New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the United States Coast Guard, 5265 accidents related to recreational boating, which included 3191 injuries and 767 deaths, were registered in the United States during the calendar year 2020. Further, the cost of damage to property due to such accidents resulted in a loss of USD 62.5 Million. On the other hand, according to the statistics by the World Health Organization (WHO), during the year 2019, drowning was recorded to be the 3rd leading cause of unintentional injury death around the globe. The statistics also stated that around 236000 people die from drowning annually.
Research Nester has released a report titled “Global Watersport Accessories Market” which is studied for the forecast period, i.e., 2021-2028, also includes a detailed competitive analysis of the prominent players who are operating in the market, along with their key statistics which is analyzed by using different statistical tools. The report also includes product portfolio analysis of the key players, along with a brief about their geographical presence around the globe.
The interest for watersport-related activities is increasing day by day. The Outdoor Industry Association, in one of its statistics, stated that participation in at least one outdoor activity in America among the age group 6 and above increased by 7.1 Million from the year 2019 to reach 160.7 Million during the year 2020, despite the impact of the COVID-19 pandemic. In terms of participation rate, a growth from 50.7% in 2019 to 52.9% in the year 2020 was also being observed. With the increasing participation rates for watersports, there is a growing need to focus on safety-practices for different watersports activities. As a result, there is a rise in demand for different watersport accessories to lower the incidences of water sports related accidents, which is expected to drive the market growth. The global watersport accessories market is anticipated to grow with a CAGR of 2.6% during the forecast period. The market garnered a revenue of USD 2920.7 Million in the year 2019 and is further projected to reach USD 3038.1 Million by the end of 2028.
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The global watersport accessories market is segmented on the basis of geographical analysis into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Out of the market in these regions, the market in North America is anticipated to grow with the highest market share during the forecast period and also attain the largest market revenue of USD 1076.7 Million by the end of 2028, up from a revenue of USD 1058.5 Million in 2019. The market in the region is further anticipated to grow with a CAGR of 2.3% during the forecast period. The market in the region is segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States is anticipated to hold the highest market share during the forecast period and further touch revenue of USD 704.5 Million in the year 2021. Alternatively, the market in Canada is anticipated to grow with the highest CAGR of 2.5% during the forecast period.
The growth of the market in the United States can primarily be attributed to the increasing imports of water-sport equipment in the country, followed by the increasing number of first-time participants in watersports. According to the statistics by the International Trade Center (ITC), the imports of water-skis, surfboards, and other water-sport equipment in the United States increased from USD 377329 Thousand in the year 2013 to USD 453104 Thousand in the year 2019. On the other hand, according to the statistics by the Personal Watercraft Industry Association, in the year 2016, new personal watercraft sales reached 59000 units, which was an increase by 7.3% than the previous year. The statistics also stated that around 981600 pre-owned boats were sold in the same year. Moreover, according to the statistics by the Outdoor Industry Foundation, the first-time participant rates for whitewater kayaking, sea or touring kayaking, rafting, stand up paddling, canoeing, and recreational kayaking in the year 2018 registered to 56%, 53%, 49%, 48%, 31%, and 29% respectively.
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The market in Europe, on the other hand, is anticipated to hold the second-leading share and further grow with a CAGR of 2.2% during the forecast period. The market in the region garnered a revenue of USD 665.1 Million in the year 2019 and is further projected to reach USD 671.6 Million by the end of 2028. The growth of the market in the region can primarily be attributed to the increasing trade of boats and water sports equipment. According to the statistics by Eurostat, the exports of boats and water sports equipment in the year 2019, represented over 50% of the overall exports of sporting goods from the EU-27. In the year 2014, the exports of boats and water sports equipment garnered a value of about USD 4256.63 Million, and it increased to around USD 7546.1 Million in the year 2019. The market in the region is segmented by country into UK, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Amongst the countries in these regions, the market in Spain is anticipated to garner the highest market share and also attain a market revenue of USD 120.7 Million by the end of 2028, by growing with a CAGR of 1.8% during the forecast period. Alternatively, the market in the Netherlands is expected to grow with the highest CAGR of 2.9% during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global watersport accessories market is segmented by product into footstraps, leashes, harnesses, traction pads, and others. Out of these segments, the leashes segment garnered the highest market revenue of USD 1359.3 Million in the year 2019 and is further projected to grow with a CAGR of 2.3% during the forecast period. The segment is further anticipated to garner the largest revenue of USD 1383.2 Million by the end of 2028. In North America, the segment is anticipated to garner a revenue of USD 507.2 Million by the end of 2028. Moreover, in the United States, the segment is expected to garner a revenue of USD 338.5 Million by the end of 2021. Meanwhile, in Europe, the segment is anticipated to garner the largest market revenue of USD 299.1 Million by the end of 2028. In Spain, the segment is anticipated to garner the largest market revenue of USD 48.3 Million by the end of 2021 and further grow with a CAGR of 1.6% during the forecast period.
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The global watersport accessories market is also segmented on the basis of distribution channel into online and offline. Amongst these segments, the offline segment is anticipated to garner the largest market revenue of USD 1937.1 Million by the end of 2021. Alternatively, the online segment is projected to grow with the highest CAGR of 3.5% during the forecast period. In Europe, the offline segment is anticipated to grow with the highest CAGR of 3.2% during the forecast period, while in Germany, the segment is anticipated to grow with the highest CAGR of 3% during the forecast period. On the other hand, in the Asia Pacific, the offline segment is projected to register the largest market revenue of USD 288.2 Million by the end of 2021 and further grow with a CAGR of 3.4% during the forecast period. The online segment is further projected to grow with the highest CAGR of 4.9% during the forecast period. Amongst the country in the Asia Pacific, the online segment in China is anticipated to grow with the highest CAGR of 5.6% during the forecast period.
The global watersport accessories market is also segmented on the basis of buyer type.
Global Watersport Accessories Market, Segmentation by Buyer Type
- Surfboards Manufacturers
- Individuals
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Some of the prominent industry leaders in the global watersport accessories market that are included in our report are BOARDS & MORE GmbH, Fanatic, ION, DUOTONE, Boardriders, Inc., Rip Curl International Pty Ltd., Naish International (Nalu Kai Incorporated), F-One, Neil Pryde Limited, Dakine IP holdings LP, Chinook Sailing Products, JP-Australia, Tecno Unlimited Srl (I-99), North Shore Inc., North Actionsports B.V. (Mystic Boarding), Tahe Kayaks OU, Witchcraft Windsurfing, Fin Control Systems Pty Ltd (FCS), Creatures of Leisure, Ocean & Earth International, International Surf Alliance, Lda. (Roam Surf), Pro-Lite Inc., Decathlon SA (OLAIAN), and others.
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