New Delhi, June 03, 2018: The report titled “Global Canoeing & Kayaking Equipment Market Outlook to 2022 – by Equipments (Canoes & Kayaks and Gear & Accessories), by Region (Americas, Europe, APAC & MEA), by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets/Department Stores/Supermarkets and Others)” provides a comprehensive analysis of global canoeing and kayaking equipment market. The report covers market introduction, market nature, and value chain analysis and market size on the basis of consumer expenditure in detail. Market Segmentation 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) have been given prime importance. The report also includes competitive landscape, major competition parameters, entry barriers and company profiles of major players (BIC Sport, Ocean Kayak, Malibu Kayaks and Aqua Marina and others) along with analyst recommendation.
The report facilitate the reader with the identification and in-depth analysis of the existing and future trends and issues that impacts the industry and has anticipated growth in the future depending upon changing industry dynamics in coming years. The report is useful for water sports equipment manufacturers, canoe & kayak 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.
Global Canoeing and Kayaking Equipment Market Size and Overview
Market Overview: Globally International tourist arrivals and international tourism expenditure has been increasing at a steady pace over the review period (2012-2017). Coupled with an increase in interest of people towards soft adventure sports, rising popularity of canoeing and kayaking & adventure sports and growing awareness regarding fitness-benefits of opting canoeing and kayaking has supported growth in this industry. Americas has been the biggest market in terms of expenditure incurred by consumers in canoeing and kayaking equipment’s followed by Europe, APAC and Middle East & Africa. Increase in demand has also been affected by growing base of Millennial, higher disposable/per capita income in major markets, presence of well-established players and expanded distribution network in new regions/countries.
Market Size: Increase in variety of canoeing and kayaking equipment’s available in the market, primarily, in terms of size, quality, capacity and utility, major players have been using diverse product portfolios and aggressive marketing & sales strategies to position themselves in the market. This has helped the market to grow at a CAGR of close to 6% 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 canoeing and kayaking equipments. By and large, Global canoeing and kayaking equipment market has increased by significant amount in the review period.
Market Segmentation
By Equipment: Canoes and Kayaks have captured a major market segment in 2017. Prime reason for Canoes and Kayaks to hold higher revenue share in the market is its increasing sales and high price. These equipments are bought by canoeing and kayaking professionals, retail/recreational clients as well as by large-scale and small scale canoeing & kayaking camps and training institutes in large quantities. Gear and accessories together accounted for a lower share in the market. The gear and accessories required for canoeing and kayaking are not highly priced however, they have high replacement rate. It is not mandatory for enthusiasts to wear gears and accessories to indulge in the sport which primarily justifies its lower contribution to the market. 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. 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.
By Region: The global canoeing and kayaking 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/canoeing and kayaking infrastructure, equipment manufacturing units, increasing number of sports championships and large number of canoeing and kayaking enthusiasts. In the recent years, canoeing and kayaking has been adopted as a recreational activity along with being taken-up professionally. Europe accounted for the second largest share in the canoeing and kayaking equipment market. The presence of increased number of water sporting sites across Europe makes it the second-largest revenue contributor. APAC region also witnessed growth in demand for canoeing and kayaking equipments with an increase in both consumption and production especially in Cambodia, Thailand, Indonesia, Australia, New Zealand, Japan, Brazil, India, South Korea and Malaysia. Middle East and Africa has accounted for the lowest share in the canoeing and kayaking equipment market in 2017. Major reasons to support such low revenue generation are lack of proper infrastructure, low participation rates, less number of canoeing and kayaking facilities available and low awareness amongst population regarding canoeing and kayaking as a sports event.
By New and Existing Demand: In the year 2017, it has been observed that the repeat demand from existing users has accounted for almost double the share in the market. With up-gradation of products and new launches, customers replace their current equipments with the advanced ones. Moreover, with rising competition in various regional and global championships and more number of canoeing and kayaking camps being established to attract tourism, repeat demand from existing customers is very strong. Influenced by the benefits of the sport including, balance training, endurance training and strength training-tool for legs and calves, new customers have been attracted to the market.
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 canoeing and kayaking 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 and has accounted for second largest share in the market. 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.
Competitive Landscape
Competition in the global canoeing and kayaking equipment market is highly fragmented due to the presence of large number of regional players. In the Americas, the competition in the concentrated however, 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 countries such as UAE, South Africa and India. Similarly is the scenario in Europe. The 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 & highly fragmented. There are about 10-15 major canoeing and kayaking 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. Major players include HYSIDE, NRS, Johnson Outdoors, BIC Sport, AirHead, Aqua Marina, Ocean Kayak, Malibu Kayaks, Rave Sports, Vanguard Inflatables and SOTAR & others.
Future Analysis and Projections
Global canoeing and kayaking equipment market has been anticipated to showcase a sound growth at a CAGR of close to 3% during the forecast period (2017-2022E). Growth during this period is expected to be supported by the rising popularity of canoeing and kayaking as a recreational and profession activity, increase in the number of canoeing and kayaking championships and tournaments, increase in demand from Millennial, increased awareness regarding fitness benefits of canoeing and kayaking, expanding geographical presence of major manufacturers, intensifying distribution channels, expansion of online retailing, new product launches, government initiative to promote the usage of protective canoeing and kayaking equipments and others.
Key Topics Covered in the Report
Global Canoeing and Kayaking Equipment Market Introduction
Global Canoeing and Kayaking Equipment Market Size
Global Canoeing and Kayaking Equipment Value Chain
Global Canoeing and Kayaking equipment market segmentation 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
Competitive Landscape in Global Canoeing and Kayaking Equipment Market
Company Profile for major players in Global Canoeing and Kayaking Equipment Market
Global Canoeing and Kayaking Equipment Market Share of Major Players
Global Canoeing and Kayaking Equipment Market SWOT Analysis
Global Canoeing and Kayaking Equipment Market Future Outlook and Projections
Analyst Recommendations in Global Canoeing and Kayaking Equipment Market
For more information on the research report, refer to below link:
Corporate Comm India(CCI Newswire)
