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Water Sports Gear and Equipment Market - Industry Strategic Assessment, Trend Outlook and Business Opportunities
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Factors such as increasing number of water sports enthusiasts in North America and Europe and increased awareness about healthy lifestyles are the major factors driving the water sports gear and equipment market across the world. Technological advancement in the water sports equipment is expected to drive the global water sports gear and equipment market during the forecast period. In addition, the market is seeing increased demand for eco-friendly water sports equipment which is likely to create huge opportunity over the forecast period. All the above factors are expected to drive the water sports gear and equipment market across the regions. Moreover, growing number of water sports facilities across the world are expected to accelerate the total water sports gear and equipment market during the forecast period. However, religious restrictions on swimwear and strong presence of substitutes for swimsuits is acting as a restraint for the water sports gear and equipment market and hampers the market growth.
The global water sports gear and equipment market can be classified based on sports type, product type, distribution channel, and geography. Based on sports type, the water sports gear and equipment market is divided into underwater sports gear and equipment, in-the-water sports gear and equipment, and on-the-water sports gear and equipment. Based on product type, the market has been classified into water sports equipment, and water sports apparel. Based on the distribution channel, the market is classified into online and offline. The offline segment is further classified into sporting goods retailers, hypermarkets, and supermarkets. The online market is expected to dominate the distribution channel during the forecasted period as the online platforms offer various offers such as discount, return policy, delivery option and various payment option such online banking, cash on delivery and etc. All these factors are expected to make the online distribution channel more attractive during the forecast period.
In terms of geography, the water sports gear and equipment market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold major share during the forecasted period due to high availability of a wide range of water sporting equipment and increasing e-commerce businesses. Asia Pacific is expected to be the fastest growing region during the forecast period. This is due to rapid increase 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 of time.
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Companies are adopting new technologies and are planning to invest more into the production, product development, and market share of water sports gear and equipment. Some of the key manufacture and supplier operating in the global water sports gear and equipment market, include Adidas (Germany), Mikasa (USA), Nike (United States), Speedo International (United Kingdom), Billabong (Australia), Under Armour, Inc.( United States), Apollo Sports USA Inc (USA), Aquatec - Duton Industry Co., Ltd (Taiwan.), Beuchat., Johnson Outdoors Inc.(United States) , Sherwood Scuba(United States), WaterSports Planet, JSW Powersports (Australia ), So?a Rafting doo, Bashir Sport, and others.
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