Water Sports Gear Market to Reach $55.2Billion by 2027

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According to the report published by Allied Market Research,the global water sports gear market generated $43.2 billion in 2019, and is estimated to reach $55.2 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

Increase in number of water sports enthusiasts and government initiatives for promoting water sportsdrive the growth of the global water sports gear market. However, low penetration in developing regions and penetration of private label brands hinder the market growth. On the other hand, continuous innovation in water sports gears and rapid growth of online retail platform create new opportunities in the coming years.

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Covid-19 scenario:

During the coronavirus pandemic,all the nations across the globe have banned all sports activities.
Investors have frizzed funding in the leading water sport gear manufacturing companies during the novel COVID-19 outbreak.
The demand has been reduced for water sports gears and the supply chain has been impacted negatively during the global lockdown.
The report offers a detailed segmentation of the global water sports gearmarket based onproduct type, age group, distribution channel, and region.

Based on product type, the watersports clothessegment contributed to the largest share in 2019, accounting for nearlyone-fifth of the total share, and is estimated to maintain its dominant position during the forecast period. However, thesafety helmetssegment is expected to register the highest CAGR of 5.4% from 2020 to 2027.

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Based on age group, the adult segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the kid segment is estimated to portray the highest CAGR of 4.1% during the forecast period.

Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.1% from 2020 to 2027.

Leading market players analyzed in the research include Cressi S.p.A., Ltd., Mares S.p.A, Beuchat, Aqua Lung International, O’Brien, Johnson Outdoors Inc., Oneill, Tabata Co., Puma, and Speedo International.