Water Sports Gear Market Expected to Reach $55.2 Billion by 2027
The global water sports gear market was valued at $43.2 billion in 2019, and is to reach $55.2 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027
Prime determinants of growth
Introduction of government sports initiatives in emerging economies and rise in awareness about physical fitness and sports as well as exercises enhanced popularity of winter sports equipment and clothing drive the growth of the global winter sports equipment market. Moreover, demand for sporting goods and sports activities among youth and improvements in design of sporting products supplements the market growth. On the other hand, increase in interest of the people in recreation activities over sports activities creates new opportunities. Contrarily, burgeoning trends of gifting the winter sports equipment and clothes among population belonging to various age-groups present new opportunities.
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Covid-19 Scenario
The COVID-19 pandemic adversely impacted the expansion of the global winter sports equipment market, owing to halting of organizing of the sports events across the globe.
Lockdown during the COVID-19 pandemic led to a low production and sale of winter sports equipment, thereby hindering the global market growth.
The offline segment to retain its leadership position during the forecast timespan
In terms of the distribution channel, the offline segment contributed the largest market share in 2021, accounting for more than four-fifths of the overall share of the global winter sports equipment market. Moreover, this segment is predicted to retain its leadership position during the forecast timespan. In addition, the offline segment is set to record the fastest CAGR of nearly 8.6% from 2022 to 2031. The report also provides an overall analysis of segments such as the online.
The ski segment is predicted to account for the highest market share by 2031
On basis of product type, the ski segment held the largest share in 2021, contributing nearly two-fifths of the overall share of the global winter sports equipment market. Moreover, this segment is predicted to account for the highest market share by 2031. However, the protective gear segment is also anticipated to record the highest growth with a CAGR of nearly 9.3% during the forecast timeline. The report also provides an overall analysis of segments such as the footwear and other.
The skiing segment is set to retain its dominant status during the forecast timeframe
Based on the sports, the skiing segment held the largest share in 2021, accounting more than two-fifths of the overall share of the global winter sports equipment market. Moreover, this segment is set to retain its dominant status during the forecast timeframe. This is due to increase in programs to increase skiing participation and an increase in the number of people who pursue skiing as a recreational activity. However, the snowboarding segment is projected to register the highest CAGR of nearly 9.1% from 2022 to 2031.
๐๐จ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ https://www.alliedmarketresearch.com/purchase-enquiry/A06301
Europe is predicted to contribute majorly toward the global market share in 2031
Based on region, Europe contributed towards the highest market share in 2021, accounting for nearly three-fifths of the global winter sports equipment market share. Moreover, the region is predicted to contribute majorly toward the global market share in 2031. This is due to rise in the number of women participating in outdoor activities and the acceptance of winter sports clothing as a fashion accessory. However, the Asia-Pacific winter sports equipment market is also anticipated to register the highest CAGR of 10.9% during the forecast period. The research also analyzes regions including LAMEA and North America.
Leading market players
Alpina Sports
Amer Sports
BAUER Hockey, LLC
Black Crows
Clarus Corporation
ELAN, D.O.O.
Fischer Sports GmbH
Head UK Ltd.
Icelantic Skis
K2 Sports LLC
MDV Sports
Rossignol Group
Tecnica Group S.p.A.
SCOTT Sports SA
Under Armour Inc
Vรถlkl Int. Gmbh
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1 https://www.alliedmarketresearch.com/press-release/water-sports-gear-market.html
2 https://www.alliedmarketresearch.com/water-sports-gear-market-A06301