Global Watersport Accessories Market Highlights Over 2019 - 2028
The global watersport accessories market is estimated to garner a revenue of USD 3038.1 Million by the end of 2028, up from a revenue of USD 2920.7 Million in 2019, by growing with a CAGR of 2.6% during the forecast period, i.e., 2021-2028. 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.
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The global watersport accessories market is also anticipated to grow on account of the increasing trade of watersports equipment globally. According to the statistics by the International Trade Center (ITC), imports of water-skis, surfboard, and other water-sport equipment around the world increased from USD 1107056 Thousand in the year 2013 to USD 1627522 Thousand in the year 2019.
Global Watersport Accessories Market Regional Synopsis
Regionally, the global watersport 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 is anticipated to garner the highest market share throughout the forecast period and also attain the largest market revenue of USD 1076.7 Million by the end of 2028, up from a revenue of USD 1058.5 Million in 2019. 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.
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The 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.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Watersport Accessories Market
Growth Drivers
- Growing Need to Address Safety Concerns Caused due to Watersport Activities
- Increasing Participation for Different Watersport Activities
Challenges
- Lack of Sustainable Raw Materials for Manufacturing the Accessories
Global Watersport Accessories Market Segmentation Synopsis
The global watersport 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 of USD 1359.3 Million in 2019 and is further expected to reach USD 1383.2 Million by the end of 2028. 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 individuals segment is projected to grow with the highest CAGR of 3.6% during the forecast period.
Top Featured Companies Dominating the Market
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 BOARDS & MORE GmbH, Fanatic, ION, DUOTONE, Boardriders, Inc., Rip Curl International Pty Ltd., Naish International (Nalu Kai Incorporated), F-One, Neil Pryde Limited, Dakine IP holdings LP, Chinook Sailing Products, JP-Australia, Tecno Unlimited Srl (I-99), North Shore Inc., North Actionsports B.V. (Mystic Boarding), Tahe Kayaks OU, Witchcraft Windsurfing, Fin Control Systems Pty Ltd (FCS), Creatures of Leisure, Ocean & Earth International, International Surf Alliance, Lda. (Roam Surf), Pro-Lite Inc., Decathlon SA (OLAIAN), and others.
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