Canoeing and Kayaking Equipment Market size is set to grow by USD 150.6 million from 2024-2028, Growing preference for recreational kayaking to boost the market growth, Technavio

NEW YORK, July 9, 2024 /PRNewswire/ -- Canoeing requires essential equipment such as canoes or kayaks, paddles, personal flotation devices (PFDs), safety gear (like helmets and throw bags), and appropriate clothing (including wetsuits or drysuits). The global canoeing and kayaking equipment market is projected to grow by USD 150.6 million from 2024-2028, driven by increasing recreational kayaking preferences and a trend towards artificial water sports experiences. However, the high initial costs of canoes and kayaks often lead consumers to prefer rental options, presenting a challenge for market expansion. Key players in this market include AIRE Inc., Airhead Sports Group, Aqua Marina, and others.

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Key Market Trends Fueling Growth

The global canoeing and kayaking equipment market is experiencing a notable trend with the increasing popularity of artificial water bodies for these activities. These man-made facilities provide water sports enthusiasts with a convenient and accessible option, allowing them to engage in their preferred activities throughout the year, regardless of seasonal limitations. Notable examples include the US National Whitewater Center in Charlotte, North Carolina, which houses the world's largest artificial river suitable for rafters and kayakers. Similarly, Kielder Water in northern Europe is a significant man-made lake that attracts tourists for canoeing and water skiing. Furthermore, the emergence of surf parks integrated with artificial wave technology is a growing trend, with at least 10-15 such parks scheduled to open in Russia, Spain, and Hawaii in the coming years. These developments not only cater to the demand for water sports but also create opportunities for related businesses, such as restaurants and lodging establishments, to flourish. Consequently, the growth of artificial water sports experiences is expected to significantly drive the canoeing and kayaking equipment market during the forecast period. 

The Canoeing and Kayaking Equipment market is experiencing notable trends. Governmental programs promoting water accessibility boost sales. High-quality equipment is in demand, driven by customers seeking safe and durable gear. Weather conditions and transportation to waterbodies impact market size. Rival water sports and security issues influence consumer choice. Skill level, economic downturns, and physical restrictions also factor in. Age, boating activity, and degree of risk influence product distinctiveness. Surface water sports, paddle sports contests, and mountaineering expand the product structure. Accessories, sporting goods retailers, online retail, departmental stores, adventure sports, outdoor recreation, adventure tourism companies, and rental services cater to diverse customer needs. Fitness and health, design and materials, paddlesports events, outdoor activities, and social media influence market dynamics. Income levels impact customer purchasing power. 

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Market Challenges

•         The canoeing and kayaking equipment market faces a significant challenge due to the high cost of canoes and kayaks, which restricts potential growth, particularly among casual users in developing regions such as Indonesia and Cambodia. The average cost of quality canoes and kayaks exceeds USD1,500, making it an expensive hobby for many. As a result, consumers often opt for renting equipment instead of purchasing it. Rental centers have gained popularity due to the wide range of brands and options they offer, as well as the ability for customers to try before they buy. Amateur users who do not engage in canoeing and kayaking frequently prefer this option. However, this trend poses a challenge to global vendors, as rental revenue does not contribute significantly to their revenue streams. Additionally, the availability and purchasing power of consumers in certain regions further limit the market's growth potential.

•         The Canoeing and Kayaking Equipment market faces several challenges. Governmental programmes and regulations impact market growth. High-quality equipment is essential for customer satisfaction, but weather conditions and access to waterbodies can limit sales. Transportation and storage are logistical issues, while rival water sports and security concerns affect market share. Skill level, economic downturns, physical restrictions, age, and degree of risk influence customer base. Boating activities like canoeing and recreational kayaking, paddle sports contests, mountaineering, and adventure tourism companies offer opportunities. Product distinctiveness, accessories, and sales channels (sporting goods retailers, online retail, departmental stores, adventure sports, and outdoor recreation) impact market structure. Age, income, fitness and health, design and materials, paddlesports events, outdoor activities, and social media influence customer preferences. Safety and security concerns, skill level, and economic conditions are key factors influencing market trends.

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Segment Overview 

This canoeing and kayaking equipment market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Sports goods retailers
• 1.2 Department stores/hypermarkets and supermarkets
• 1.3 Online retail
• 1.4 Others
2. Product 
• 2.1 Canoes and kayaks
• 2.2 Accessories
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Sports goods retailers-  The global canoeing and kayaking equipment market is dominated by the sporting goods retailers segment. This distribution channel, which includes vendors selling through sports specialty stores and vendor-specific showrooms, is popular due to several customer benefits. These advantages include the convenience of directly contacting vendors for product negotiations, a wide variety of branded options with significant stock-keeping units, better product assortment, extended trial periods, and specialized staff knowledge. Retailers like Decathlon, with over 1,500 stores in 49 countries and products for 70 sports, cater to this need. Despite challenges such as seasonal sales and inventory maintenance, the sports goods retailers segment is expected to witness significant growth due to its ability to offer a personalized shopping experience and expert product advice.

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Research Analysis

The Canoeing and Kayaking Equipment Market is a vibrant segment of the Adventure Sports industry, catering to the growing demand for Outdoor Recreation. Canoes and Kayaks offer a unique Water-based Fitness and Health experience, allowing individuals to explore various water bodies while enjoying the tranquility of nature. Design and Materials play a crucial role in the production of high-quality Canoeing and Kayaking Equipment. Paddlesports Events and Outdoor Activities attract both amateur and professional enthusiasts, driving the market's growth. Adventure Tourism Companies and Rental Services offer access to this equipment for those who may not own one. Social Media platforms and Governmental Programmes promote awareness and participation in these activities. Weather, Access to Waterbodies, Transportation, Storage, and Rival Water Sports are essential factors influencing the market. Skill level, Economic Downturns, Product Distinctiveness, Physical Restrictions, Age, and Boating activity (recreational kayaking, whitewater kayaking, etc.) also impact the demand for Canoeing and Kayaking Equipment. Accessories such as life jackets, paddles, and waterproof bags are essential for safety and enhancing the overall experience. Security Issues, such as theft and damage, are concerns for consumers. Skill level and age can influence the type and cost of equipment required. Economic downturns may impact sales, but the market's resilience and product distinctiveness keep it thriving.

The Canoeing and Kayaking Equipment Market is a vibrant sector of the Adventure Sports and Outdoor Recreation industries. This market caters to customers seeking water-based activities for fitness and health, offering various types of Canoes and Kayaks. Design and materials play a crucial role in creating high-quality equipment, ensuring durability and safety. Paddlesports events and outdoor activities attract adventure tourism companies, providing rental services for those new to the sport. Social media and income growth fuel market expansion, with governmental programs and access to waterbodies further supporting its growth. Weather, transportation, storage, and access to waterbodies are essential factors. Rival water sports, security issues, skill level, economic downturns, product distinctiveness, physical restrictions, age, and degree of risk also influence the market. The product structure includes boats, paddles, accessories, and services from sporting goods retailers, online retail, and departmental stores.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Sports Goods Retailers
• Department Stores/hypermarkets And Supermarkets
• Online Retail
• Others
• Product
• Canoes And Kayaks
• Accessories
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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