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I AgreeAnalysis of Towable Tubes market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Newly-released data on towable tubes shows that the global towable tubes market experienced year-on-year (YoY) growth of 3.5% to reach US$ 420.1 million at the end of 2021, with two rider towable tubes accounting for the largest share of 40.1%.
The market for global towable tubes is expected to create an absolute dollar opportunity of US$ 252.6 million during the forecast period (2022-2032).
Report Attributes |
Details |
---|---|
Towable Tubes Market Size (2022E) |
US$ 434.8 Million |
Forecasted Market Value (2032F) |
US$ 687.4 Million |
Global Market Growth Rate (2022-2032) |
4.7% CAGR |
North America Market Share (2021) |
~32.1% |
North America Market Growth Rate (2022-2032) |
4.4% CAGR |
U.S. Market Growth Rate (2022-2032) |
4.5% CAGR |
Market Share of Top 5 Companies |
~26% |
Key Companies Profiled |
|
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Towable tubes enjoy high demand across various applications such as water sports events, surfing, and others. Continuous efforts of governments towards the safety of tourists at water bodies are attracting more tourists. Market players are also adopting various strategies such as direct-to-consumer selling through their online portals to gain high-profit margins.
Water tubing, being an economical and fun activity, is gaining traction across several parts of the world, majorly in Europe and North America. Users are demanding safer and new designs and economical towable tubes to suit their tourism budgets.
Customization and online sales have driven the sales of towable tubes in recent years. Utilization of sustainable material for the production of towable tubes and integration of enhanced safety and security measures will pave the way for market growth over the projected period of 2022-2032.
As per the recent analysis by Fact.MR, a market research and competitive intelligence provider, the market value for towable tubes increased at a CAGR of 3.5% during the last four years.
Overall, worldwide demand for towable tubes is poised to create an absolute dollar opportunity of US$ 252.6 million by 2032.
“Renting Equipment: Trend Complementing Market Expansion”
With increasing tours and the rising travel industry, beachside areas are witnessing high footfall. Seeing this as an opportunity, governments and NGOs conduct water sports to drive more visitors. This led to an increase in the demand for rental water sports equipment.
In addition, major market players have established trade relations with water sports organizations, resorts, rental equipment service providers, and others. Manufacturers of towable tubes also conduct water sports events with a social message to spread awareness and promote product sales. Market players are also providing customized solutions to rental service providers to build long-term trade relations and increase their sales opportunities.
“Recreational Activities & Events: Promotes Sales”
Recreational activities have increased post-pandemic as individuals are exploring new adventures. Water sports, especially those related to boating and water skiing, are the most preferred activities.
Rising disposable income is being witnessed across regions.
For instance, the household disposable income (gross, per capita, percentage change) of Hungary was 6.33% in the year 2017 and reached 8.30% in 2021.
Hence, people are spending more on leisure activities and traveling. Beaches and pool events are amplifying the demand for towable tubes.
Attributed to the aforementioned factors, especially escalating towable tube demand, the market is projected to grow 1.6X by the end of 2032 at a CAGR of 4.7%.
“Focus on Towable Tube Material Offering Safety”
Towable tubes are mostly made of nylon and vinyl as they are cost-effective. However, restrictions on the use of plastic and its impact on the environment may challenge market growth. Major market players should focus on adopting environment-friendly materials that eliminate the harmful impacts of micro-plastic on the environment.
Safety is a major concern regarding the use of a towable tube; it may turn upside down. It also deflates when it comes in contact with sharp objects. Such instances will hamper the adoption of towable tubes and push people to opt for appropriate alternatives. Hence, market players should focus on sustainable material use with the integration of advanced solutions to meet safety requirements.
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The U.S. holds a major market share in 2021 in North America. High market growth is projected due to increasing water sports events in the country.
Growing water sports events coupled with increasing expenditure on these events are fuelling the sales of the towable tubes across the U.S.
The North American towable tubes market is forecasted to expand at a CAGR of 4.4% to reach US$ 227.2 million by 2032, with the U.S. towable tubes market set to progress at a CAGR of 4.5% and its valuation increasing 1.7X by 2032.
Spain, being a major tourist spot for water sports activities in Europe, accounts for the largest share of the towable tubes market in Europe. Growing number of tourists in Europe, especially Spain, from all over the world, will create immense demand for water sports, and thereby, towable tubes, in the country.
In 2021, Spain held the highest score of 5.2 / 7 TTDI (Travel and Tourism Development Index). Also, the number of tourist arrivals in Spain experienced a great hike of 236% year-on-year reaching 7.46 million in June 2022.
The Spain towable tubes market is anticipated to evolve at a CAGR of 5.1% and expand 1.6X its current market valuation by 2032.
Two rider capacity towable tubes accounted for a prominent market share in 2021. Segment growth is attributed to increasing water sports events and rising tourism. Two rider towable tubes are easy to be managed by a single person as well. These do not require an air compressor for inflating; a 12V-powered hand pump would be sufficient. As such, two riders' capacity towable tubes are hugely popular across regions.
Demand for two rider towable tubes is set to register a CAGR of 5.5% during the forecasted period of 2022-2032.
Partially covered towable tubes add thrill to water sports; splashes of water increase the adventure quotient. Partially covered towable tubes also have hooks, belts, and handles to ensure safety. These tubes are easy to inflate and deflate as compared to fully covered towable tubes as they require low power for inflating the tube.
Out of the build types considered in the scope of the study, demand for partially covered towable tubes is anticipated to increase at a higher CAGR of 5.3% to reach US$ 426.8 million by 2032
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Airhead, Connelly Water Sports, Dreamer Inflatables, Gladiator, Havasu Water Sports, HO Sports, Intex Recreational Corp, iOcean Sports, Jobe Sports, MESLE Water Sports, O’Brien Watersports, Scheels Sports, and Sportsstuff, Inc. are leading manufacturers in the towable tubes market.
Major manufacturers of towable tubes are employing innovative solutions and key strategies such as customization and printing as their core competence. In addition, they are also conducting or sponsoring water sports events to spread awareness regarding their brands and product offerings. Online platforms are also playing a crucial role in the revenue generation of manufacturers of towable tubes.
Fact.MR has given in-depth information about the various strategies used by players in the towable tubes market, along with a sales analysis of towable tubes and top towable tube manufacturers, including SWOT analysis and sales generated by top towable tube manufacturers positioned across geographies.
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Currently, the towable tubes market is pegged at US$ 434.8 million.
Towable tube utilization is anticipated to increase at a CAGR of around 4.7% from 2022 to 2032.
The towable tubes market size expanded at a CAGR of 3.5% from 2017 to 2021.
Airhead, Intex Recreational Corp, Jobe Sports, O’Brien Watersports, and Scheels Sports are prominent manufacturers of towable tubes.
North America is estimated to hold 30.5% share of the global towable tubes market by 2032.