The market for equipment for surface water sports is booming and is anticipated to keep growing between 2020 and 2030. The market for equipment for surface water sports is quite profitable, and it is expected to expand by more than 5% over the next ten years, according to Future Market Insights (FMI). Sales will increase as consumer interest in adventure water sports increases.
The market is now being driven by several technological advances and frequent product debuts. For example, the introduction of electric cars in water sports would motivate manufacturers to make their product introductions more captivating for customers.
As a result, businesses will concentrate on providing improved technologies and upgrading their machinery. According to studies, smaller businesses are more likely to concentrate on innovations to increase their market share globally.
For instance, the Manta5 startup, based in New Zealand, has integrated the technology of watercraft and electric vehicles to produce an innovative new accessory for surface water sports. It has introduced the XE-1 water bike, which has an aluminum frame and carbon fiber hydrofoils.
A propeller integrated into the water bike keeps the vehicle elevated out of the water as the rider gains speed. The ship can maintain its slim shape thanks to a custom gearbox connected to a hybrid chain and shaft drive.
The global market for water sports equipment will expand at an amazing rate, driven by the flurry of new product introductions that are seen frequently. In its most recent market report, FMI thoroughly examines the numerous variables driving the market.
The report offers a comprehensive overview of the global surface water sports equipment market, covering factors enabling growth and key restraints. It offers in-depth insights into the market. Some of these are:
- North America is expected to record high demand for surface sports water equipment
- The market is expected to witness growth at a higher pace in East Asia
- North America, Europe, and East Asia markets are likely to showcase a high degree of competition. Hence companies are expected to focus on technological advancements and product launches to gain an edge
- Advent of electric vehicles and AI will give significant impetus to the market
- The unprecedented COVID-19 outbreak is expected to hamper growth. Lack of tourism due to the ongoing pandemic crisis might result in plummeting sales of surface water sports equipment
“Surface water sports equipment market is expected to witness considerable growth. While it might witness stunted sales due to the ongoing pandemic, recovery is on cards as soon as the coronavirus passes. The upward trend of investment will enable growth in the market in the coming years,” said a lead analyst at FMI.
Who is winning?
Paddle Surf, AIRE, Naish International, Rave Sports, O’Brien, BIC Sports, Aqua Marine, Belassi, BomBoard, Starboard, Solstice Sports, Surftech, and Johnson Outdoors are a few of the top businesses in the world’s surface water sports equipment market.
Market participants typically concentrate on developments. FMI notes increased investment in both research and launching new products. The industry has a sizable number of well-established organizations, but it also presents enormous opportunities for newcomers and smaller companies.