Surface Water Sports Equipment Market Growing at 10.74% CAGR during 2017-2021

The recreational water sports market has been growing significantly over the last few years, providing a novel business opportunity to many coastal cities as well as regions that have water bodies like rivers or lakes. Also, as the water sports sector is highly labor intensive, it also creates stable employment opportunities. Most countries have such water sporting activities in small units that are fragmented and, hence, do not always have the necessary investments to grow. Therefore, many initiatives are being undertaken to promote the growth and expansion of water sporting facilities across the globe.

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The analysts forecast global surface water sports equipment market to grow at a CAGR of 10.74% during the period 2017-2021. The growing interest in active outdoor recreational activity and the rising number of water sports enthusiasts are expected to be the major growth drivers for the Americas, which is expected to continue leading the market over the next five years. The presence of a large number outdoor sports enthusiasts and water sporting sites across Europe make it the second-largest revenue contributor to the global water sports equipment market. France and Germany are the leading contributors to the market in Europe. APAC is one of the fastest-growing regions in the global water sports equipment market. South Korea and Australia are the prime markets for water sports equipment in the region, along with other prominent sites in Indonesia, Hong Kong, Taiwan, Thailand, and Singapore.

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Artificial waterbodies for kayaking and rafting are gaining popularity among water sports enthusiasts. The US National Whitewater Center situated in Charlotte, North Carolina, US, has the largest artificial river in the world, which is suitable for rafters and kayakers. The Kielder Water in northern Europe is one of the largest man-made lakes in the region, and has become extremely popular among tourists for canoeing, wind surfing, and water-skiing. Another well-known example is that of surf parks integrated with artificial wave technology. Currently, there are at least 10 to 15 such water surf parks that are scheduled to start operating in the next few years in Russia, Spain, and Hawaii. These artificial, man-made attractions not only provide consumers with a convenient and easier option, but also allow various tourist businesses like resorts and lodging options to thrive.

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Further, the report states that in the present market scenario, surface water sports equipment manufacturers are experiencing fluctuations in their profit margins owing to the fluctuating prices of raw materials and the increasing vendor competition. Because of the low establishment costs, an influx of local players has been observed in recent years. The emergence of local players leads to price wars among competitors, which force global competitors to reduce their product prices, in turn reducing their profit margins.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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