Spain, Turkey, and France, which will be instrumental in driving the growth of the sailing jackets market in this region.
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