How the global scuba diving equipment market is positioned in the review period?
Scuba diving is a form of underwater diving sport where the diver uses a self-contained underwater breathing apparatus which is called the scuba that is completely independent of surface supply, to breathe underwater. The scuba diving equipments majorly consist of the Buoyancy Control Device (BCD) and regulators, cylinders and propulsion vehicle, decompression chamber market and exposure suits (Dry Suits and Wet Suits). The global scuba diving equipment market, supported by various micro and macro influencing factors, has managed to display a moderate growth at a CAGR of ~%. The factors that have supported the market growth during the review period consisted of the rising demand for underwater photography, rising number of tourists both domestic and international worldwide, rising interests among the people for recreational water sports activities and healthy lifestyle and others. There are four major entities that include manufacturers, authorized distributors, retailers & customers.
As of 2017, the largest market for scuba diving is Americas that accounted for a share of ~% in the overall scuba diving equipment market, owing to the abundance of water bodies and increased presence of scuba diving enthusiasts in the region. It was followed by Europe, APAC and MEA, that together held a share of ~% in terms of consumer expenditure in 2017.
During the review period, there had been a decline in the growth rate of scuba diving which was due to the restriction imposed on it in US, the largest market, due to the unfavorable weather conditions. However, to address these problems the major players in the market have launched various innovative products like thermal wetsuits that has encouraged more scuba divers to increasingly participate in the sport with ease and comfort. These thermal wetsuits help maintain divers’ body temperature during extreme temperatures.
The rising interest in recreational water sports has also supported the market to a great extent. It has been observed that, among the youth population aged between 6-17 years, along with the traditional water sports activities there have been a budding interest for water sports activities such as scuba diving.
Which is the best selling scuba diving equipment?
Buoyancy Control Device (BCD) and the Regulators account for the largest share of ~% in the scuba diving equipment market in 2017.
Cylinders and diver propulsion vehicle together accounted for a share of ~% in the scuba diving equipment market in 2017. These are also among the essential equipments in the market. They have accounted for a lower share in the market due to the lack of repeat business. The replacement rate for the same is low.
Decompression chamber accounted for a share of ~% in terms of consumer expenditure in the scuba diving equipment market in 2017.
The apparel segment of the sport majorly includes wetsuits and drysuits. These exposure suits have accounted for a share of ~% in the scuba diving equipment market in 2017.
Other equipments in the market includes accessories such as headset/Hood, Watch, Torch, Knife and other accessories requires while performing the water sport. As of 2017, the segment has accounted for the least share of ~% in the scuba diving equipment market.
Which region has contributed highest among scuba diving equipments?
The scuba diving equipment market has been dominated by the region Americas accounting for a share of ~% in the year 2017. The major factors that support the domination of the region in the market are the presence of numerous scuba diving sites and the number of enthusiasts present in the region. The US holds the largest market for scuba diving equipments in Americas owing to the scuba diving destinations in the southern and western coasts.
Europe has accounted for the second largest share in the scuba diving equipment market holding a share of ~% in the overall consumer expenditure. The market is lead by the tourism sector in the region.
APAC accounted for a share of ~% in the scuba diving equipment market in 2017. The market is also led by tourism and the region has been the fastest growing region for the scuba diving equipment market as of 2017.
As for all other water sports activities, Middle East and Africa has accounted for the least share of ~% in the scuba diving equipment market. The lack of natural water bodies, low visibility unfavorable currents and lack of enthusiasts are the major hindrances for the growth in the market.
Scuba Diving Equipments Market- Competitive Landscape
Global scuba diving equipment market is highly fragmented with the presence of large and medium sized players. The absence of strict regulations to enter the market has made it easy for new players to easily enter the market raising the level of competition in the market.
Majority of the well-established players in the market depend on small suppliers and outsourced processes for manufacturing the equipment parts. Similarly the suppliers in the market depend on many manufacturers to sell their products. Hence, the bargaining power of suppliers can be considered to be moderate.
The players operating in the market are focusing on refining their production techniques and increasing efficiency and innovation. Moreover, companies are focusing on increasing their production capacity by establishing new production plants. This is expected to raise the capacity of the market to meet the growing demand from the customers.
The players in the market compete on many factors such as quality, price, technological advancements, geographical presence, innovations and brand position. Different companies adopt different strategies to sustain in the market.
Rapid technological changes and consumer preferences in the scuba diving equipment market along with the inflow of private labels has increased the competition in the market. As a result, players need to produce technologically advanced and innovative products and distinguish their offerings to sustain in the market.
Scuba Diving Equipments Market- Future Projections
The global scuba diving equipment market is anticipated to grow at a CAGR of ~% in the forecast period from 2018-2022E. Some of the major growth drivers for the market are considered to be the rising popularity of the sport among the people, growing number of artificial scuba diving facilities, rising interest in underwater photography and others. It is expected that the consumer expenditure in the market shall reach USD ~ billion by 2022
The Americas is expected to be the leading region in the scuba diving equipment market. The region’s growth can be attributed to the rising number of both inland and outdoor scuba diving facilities and growing interest among the people for underwater photography.
Moreover, the market is expected to witness an increased focus of the major players on technological advancements made in the product offerings. In the coming years the market is expected to see an increase in the number of innovative products and scuba diving accessories.
The equipments BCDs and regulators are expected to continue its leading position in the market owing to its replacement rate and price.
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