Mass Appeal from Youngsters to Accelerate Unit Sales of Kiteboarding Equipment, States Fact.MR
Published : 16 Feb 2022 Industry: Sports
As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global kiteboarding equipment market is anticipated to exceed a valuation of US$ 909 million in 2022, and expand at an impressive CAGR of 14.7% over the forecast period of 2022 to 2032. Increasing participation in recreational water sports is majorly driving market expansion across regions.
Rising involvement of sports enthusiasts in recreational water sports continues to boost the sales of recreational water sport products such as kiteboards, kites, kite bars, and other surfing accessories. For instance, according to the National Marine Manufacturers’ Association (NMMA), more than 181 million people in the United States participated in recreational water sporting activities in 2020.
Kiteboarding, which has become increasingly popular in recent years, is no exception, and is expected to gain high traction, which is expected to push the sales of kiteboarding equipment beyond US$ 3.6 Billion by the end of 2032.
Key Takeaways from Market Study
- 141 – 150 cm kiteboards are likely to witness sales of close to US$ 1.5 billion by 2032.
- Based on equipment/gear, kiteboards and kite bars are likely to hold a market share of around 18% and 31%, respectively, by 2032.
- The 9 – 13 meters segment in kite size is likely to expand at a CAGR of 15.6% over the forecast period of 2022-2032.
- Based on region, demand for kiteboarding equipment is expected to increase at CAGRs of 14.5% and 12.7% in Europe and Middle East & Africa, respectively.
- Together, North America and Europe are likely to represent over 75% of overall market share in 2022.
- The market in East Asia is expected to be valued at US$ 293 million by 2032.
“Increasing number of active participants in international games to aid higher adoption of kiteboarding equipment,” says a Fact.MR analyst.
Brands associated with kiteboarding equipment are developing kites and kiteboards for entry level participants. The trend of easy accessibility of kiteboards to participants at the beginner level continues to augment the sales of kiteboards, thereby accelerating growth of the market. Sports associations are focusing on organizing trade shows to enhance the popularity of the sport, developing higher consumer engagement.
Market participants are improving their brand presence through promotional activities at international events and through sponsorships. Market frontrunners have captured significant market share through robust distribution networks and integrated sales channels, avoiding margin leakage. Long-term partnerships across sales channels have enabled manufacturers to generate consistency in demand.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global kiteboarding equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by equipment/gear (kiteboards, kites, kite bars, kite harness, safety gear, and accessories), by kiteboard size (<130 cm, 131 – 140 cm, 141 – 150 cm, and >150 cm), by kite size (<8 meters, 9 – 13 meters, 14 – 18 meters, and >18 meters), by consumer orientation (men, women, unisex, and kids), and by sales channel (specialty sports outlets, direct to customers, supermarkets & hypermarkets, and third-party online), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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Consultant – Sports Division