In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.
Get more information on this report: Download Sample PDF
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.
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.
Get more information on this report: Download Sample PDF
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).
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.
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.
Ans: The increasing awareness for watersports safety, along with the growing number of participants who are interested in these sport activities are some of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 2.6% over the forecast period, i.e., 2021-2028.
Ans: The lack of sustainable raw materials for manufacturing the accessories is one of the major factors estimated to hamper the market growth.
Ans: The market in Europe is anticipated to display significant business opportunities in the future.
Ans: The major players in the market are BOARDS & MORE GmbH, Fanatic, ION, DUOTONE, Boardriders, Inc., Rip Curl International Pty Ltd., Naish International (Nalu Kai Incorporated), F-One, Neil Pryde Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, distribution channel, buyer type, and by region.
Ans: The leashes segment is anticipated to hold largest market size of USD 1383.2 Million by 2028 and display significant growth opportunities.