Consumer Goods & Retail

Global Water Sports Accessories Market

March 12, 2022
ID: SR/CG-98
Format:Pdf
Pages:220

Global Water Sports Accessories Market By Product (Foot Straps, Leashes, Harnesses, Traction Pads and others), By Distribution Channel (Online and Offline), By Buyer Type (Surfboards and Individuals), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global forecast to 2028.

Description

The global water sports accessories market was valued at USD 47.2 billion in 2021 and is estimated to reach USD 62.2 billion by 2028, with a CAGR of 4.2% during the forecast period of 2022-2028. These water sports accessories are used to play water sports activities and protect while completing any watersport activities. These gears include wetsuits, drysuits, safety helmets, swim watches, wrist dive computers, swim masks & goggles, and others. These accessories are used in the water sports games such as rafting, swimming, water surfers, snorkeling, free diving, scuba diving, and other water sports activities.

What are Water Sports Accessories?

Water sports accessories are tools and clothing worn during water sports activities. The water sports equipment protects such activities. These accessories are utilized in water sports such as rafting, swimming, snorkeling, freediving, diving, etc. The water sports industry is concentrated on equipment combined with automated technology. Therefore, water sports gear manufacturers are launching innovative equipment that incorporates new features to stay competitive. Hence, these elements contribute to the development of the Water Sports Equipment market in terms of sales value.

Growth Drivers

Increase in the Recreational Sports

The rise in the number of recreational sports such as water sports across the globe serves as the prominent factor driving the growth of the water sports accessories market. The growth in the interest of customers in outdoor and water sports relaxation activities and the rise in adoption of outdoor sports such as mountaineering, surfing, snowboarding, and trekking among consumers accelerate the market growth. The presence of many outdoor sports lovers and water sporting places and growth in awareness concerning the importance of healthy habits further influence the market. Additionally, disposable income, urbanization, changing lifestyle, and emerging innovations positively affect the surface water sports equipment market—furthermore, technological advancements to improve the product structure expand promising opportunities to the market players.

Opportunities

Raising Health Conscious among Population and Affordable Price Worldwide to Boost Market

The escalating advancement of the health-conscious population surging the number of water sports activities in various countries worldwide has helped intensify the need for the product. For example, according to the International Health, water & Sports club Association data issued, in 2018, the United States had 1150 water sports that witnessed more than 6 billion visits. In addition, the rising popularity of fitness apps in technological devices has led people to take up fitness and water sports activities to enhance the opportunities in the water sports accessories market. Affordable creations by smaller companies will give a major motivation to the water sports accessories market. These will allow the market to penetrate deeper into the water sports industry. Such actions by smaller and new companies will increase the market of water sports accessories.

Restraints

The Increasing Number of Counterfeit Products and High Cost of Equipment May Hamper the water sports accessories Market Growth.

The increasing growth of imitation products in sports footwear, clothing, glasses and others in various countries worldwide is a restraining factor for the market growth. The high cost of some equipment and accessories and the possibility of injuries during adventurous water activities are expected to harm market growth during the forecast period. For example, the data published by the Organization for Economic Co-operation and Development in March 2019 states that trade in imitation goods, including water sportswear, stands at 3.3 percent of world trade.

Pre Covid-19 Impact on Global Water Sports Accessories

Before the Covid-19 outbreak, Water sports accessories such as safety helmets, life jackets, buoyancy control devices (BCD), dive computers, and others saved participants from getting damaged, driving the market growth. Moreover, an expansion in water sports enthusiasts further fuels the market’s growth. Furthermore, various endeavors are taken by the government of various countries to promote watersports, water sports accessories, and water tourism in their respective countries also drive the market’s growth before the pandemic.

Covid-19 Impact on Global Water Sports Accessories

During the covid-19 period, the outbreak of the Coronavirus has negatively affected the industry across the globe as lockdown and regulations made on the number of customer store occupancy have resulted in the closure of sales channels and recreational centers, ban on travel, and others. The market is likely to take some time in the future to reflect its normal stage—reduction of sales. The delay of shipment of goods due to taking certain preventive measures also decreases in sales of water sports accessories market.

Post Covid-19 Impact on Global Water Sports Accessories

After the Covid-19 period, people were more concerned about health. An active lifestyle coupled with growing examples of people choosing outdoor activities such as adventure, water sports and outings to unwind or break the monotony of their daily lives boosts their growth in the water sports accessories market. Furthermore, initiatives are taken by various governments to promote sports, health, and fitness have led to an increased consciousness about water sports and sports-related products, which in turn drives the growth of the market. However, an increase in the bias of kids in indoor leisure activities and the rise in the covid-19 situations, terrorism and political influence on sports events are expected to restrain the water sports accessories market growth.

By Product Segmental Analysis

Based on product segmental analysis, the market is segmented into Foot Straps, Leashes, Harnesses, Traction Pads and others. Water sports accessories fulfill different functions and protect the body during underwater activities. Drysuits have the highest share in the water sports accessories market. The drysuit keeps the body warm, excludes water, and offers protection against UV exposure, stings from aquatic organisms, and abrasion. It has caused the demand for this segment in the water sports gear market.

By Distribution channel segmental analysis

The market is segmented online and offline based on distribution channel segmental analysis. The offline segment is classified into sporting goods retailers, hypermarkets, and supermarkets. The online market is predicted to dominate the distribution channel during the forecasted period as the online platforms offer different offers such as discounts, return policy, delivery options and various payment options such as online banking, cash on delivery, etc. These factors are expected to make the online distribution channel more attractive during the forecast period.

By Buyer segmental Analysis

The market is segmented into surfboards and individuals based on buyer segmental analysis. Surfboard dominates the water sport accessories market. A surfboard is a little plank used in surfing. Surfboards are fairly light but are strong sufficient to support a person standing on them while riding an ocean wave.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America is expected to maintain a substantial share during the forecasted period due to the increased availability of a wide range of water sporting equipment and increasing e-commerce businesses. The Asia Pacific is expected to be the fastest-growing region during the forecast period. It is due to rapid growth in the young population and rising popularity of water sports such as water polo, surfing, swimming, snorkeling, and scuba diving and health benefits of these sports, all of which are expected to contribute to the market growth over the period.

Competitors Analysis

The companies include Speedo International Limited, Arena S.p.A, Apollo Sports USA Inc., Mikasa, Billabong International Limited, KAP & International, Inc., Baden Sports, Inc., Nike Inc., Adidas, AG, Cressi and other prominent players in the global water sports accessories market.

Key Stakeholders

Recent Developments

In December 2015– Arena sponsored many swimming events to gain visibility and reach a larger audience. Some championships and occasions organized by the company are the LEN European Short Course Swimming Championships had in Israel.
In 2021– Mikasa Finances top water polo players, including Tony Azevedo – a four-time Olympian. Moreover, it sponsors top water polo tournaments, leagues, and associations like Ligue Européenne de Natation, Federation International de Natation, California Interscholastic Federation Southern Section, and Olympic Games.
In 2015-Adidas focused on developing innovative products to meet the needs of professionals and everyday athletes and consumers. The company paid USD 154 million for its R&D actions. It was also successful in commercializing its creations, which helped its operations.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 47.2 Billion
The revenue forecast in 2028	USD 62.2 Billion
Growth Rate	CAGR of 4.2 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Speedo International Limited, Arena S.p.A, Apollo Sports USA Inc., Mikasa, Billabong International Limited, KAP & International, Inc., Baden Sports, Inc., Nike Inc., Adidas, AG and Cressi are the key players.

Market Modelling

By Product

Foot straps
Leashes
Harnesses
Traction Pads
Others

By Distribution Channel

Online
Offline

By Buyer Type

Surfboards
Individuals

By Region

North America
Europe
Asia-Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the size of the global water sports accessories market during the forecast period of 2022-2028?

The global water sports accessories market was valued at USD 47.2 billion in 2021 and is estimated to reach USD 62.2 billion by 2028, with a CAGR of 4.2% during the forecast period of 2022-2028

Which region holds the maximum market share of the water sports accessories market?

North America holds the maximum share in the global water sports accessories market.

What are the effecting factors in the global water sports accessories market?

IoT (Internet of Things) implanted and waterproof swim watch that allows swimmers and athletes to track timing, pace, distance, stroke count, number of laps, stress level, heart rate, online training logs, and others are the latest trends in the water sports accessories market.

Who are the major players in the global water sports accessories market?

The Companies include Speedo International Limited, Arena S.p.A, Apollo Sports USA Inc., Mikasa, Billabong International Limited, KAP & International, Inc., Baden Sports, Inc., Nike Inc., Adidas, AG and Cressi are the key players in the global water sports accessories market.

What are the key trends in the global water sports accessories market?

Online platforms or e-commerce are becoming a famous medium for the buy of sporting goods, including water sports accessories among the customers, owing to the comfortable availability of water sports accessories and the advantages provided by it such as the information about the accessory functional characteristic, time-saving element, and the home delivery to the shoppers.

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