Technavio analysts forecast the global jet skiing equipment market to grow at a CAGR of more than 12% during the forecast period, according to their latest report.
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Technavio has published a new report on the global jet skiing equipment market from 2017-2021. (Photo: Business Wire)
The research study covers the present scenario and growth prospects of the global jet skiing equipment market for 2017-2021. Several factors like drivers, trends, and challenges are discussed in the report. Moreover, PESTLE and Porter's five forces analysis are also discussed in detail in the report.
Due to an increase in participation in water sports activities, government support to build and conserve more water bodies, and use of updated technology in product designing, the market for jet skiing equipment is expected to witness growth during the forecast period. Among product type, the protective gear segment dominated the market in 2016. During the forecast period, it is expected that this segment will continue to dominate due to the growing use of advanced technology in protective gear and efforts by manufacturers to make it lightweight and more comfortable.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global jet skiing equipment market:
- Rise in popularity and adoption of jet skiing
- Growth in soft adventure sports enthusiasts
- Increasing number of water sporting facilities worldwide
Rise in popularity and adoption of jet skiing
Water sports including flyboarding, wakeboarding, jet skiing, scuba diving, surfing, stand-up paddle boarding, and snorkeling have become an inherent part of recreational activities in the past decade. Recently, there has been increased emphasis on water sports by many government bodies, especially tourism boards, to increase the revenue generated from the tourism industry.
Brijesh Kumar Choubey, a lead outdoor gear research analyst at Technavio, says, “Several promotional campaigns are being run by governments and tour operators in different countries, which are adding to the popularity and associated growth of the water sports industry on the whole.”
Growth in soft adventure sports enthusiasts
In 2016, a growing number of sports enthusiasts showed interest in alternative physical activities like outdoor and adventure sports including backpacking, scuba diving, rafting, snorkeling, stand-up paddle boarding, wakeboarding, jet skiing, and leaf peeping. This growth is mainly because of the increased participation of health-conscious people who prefer to stay fit and healthy. The popularity of such activities is owed to the need for leisure with increasing hectic lifestyle of today's global population, especially in urban areas.
“The overall global tourism numbers reached more than 1.2 billion in 2016. A rise in global tourism plays an important role in boosting adventure tourism. Soft adventure sports enthusiasts of the Americas and Europe altogether constituted over 60% in 2016,” adds Brijesh.
Increasing number of water sporting facilities worldwide
Over the last few years, the recreational water sports market has been growing at a rapid rate, providing a novel business opportunity to many coastal cities or regions that have water bodies like rivers or lakes. Also, since the water sports industry is characterized to be extremely labor intensive, it additionally 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.
Europe has been increasingly coming up with initiatives that are aimed at strengthening the water sports industry. One such project is the Facilities for the Water Sports Industry (FAWI) project, which aims at improving facilities for the water sports industry. The project is aimed at professionalizing and economically strengthening the water sports industry by sustainable development, upgrades, positioning, quality improvements, and cross-border collaborations in the water sports industry.
Top vendors:
- Dongguan Eyson Lifesaving Equipment
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Browse Related Reports:
- Global Water Sports Gear and Equipment Market 2016-2020
- Global Adventure Tourism Market 2016-2020
- Global Stand Up Paddle Board Market 2016-2020
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