Rising interest in the Canoeing & Kayaking sport by recreational tourists and sports enthusiasts worldwide and rise in marketing initiatives taken by various entities in the value chain especially Canoeing & Kayaking camps & tourism boards across the globe have been regarded as the key drivers of growth in the global market during the year 2012-2017
The report titled “Global Canoeing & Kayaking Equipment Market by Equipments (Canoes & Kayaks and Gear & Accessories), by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets/Department Stores/Supermarkets and Others)-Outlook to 2022” by Ken Research suggests that the sustained marketing efforts of canoeing & kayaking equipment manufacturers and rising popularity of the sport as a recreational and professional activity in different regions would continue to surge growth in the market.
The market displayed a moderate growth at a CAGR of close to 6% in terms of consumer expenditure. Growth in the market was supported by the factors such as an increasing interest towards water sports activities in the developing countries especially in Europe and APAC regions. Numerous water sports tournaments have been organized worldwide during the review period. For instance, in 2015 water sports meet was organized at the Rameswaram Beach in India. Sports like kayaking, stand-up paddle boarding and kite surfing were organized at the tournament. The event witnessed participants from France, Brazil, the US and Sri Lanka. The Pan Am Championships stand as the most important canoeing and kayaking championships held every year for the Americas region. There has been a new trend established in the market where canoeing and kayaking equipments are being offered for rent in huge number through rental stores, especially in the developing regions. This is owing to the high price charged for buying these equipments which restricts people from indulging in sales. The average cost of quality canoes and kayaks is more than USD 1,500. This is practiced mostly among the amateur and recreational customers engaging in the sport. A Fitness benefits associated with the sport such as increase ein balance, endurance, and muscle strength have been known to the audience and has been expanding demand worldwide.
Recently, it has been observed that this market has undergone transformation in target demographic group. More number of adults, senior citizens and women are increasingly participating in the sport. The rising participation from women in the sport has offered a lucrative growth opportunity for manufacturing colorful, creative uniforms and accessories.
Key Topics Covered in the Report
Canoeing and Kayaking market
Water sports equipment market
Canoeing and kayaking participation in US
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications