The global water sports gear market size was valued at 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).
When engaging in watersports activities, including swimming, snorkeling, rafting, scuba diving, boating, and others, a person wears a set of clothing and equipment called water sports gear. These water sports accessories improve users' performance and offer security when engaging in watersport activities. Wetsuits, dry suits, safety helmets, swim watches, wrist dive computers, swim masks and goggles, and other equipments are among these. These water sports equipment can also be easily found in the market through various distribution channels, including franchise stores, internet shops, supermarkets and hypermarkets, and specialty shops.
Throughout the forecast period, the market for water sports equipment is anticipated to rise in value sales due to the ongoing expansion of online retailers. Water sports participants are prevented from getting hurt by gear like safety helmets, life jackets, buoyancy control devices (BCD), dive computers, and others, which is what is causing the industry to grow. Increased interest in water sports also contributes to the market's expansion. The sector is also growing due to numerous initiatives launched by governments of different nations to encourage watersports and water tourism. However, during the anticipated period, the market growth for water sports gear is anticipated to be constrained by the low adoption of water sports equipment in developing regions.
Participants in water sports are protected from harm by equipment, including safety helmets, life jackets, buoyancy control devices (BCD), dive computers, and others. For instance, the buoyancy control device allows divers to switch lanes while underwater and keeps them from plunging into a deep chasm. Additionally, it makes it safe for wreck and cave divers to explore above ground. Additionally, safety helmets shield swimmers' heads and the heads of others from harm. These benefits thus raise user demand for water sports equipment, stimulating the market for water sports equipment.
Additionally, customers are actively engaged in maintaining their health and fitness. Watersports are good for your health because they lower your risk of developing chronic illnesses and other conditions. The number of people who enjoy water activities grows as a result. Additionally, watersports are frequently portrayed as thrilling. These activities foster a connection with the natural world and raise environmental consciousness. Increased interest in activities like swimming, boating, surfing, rowing, etc. is this effect.
Additionally, individuals are becoming increasingly interested in choosing water tourism today. This is due to a rise in interest in discovering underwater species, interacting with the environment, and having unusual experiences. This raises the demand for water sports equipment, which accelerates market expansion.
In contrast to North America and Europe, areas like Asia-Pacific and LAMEA have poor penetration rates for water sports equipment, including BCDs, dive computers, water sports apparel, etc. This is because, in comparison to other sports, water sports and activities are less well-liked in these areas. This limits the market's expansion in value sales for water sports equipment in these areas.
Additionally, the development of IoT-enhanced water sports equipment, such as smartwatches and dive computers, has been constrained by low internet penetration, low disposable income, and poor IoT adoption. Consequently, this slows the market's expansion for water sports equipment in emerging nations regarding value sales.
Over the years, water sports equipment has regularly undergone technical advancements in its operation and related accessories. Players in the market are spending a lot of money on research & development to bring new and better water sports equipment to the market. For example, producers in the water sports equipment industry are creating waterproof Internet of Things (IoT) embedded swim watches that let swimmers and athletes measure timing, pace, distance, stroke count, number of laps, stress level, heart rate, online training logs, and other metrics. Swim watch has been popular among fans of water sports as a result of helping swimmers and athletes monitor, measure, analyze, and improve their performance. In turn, this is anticipated to present the market for water sports equipment with enormous prospects in terms of value sales during the forecast period.
The global water sports gear market is bifurcated across the product type, age group, distribution channel, and region.
Per the product type, the fragments are water sports clothes, swim fins, swim masks & goggles, buoyancy control devices (BCD), watches, life jackets, safety helmets, and others.
The watersports cloth section is presumed to hold the largest revenue share, growing at a CAGR of 2.1%. The clothing worn for water sports serves various purposes and protects the body while participating in water sports. Additionally, it is composed of neoprene, which offers excellent thermal protection at low temperatures. This fuels the market's desire for these water sports apparel. During the projected period, manufacturers are also anticipated to increase product innovation and incorporate cutting-edge technologies into their water sports apparel, creating enormous potential opportunities.
The section of watches will hold the second-largest share. Swimmers and athletes can measure timing, pace, distance, the number of strokes per lap, stress level, heart rate, online training records, and other metrics using a waterproof, Internet of Things (IoT)-enabled swim watch. Monitoring, tracking, analysis, and improvement, this helps athletes and other fans of water sports. The smart swim watch is then expected to have a massive opportunity in terms of value sales as a result of this.
Per the age group, the fragments are kids, adults, and geriatrics.
The kid section will presumably grow at a CAGR of 4.2% and hold the largest share. Children these days focus on extracurricular activities and their schoolwork to learn and discover new things. As a result, they also actively engage in leisure activities like swimming, boating, surfing, rowing, and others. The market for water sports equipment is predicted to benefit significantly from this during the forecast period in value sales.
The adult section will hold the second-largest share. Active water sports are becoming more popular, especially among adults. Adult sports spending has increased significantly, driving significant income in the sports business, especially water sports. They are interested in leisure activities to gain unique experiences and learn about aquatic life, and they like to mix their socialization and fitness. The market for water sports gear is currently more in demand due to more people engaging in water sports activities.
Per the distribution channel, the fragments are specialty stores, franchise stores, online stores, supermarkets/hypermarkets, and others.
The franchise store section is presumed to have the highest shareholding, expanding at a CAGR of 2.67%. The producers have a broader geographic presence thanks to the franchise outlets, which allows them to contact more consumers and make their goods more easily accessible. Most water sports equipment manufacturers offer their products through their own franchise outlets. High market penetration is made possible by this. Promotion and branding of water sports equipment thus raise consumer knowledge of the advantages of the products. As a result, the market for water sports equipment is expanding in terms of value sales.
The specialty store section will hold the second-largest share. Specialty stores provide their clients with high service standards, thorough product specifications, and knowledgeable advice. Additionally, these shops advertise the sales of both national and private label items in their establishments. The clients' first objective is to save money. Therefore they favor making purchases of goods for which they can use coupons, discounts, or vouchers. Voucher and discount programs are thus popular in the market to grow brands, draw customers into specialty businesses, and boost sales.
The region-wise segmentation of the global water sports gear market includes North America, Europe, Asia-Pacific, and LAMEA.
North America will likely have the predominant share while advancing at a CAGR of 2.87%. In terms of value sales, the U.S. dominates the industry in North America and is a significant global consumer of water sports equipment. The largest sports nations in the world, the U.S. and Canada, offer a wide range of sporting activities, facilities, and infrastructure. They often hold New York, Los Angeles, Boston, Toronto, and Vancouver events. The outdoor industry group estimates that Americans spend USD 29 billion annually on equipment, accessories, and vehicles for water activities. In addition, Americans favor stand-up paddle boarding and kayaking as popular water activities.
The Canadian government has also staged sporting events and continuously encourages the populace to participate in sports and recreational activities. Due to this, consumption patterns in North America have evolved, becoming more active and showing a growing interest in sports, mainly aquatic sports. As a result, the sports industry is experiencing exponential expansion, and these nations are the major markets for water sports equipment. Furthermore, as consumers in the area embrace healthier lifestyles, more people enjoy participating in water sports, which increases the demand for water sports equipment. The market for water sports equipment in North America is thus driven by this.
Europe will likely have a shareholding of USD 21,717 million, expanding at a CAGR of 3.2%. Due to the increased interest of the European population in participating in water sports to be fit, have fun, learn new skills, explore the undersea environment, and get unique experiences, the involvement in watersports activities has increased across Europe. Additionally, the European Union is starting to promote watersports activities. For instance, the European government launched the “Get Wet project” to encourage people to spend more time outdoors and improve their health by participating in local water sports and activities. And so, there is a rise in the demand for water sports equipment in this region, which spurs market expansion.
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