How the Global Canoeing and Kayaking Equipment Market is Positioned?
The Global canoeing and kayaking equipment market displayed a consistent increase in the consumer expenditure. However, the growth rate in the market has declined over the years. The market grew at a CAGR of ~% over the review period of 2012-2017. 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.
Major consumers in the market are individual customers. The review period 2012-2017 has witnessed an increased demand for soft adventure sporting equipments especially canoeing and kayaking equipment. Major manufacturers have shown a significant dependency on small factories and outsourced processes for manufacturing the equipments. Since, the major equipments, canoe and kayak, does not have a substitute, they did not face a challenge of getting replaced by some other equipments.
The Americas accounted for the largest share of ~% in the market closely followed by Europe. The canoeing and kayaking equipment market in Americas was led by US and Europe was led by Germany and France owing to the abundance of water bodies suitable for the sports. In the APAC region South Korea has attained a significant attraction owing to the increased presence of water sporting destinations.
Canoeing and kayaking equipments are being offered for rent owing to the high price of the equipments that restricts people from owning one. The average cost of quality canoes and kayaks is more than USD 1,500.
In addition, artificial water bodies for canoeing and kayaking has seen gaining huge popularity among the water sports enthusiasts. The US National Whitewater Center situated in Charlotte, North Carolina, US, has the largest artificial river in the world, which is suitable for rafters and kayakers.
Which is the Best Selling Canoeing and Kayaking Equipment In The Market?
The canoes and kayaks market segment accounted for the largest share in the canoeing and kayaking equipment market in 2017. Major reason for acquiring high share has been that canoes and kayaks are the most essential rather mandatory equipments required to get involved in the sport. Other major factors that support its larger share in the market is the price associated with the watercrafts. They are highly expensive and its price majorly depends on the material used in the production. Due to safety concerns it is always recommended to buy a high priced watercraft hence, majority of the people prefer canoes and kayaks that are priced above USD 1,500. Average price of canoe or kayak as of 2017 is USD 1,000. Gear and accessories includes protective suits, canoe or kayaking paddles and personal floatation devices (PFDs). The segment has accounted for a lower share of ~% in the canoeing and kayaking market. However, they are considered as essential equipments for the sport. Average Price charged for a kayaking paddle in the market as of 2017 was USD 100. PFDs act as the most important protective gear used in the sport. Paddles used for kayaking are longer, with one blade one each end.
Which Region has Contributed Highst AMONG Canoeing and Kayaking Equipments?
Americas accounted for the largest share in the canoeing and kayaking equipment market in the year 2017. It held a share of ~% in terms of consumer expenditure. The market grew at a faster rate in this region owing to the increased participations in paddle sports, including paddling, canoeing and kayaking, rafting and stand-up paddle boarding from people in this region.
In Americas, the sport has been widely spread in the all the age groups; however it is highly popular among the teenagers; of which, male participants dominate the market at a higher rate.
Some of the popular kayaking spots in the US include Colorado River, Gauley River, Arkansas River, Chesapeake Bay and others. In 2017, Europe accounted for the second largest share of ~% in the canoeing and kayaking equipment market. APAC accounted for the one of the least shares of ~% in the canoeing and kayaking equipment market. Middle East and Africa accounted for the lowest share of ~% in the canoeing and kayaking equipment market majorly due to the lack of natural and stable water bodies that are suitable for the sport. Due to the lack of regular participation in the sport the replacement demand sports equipments is also lower.
What is the Nature of Competition in the Market?
The market is highly fragmented with 10-15 global manufacturers along with the presence of large and mid-sized regional players in the well-established western markets. This market is highly competitive as the key players are competing with each other to expand their market reach across the globe through new and upgraded product offerings. The market is highly established in the region Americas and Europe due to presence of high degree of professionalism and developed infrastructure. APAC & MEA are emerging region in terms of professionalism & product expertise. During this period the major manufacturers has shown a dependence on small factories and outsourced processes for manufacturing the equipments. The major parameters on the basis of which the players in the market compete with each other are technological innovations, product performance (durability & sturdiness, balance and streamline shape), after sales service, geographic presence, variety in product portfolio in terms of different sizes, material, width, capacity, texture and colors available and association with famous sportsmen/sports teams/event sponsoring for brand endorsements and pricing. Major Manufacturers include HYSIDE, NRS, Johnson Outdoors, BIC Sport, AirHead, Aqua Marina, Ocean Kayak and others.
Where should we Position the Market 5 Years Down the Line?
The global canoeing and kayaking equipment market is expected to display a growth at a CAGR of ~% during the forecast period 2018-2022. The market is anticipated to be supported by factors such as increased adoption of the sports among the people, efforts from the players to raise the market share, government support and other similar factors.
The region Americas is expected to dominate the market in the coming five years. The region is expected to grow faster at a faster rate in comparison to the other regions. Rising interest among people for paddle sports that includes canoeing and kayaking in the region is expected to the major contributor to the region’s leading posing in the next five years.
Moreover, the technological advancements being brought by the major players in the market are expected to raise the replacement rates of the equipments in the market. The players in the canoeing and kayaking equipment market are expected to sponsor events, championships and others in the coming years.
Companies Cited in the Report
List of Companies Companies Covered in the Report
BIC Sport Major Players in the Global Canoeing And Kayaking Equipment Market
Key Factors Considered in the Report
Comprehensive analysis of Global Canoeing and Kayaking Equipment Market and its segments
Major players and their positioning in the market
Identified major industry trends and developments in last few years
Product Portfolio of major players in Canoeing and Kayaking Equipment Market
Market Share of Major Players
Value chain analysis including role of each entity and problems faced
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Ankur Gupta, Head Marketing & Communications