According to a new research study of Fact.MR, the global kayak market will exhibit a moderate rise during the forecast period, 2017 to 2026.
With water sport season drawing near, sales of kayaks have revved up worldwide. Swift activities are being undertaken related to construction of artificial waterbodies, so as to enable sports enthusiasts in pursuing kayaking. With indoor adventure sports gaining enormous popularity, enthusiasts are able to participate in the sport although staying far away from relevant water bodies. Awareness about fitness & health has been rapidly surging among the common public, encouraging them to take part in water sports such as kayaking and rafting.
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As these activities act as effective cardiovascular workout, people across the globe are increasingly taking interest in the sport. Improved balance & coordination, provision of endurance training, and strength build-up are key benefits of kayaking that are driving its popularity. Apart from the provision of health benefits, kayaking also enables individuals in having a close interaction with nature, which in turn helps in reducing tension and stress. Gradual realization of benefits associated with kayaking has been attracting more individuals towards the sport, thereby driving sales of kayaks.
Top-Notch Fishing Kayaks offered by Manufacturers to Influence the Market Expansion
With the season of water sports being in close proximity of enthusiasts, kayak sales are witnessing a significant surge across the globe. Fishing kayaks account for majority of the sales. Several manufacturers view fishing kayaks as a lucrative opportunity with the existence of uncharted territory in the kayak market, as compared to the stand-up paddling that has become a saturated market. Established kayak manufacturers are currently offering top-notch fishing kayak models, thereby driving sales of the category. Several groups of individuals have sought fun, accessibility, and mobility in kayak fishing.
Kayaking is an environment-friendly sport, which is human powered for the outdoor enthusiasts who crave natural experiences. Sales of accessories and necessities that go along with the sport have also witnessed a robust growth, meanwhile demonstrating the impacts that sales of kayak have on relevant categories. Estimations imply generational factors will rev up kayak sales, as more & more Baby Boomers, who favor human-powered recreation and tend to be active outdoor enthusiasts, retire and seek soft adventures to leverage their leisure time. In a bid to escalate revenue amassed from the tourism industry, several governments around the world are encouraging growth of the water sports industry through implementation of promotional campaigns coupled with the recruitment of tour operators. Such promotional initiatives will further propel participation in kayaking, thereby boosting sales of kayak.
5 Key Projections on Future of Kayak Market for the Forecast Period 2017-2026
1) North America is set to record the fastest kayak sales expansion through 2026, trailed by Asia-Pacific excluding Japan. Revenues from kayak sales in North America will account for bulk share of the market during 2017 to 2026.
2) Revenues from kayak sales in Europe and APEJ are also anticipated to remain significant. In contrast, revenues from kayak sales in Middle-East & Africa and Latin America will continue to be sluggish.
3) Recreational kayak are expected to remain dominant among products in the global kayak market. Approximately half revenue share of the market is projected to be held by recreational kayak during the forecast period.
4) Touring kayaks are also expected to endure as popular product in the market, with sales poised to exceed revenues worth US$ 160 Mn by 2026-end. Racing kayaks, on the other hand, will continue to remain the least lucrative product in the market.
5) In terms of revenues, sports variety stores are set to spearhead the global kayak market on the basis of sales channels, followed by modern trade channels and third party online channel. Direct to customer online channel will account for the smallest market revenue share during 2017 to 2026.
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The global kayak market is relatively more competitive across established western markets. Prevailing competition along with technological upgrades that have been and are being made in kayaks is likely to have a positive influence on the market expansion. In a bid to acquire a competitive advantage, distinguishing product & service offerings via a unique and clear value proposition has become imperative for prominent players in the global kayak market.
While new market entrants are focusing on product innovation, established players are competing one another in terms of brand, quality, and cost. Key players supporting expansion of the market, as identified by the report, include Advanced Elements, Aqua Xtreme, Klepper Faltbootwerft, BIC Sport, Nautiraid, and TRAK Kayaks.
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