The report titled “Global Parasailing Equipment Market Outlook to 2022 – by Equipments (Parasailing Tow Line, Parasailing Harness, Parasail and Parasailing Protective Gear), by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets and Others)” provides a comprehensive analysis of global parasailing market introduction, market nature, market size and market segmentations by Equipments (Parasailing Tow Line, Parasailing Harness, Parasail and Parasailing Protective Gear), by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets and Others). The report extensively covers the entire value chain persisting in global parasailing market, analyst recommendations, SWOT Analysis along with competition scenario and competitive landscape of major players including Custom Chutes, Ascending Parachutes International, Waterbird Parasails, Sportlite, Alp Aksu Boats, Pegasus Parasails, Nautic Expo, Paradise Mount, Hovel International Parasail and others.
The report facilitates the reader with the identification and in-depth analysis of the existing and future trends and issues that impacts the industry. It provides the reader an idea regarding growth in the future depending upon changing industry dynamics in coming years. The report is useful for water sports equipment manufacturers, parasailing equipment manufacturers, distributors, specialty sporting goods stores, department stores, e-commerce portals, customers and other stakeholders to plan their market centric strategies in accordance with the ongoing and expected trends in the future.
Market Size and Overview
Market Overview: International tourist arrivals and international tourism expenditure has been increasing at a steady pace over the review period (2012-2017), globally. Coupled with an increase in interest of people towards soft adventure sports, rising popularity of parasailing & adventure sports and growing awareness regarding fitness-benefits of opting parasailing has supported growth in this industry. Americas has been the biggest market in terms of expenditure incurred by consumers in Parasailing equipment’s followed by Europe, APAC and Middle East & Africa. Increase in demand has also been affected by growing base of Millennial, higher per capita income in major markets, increase in popularity of parasailing at major tourist destinations, presence of well-established players and expanded distribution network in new regions/countries.
Market Size: Increase in variety of parasailing equipment’s available in the market, primarily, in terms of size, quality, strength and utility, major players have been using diverse product portfolios and aggressive marketing & sales strategies to position themselves in the market. High replacement rate and increasing popularity of wheelchair & off-road parasailing have been few growth drivers, pulling the market forward. This has helped the market to grow at a CAGR of close to 7% during 2012-2017. Increased trade has been observed amongst major producing and consuming countries. Several leading manufacturers have invested huge amount in research & development segment to foster product innovations to increase durability and sturdiness of parasailing equipments. By and large, global parasailing equipment market has increased by significant amount in the review period.
By Equipment: Parasailing tow line segment constituted highest consumer expenditure in 2017. These are available in many lengths, ranging from 600-1,200 feet. Constant sun, saltwater exposure, sudden shocks by wind gusts and overloads are primarily responsible for the aggressive wear and tear which weakens the ropes and lead to high replacement demand. Parasailing harness forms one of the most essential equipments acquiring second highest market share. Harnesses are generally made of high tenacity polypropylene webbing and grade 316, marine quality stainless steel. Parasail registered a double digit market share in 2017. Parasail priced up to USD 2,500 are most preferred the by the customers in the market. Parasailing protective gear includes helmets, variometers and hook knives. Generally people do not prefer using protective gear while parasailing which has resulted in their low share in the parasailing equipment market.
By Region: The global parasailing equipment market was dominated by Americas in the year 2017. The region occupies the largest share owing to the presence of well-established water sports infrastructure and large number of parasailing enthusiasts. In the recent years, parasailing has been adopted as a recreational activity along with being taken-up professionally. Europe accounted for the second largest share in the parasailing equipment market. The presence of increased number of water sports sites across Europe makes it the second-largest revenue contributor. US, Germany, France, Brazil and Mexico have been major contributors in 2017 in terms of consumer demand. APAC region also witnessed growth in demand for parasailing equipments with an increase in both consumption and production especially in Australian and New Zealand. Middle East and Africa has accounted for the lowest share in the parasailing equipment market in 2017. Major reasons to support such low revenue generation are low participation rates, less number of parasailing facilities available and low awareness amongst population regarding parasailing a sports event. South Africa however, has been an active region in terms of consumer demand/expenditure.
By New and Existing Demand: In the year 2017, it has been observed that the repeat demand from existing users has accounted for a much higher share in the market. High replacement rate accompanied by frequent up-gradation of products and new launches, customers usually replace their current equipments with the advanced ones. Moreover, introduction of competitions & tournaments in various regions and more number of professional parasailing camps being organized makes repeat demand from existing customers very strong. New customers are specifically tourists. They usually get attracted to sport due to associated thrill & adventure.
By Distribution Channel: Company Stores and Specialty Stores dominate the market in 2017. This sales channel has been highly popular since major large scale manufacturers of parasailing equipments usually operate through own brand stores that exclusively sell equipments of their brand. These are known as Exclusive Brand Outlets of the companies located in various countries across the world. The purchase of sports equipments online has been gaining high popularity over the years. Online stores have accounted for second highest contribution in 2017. Some of the major online retailers selling sports equipments are Amazon and Alibaba. Hypermarkets, department stores and supermarkets have accounted for double digit share in terms consumption expenditure. This is because these outlets offer a closer evaluation of products and provide the required support and information to consumers, especially through expert customer service personnel. Some of the well-known stores include Walmart and Tesco. Majorly, Parasailing Tow Line, Parasailing Harness and Parasail are sold through company stores due to associated trust factor. However, other accessories relate to the market are popularly sold through other channels.
Competition in the global parasailing equipment market is highly fragmented due to the presence of large number of regional players. In the Americas, the competition is concentrated and majority of market leaders have substantial control in terms of good share in 2017. Majority of manufacturing facilities are based in this region leading to large exports to Asian and middle-eastern countries. Similar is the scenario in Europe. Major players in the market carry out both manufacturing as well as trading. Competition in APAC and Middle East & Africa is still in the growing phase & is highly fragmented. There are about 10-15 major parasailing equipment manufacturers operating in the global market. Majority of manufacturing clusters of these major manufactures are located in North America and Europe. These players compete against each other on the basis of parameters such as price, product differentiation (product portfolio size and product innovations), distribution network, geographical penetration/geographical presence and research & development activities.Some of the major players include Custom Chutes, Ascending Parachutes International, Waterbird Parasails, Sportlite, Alp Aksu Boats, Pegasus Parasails, Nautic Expo, Paradise Mount, Hovel International Parasail and others.
Future Analysis and Projections
Global Parasailing equipment market has been anticipated to showcase a sound growth at a CAGR of close to 2% during the forecast period (2017-2022). Growth during this period is expected to be supported by the rising popularity of parasailing as a recreational and profession activity, increase in the number of parasailing championships and tournaments, increase in demand from Millennial, increased awareness regarding fitness benefits of parasailing, expanding geographical presence of major manufacturers, intensifying distribution channels, expansion of online retailing, new product launches, government initiative to promote the usage of protective parasailing equipments and others.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications