LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global wakeboarding equipment market is expected to grow at a CAGR of more than 12% during the forecast period.
This research report titled ‘Global Wakeboarding Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Brijesh Kumar Choubey, a lead analyst at Technavio for retail goods and services research, “Increased interest in recreational water sports is expected to be a key driver for the growth of the global wakeboarding equipment market during the forecast period.”
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The market research analysis categorizes the global wakeboarding equipment market into three major product segments. They are:
- Wakeboarding protective gear
- Wakeboards
- Wakeboarding clothing
Global wakeboarding protective gear market
Wakeboarding protective gear consists of life jackets, boots and bindings, and helmets. Protective gear is important for wakeboarders as this sport is one of the most injury prone sports. Increasing awareness of injuries, especially concussions, is the key reason driving the protective gears segment. Stringent rules to wear the protective gears will continue to drive the demand for protective gear during the forecast period.
However, this product segment faces challenges such as the long-life cycle of the equipment. Wakeboarders use the same protective gear for years. Such slow replacement is a challenge to the growth of the market.
Global wakeboards market
The most important equipment of wakeboarding is wakeboards. Choosing the right size of wakeboards counts for safe riding. On an average, a six-feet tall rider should go for a wakeboard whose length is between 138 and 142 centimeters. And, a five-feet tall rider should go for 128-134 centimeters of wakeboard length. Wakeboards are available in different styles based on consumers' preferences like wakeboards with and without bindings. The demand for this equipment will not fall as it is the essential equipment for this sport, which is an additional factor contributing to the growth of the market.
Global wakeboarding clothing market
The clothing segment consists of shorts, swimsuits, and vests. Swimsuits are the most preferred clothing among consumers. There is an increase in interest for this sport for leisure as well as exercise, which will lead to the growth of the market over the next five years. Key competitors operating in the clothing segment are also investing to come up with innovations and styles in swimwear to cater to both men and women.
“Vests are mainly used to provide relief to wakeboarders in case they become overexerted while in the water. These vests are highly recommended for children and people who are not proficient swimmers," says Brijesh.
The top vendors highlighted by Technavio’s consumer and retail market research analysts in this report are:
- Eyson Lifesaving Equipment
- Hyperlite
- O’Brien
- Ronix
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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