Water Sport Accessories Market size was over USD 3.23 billion in 2023 and is poised to exceed USD 4.45 billion by 2036, witnessing over 2.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of water sport accessories is evaluated at USD 3.29 billion.
The market is anticipated to grow primarily on account of the growing awareness for safety in watersports, followed by the growing number of participants for recreational watersport activities. According to the statistics by the United States Coast Guard, 5265 recreational boating accidents in the U.S. were recorded during the calendar year 2020. This included 767 deaths due to recreational boating accidents, followed by 3191 injuries and damage to property worth around USD 62.5 Million. Moreover, according to the statistics by the Outdoor Industry Association, outdoor participation amidst COVID-19 increased significantly. In the year 2020, 160.7 Million Americans of ages 6 and above were known to participate in at least one outdoor activity. This was an increase by 7.1 Million participants than the previous year.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
2.5% |
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Base Year Market Size (2023) |
USD 3.23 billion |
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Forecast Year Market Size (2036) |
USD 4.45 billion |
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Regional Scope |
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The water sport accessories market is segmented by product into footstraps, leashes, harnesses, traction pads, and others. Out of these, the leashes segment registered the largest market revenue share of 29.12% by 2036. On the basis of distribution channel, the market is segmented into online and offline, out of which, the offline segment is projected to hold the highest market share, while the online segment is expected to grow with the highest CAGR of 3.5% during the forecast period. The market is also segmented by buyer type into surfboards manufacturers and individuals, out of which, the surfboards manufacturers segment registered the highest market share in the year 2019 and is further expected to hold the same during the forecast period. Alternatively, the individual’s segment is projected to grow with the highest CAGR of 3.6% during the forecast period.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By Raw Material |
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Products |
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Distribution Channel |
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Regionally, the water sport accessories market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst the market in these regions, the market in North America industry is set to account for largest revenue share of 35% by 2036. The market in the region is further projected to grow with a CAGR of 2.3% during the forecast period. The growth of the market in the region can primarily be attributed to the increasing interests amongst individuals in the region for different watersport activities, such as kayaking, rafting, canoeing, and others. In other statistics by the Outdoor Industry Association, in the year 2018, rate of first-time participants for whitewater kayaking registered to as 56%, whereas sea or touring kayaking registered 53%. Moreover, rafting, stand up paddling, canoeing, and recreational kayaking stood to 49%, 48%, 31% and 29% respectively.
The water sport accessories market in Europe is anticipated to garner the second-leading market share and further generate a revenue of USD 671.6 Million by the end of 2028. Amongst the countries in the region, the market in Spain registered the largest market revenue of USD 122.9 Million in the year 2019, and is further expected to hold the highest market share by generating a revenue of USD 120.7 Million by the end of 2028. Alternatively, the market in Netherlands is anticipated to grow with the highest CAGR of 2.9% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global watersport accessories market that are included in our report are
June 1, 2020: Rip Curl International Pty Ltd. announced that its limited-edition wetsuit, the E-Bomb E7, which has 25% more stretch and is 10% lighter than E6, is now available for sale globally. The wetsuit is available in 3/2mm or4/3mm thickness.
Author Credits: Parul Atri
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