Wakeboarding Equipment Market Value Projected to Expand by 2018-2028
Wakeboarding Equipment Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2018 to 2028
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The popularity of extreme sports has grown significantly in this decade, which has, in turn, led to the growth of related industries including wakeboard equipment. The growing popularity of wakeboarding has increased the demand for wakeboarding equipment. There has been a sudden spurt in the population of sports enthusiasts globally, which has catalyzed the wakeboarding equipment demand. North America has been the largest wakeboarding equipment market but, in the recent past, there has been an increase in the demand from Asia Pacific and Europe. The wakeboarding equipment revenues have been multiplying at over 10% annually.
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Different needs – different wakeboarding equipment
Wakeboarding equipment includes wakeboards, clothing and protective gears. The various types of wakeboards include continuous rocker, hybrid rocker, three-stage rocker and five-stage rocker. On the basis of length, wakeboards are available between 128 cm – 142 cm; however, certain customized ranges also exist. Wakeboards are also designed with a view to cater to different types of riders: beginner, intermediate and advanced riders.
Since wakeboarding is a risky sport, protective gears account for the highest revenue among all wakeboarding equipment. They include life jackets, boots and bindings, and helmets. The low replacement rate of the protective gears has been one of the key restraints for the wakeboarding equipment industry.
Clothing in the wakeboarding equipment includes shorts, swimsuits and vests; among which swimsuits represent the highest sales figures. The innovation in terms of style has led to an elevated demand for wakeboard clothing. The other accessories in the wakeboarding equipment market include bindings, ropes and handles, and packages.
Wakeboarding equipment is separately available for men, women and kids. A large number of wakeboard enthusiasts usually enjoy this with their family members, which necessitates the need for wakeboarding equipment that is suitable for all the members.
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Wakeboarding equipment – a market with no demand-supply gap
A lot of water-sport infrastructure transformations have been happening across the globe, which has catalyzed the demand for wakeboarding equipment. Nearly a decade ago, wake parks did not have a defined structure as they were nearly non-existent in terms of specific design. The rise in social media and gaining coverage of water sports on TV channels have improved the wakeboarding equipment sales. The high pace of growth has left less space for the wakeboarding equipment providers to fulfill the demand and supply gap. Most of the wakeboarding equipment that is consumed is manufactured globally. The demand for eco-friendly wakeboarding equipment has been on the rise. The key manufacturers of the wakeboarding equipment have been increasing the availability of the wakeboarding equipment in the countries with high consciousness for eco-friendly products. The anticipated inclusion of wakeboarding in the 2020 Olympics is further expected to drive the demand for the wakeboarding equipment globally.
Distribution challenge for wakeboarding equipment market
The development of sales channels has been a challenge for the wakeboarding equipment manufacturers. The key sales channels for wakeboarding equipment include sports retailers, departmental stores, hypermarkets and supermarkets, and online retail. The density of sports retailers is low in the emerging countries, which is a challenge for the wakeboard manufacturers. The online purchase of wakeboarding equipment is surging due to which the key vendors are focusing on the development of this channel.
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North America adds another 100 thousand wakeboard participants
North America is the largest wakeboarding equipment market globally, and it has added 100 thousand wakeboarding participants between 2017 and 2018. In 2017, there were over three million wakeboarding participants in North America. This has kept the demand for wakeboarding equipment market in the region afloat.
Europe also has a considerable wakeboarding equipment market. The popular wakeboarding holiday locations in Europe include Serbia, Spain and Italy. The surge in the number of water parks, water sports schools and water sports clubs have amplified the demand for wakeboarding equipment in Europe and the Asia Pacific.
Fairly competitive wakeboarding equipment market
The competition is moderate in the wakeboarding equipment market. The key wakeboarding equipment market players are focusing on expanding their operations in the unexplored territories. The key vendors offering wakeboarding equipment include Eyson Lifesaving Equipment, Hyperlite, O’Brien and Ronix. Other key vendors in the wakeboarding equipment market include Airhead, Billabong, Body Glove, Cressi, Dive Rite, Jetpilot, Jobe, Rave Sports, and Slingshot.
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