Surface water sports equipment is experiencing a boom on the international market, and between 2020 and 2030, it is anticipated to continue expanding. According to Future Market Insights (FMI), the surface water sports equipment market is quite lucrative, with a growth rate of more than 5% anticipated over the next 10 years. As more individuals become interested in adventure water sports, sales will rise.
The sector is currently being driven by frequent product introductions and technological advancements. Manufacturers will be motivated to make their product launches more appealing to customers as a result of the introduction of electric vehicles in activities like water sports.
Businesses will therefore focus on offering enhanced technologies and high-performing machinery. Studies show that smaller companies are more likely to concentrate on innovation in order to increase their market share.
For instance, the New Zealand-based startup Manta5 recently integrated the technology of electric vehicles with that of boats to provide innovative new equipment for surface water activities. It has introduced the XE-1 water bike, which has an aluminium frame and carbon fibre hydrofoils.
As the rider gains speed, an internal propeller in the water bike keeps the boat raised out of the water. In order to maintain its slim design, the craft incorporates a unique gearbox connected to a hybrid chain and shaft drive.
The global market for water sports equipment will experience exceptional expansion, propelled by the flurry of product introductions seen at regular intervals. In its most recent market assessment, FMI extensively examines the major market-driving factors.
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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?
Paddle Surf, AIRE, Naish International, Rave Sports, O’Brien, BIC Sports, Aqua Marine, Belassi, BomBoard, Starboard, Solstice Sports, Surftech, and Johnson Outdoors are a few of the top businesses in the world’s surface water sports equipment market.
Market participants typically concentrate on developments. FMI notes increased investment on both research and launching new products. The industry has a sizable number of well-established organisations, but it also presents enormous opportunities for newcomers and smaller companies.
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- Paddle Sports Equipment
- Ski Sports Equipment
- Board Sports Equipment
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Exclusive Stores
- Multi-brand Stores
- Franchise Sports Chain Outlets
- Independent Sports Outlets
- Online Retailers
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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