Global Surface Water Sports Equipment Market Set to Make a Splash, Projected to Reach US$ 65.2 Billion by 2031

The Surface Water Sports Equipment Market is making waves on the global stage, with a projected value of US$ 65.2 billion by the end of 2031. This marks a significant advancement from the US$ 30.1 billion valuation in 2022, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 9.1% from 2023 to 2031. Analysts attribute this surge to the escalating popularity of surface water sports, the proliferation of international water sports competitions, and the rising number of water sporting facilities worldwide.

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Popularity Driving Market Growth
The rise in outdoor activities, especially surface water sports, has fueled the demand for high-quality equipment, leading to an unprecedented growth in the surface water sports equipment market. Consumers' increasing interest in nature-based sports, offering both leisure and competitiveness, has prompted a surge in demand for various water sports equipment, including diving and swimming gear. The focus on leading a healthy lifestyle, coupled with the popularity of water sports such as kayaking, white water rafting, fly board flying, and wakeboarding, particularly in countries with cold weather, has contributed to the market's expansion.

According to the "Outdoor Industry Association," more than half (54%) of Americans ages six and over participated in at least one outdoor activity in 2021, with the participant base growing by 2.2% to 164.2 million participants. The inclusion of several surface water sports in the Olympic Games, such as canoeing, kayaking, and sailing, has further boosted the surface water sports equipment market size.

Innovation Takes Center Stage
Technological advancements have played a pivotal role in expanding the world of water sports. New technologies have paved the way for innovative activities like hydroflight sports, where water is used to lift individuals into the air like a jetpack. Smartphone applications have also brought a new dimension to water sports, allowing users to assess water conditions, find optimal locations, and stay safe with a simple touch. This technological evolution is expected to drive the demand for water safety equipment and watersports accessories.

Product Segmentation and Market Trends
The surface water sports equipment market is segmented into equipment, and protective gears and accessories. The equipment segment holds a significant share as winter sports enthusiasts require essential gear such as water skis, knee boards, skates, kayaks, and canoes. The demand for protective gears and accessories is also on the rise due to increased awareness about safety equipment like wet suits/rash guards, life jackets, and floats, contributing to market expansion.

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Distribution Channels - Offline Still Dominant, Online Sales Channel Gaining Traction
Offline sales channels continue to dominate the market as consumers prefer to physically inspect and touch products before purchasing. This approach provides instant satisfaction and gratification, particularly when buying top-rated surface water sports equipment for activities such as surfing, water skiing, and kayaking. However, the online sales channel is expected to witness significant growth in the coming years, driven by the expansion of e-commerce websites and manufacturers selling their products through online retailers, offering benefits such as quick price comparison, time savings, and various discounts and deals.

Regional Dominance
North America is anticipated to lead the surface water sports equipment market, followed by Europe and Asia Pacific. The U.S. stands out as the largest market globally, accounting for a substantial share in terms of value and volume in the North American surface water sports equipment market. Approximately 13%-14% of people in the U.S. participated in surface water sports activities in 2021, fostering market development in the region.

Analysis of Key Players
• Connelly Skis
• Radar Skis
• Absolute Outdoor Inc.
• RAVE Sports
• O'Brien Watersports
• Sleath
• Hobie
• Ho Sports
• iOCEAN
• Robin Hood Watersports

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