How the Global Snorkeling Equipment Market Currently Positioned?
The review period 2012-2017, Snorkeling Equipment Market has witnessed a moderate growth at a CAGR of ~%. Growth in the market can be attributed to the supportive trends visible in the market such as technology innovations, rising popularity of the sport, spreading awareness on the health benefits of snorkeling and others.
The participation in the sport has seen a rise during the review period especially in the regions like APAC and MEA. The demand in these markets is led by tourism. Rising number of tourists in these regions have led to a rise in the demand for snorkeling equipments. Moreover, to increase the revenue from tourism, governments across the world are also supporting the market by maintaining and preserving more snorkeling sites.
It is observed that most established snorkeling equipment manufacturers depend on small factories or outsourced processes for manufacturing equipment parts.
The launch of innovative snorkeling equipments has turned out to be an important emerging trend. During this period, it was observed that the major players in the market were greatly focusing on delivering innovative product offerings with respect to design, color, shape and weight, to meet the needs of individual consumers.
The largest market for snorkeling equipment in the world during the period 2012-2017 was Americas, followed by APAC. Both these markets have experienced a high demand for the snorkeling equipments.
In APAC, the market has witnessed a growth of over ~% owing to the rising popularity of the sport in this region. The presence of many stretched coastlines is the major reason for the fastest growth of APAC.
It has been observed that in the recent years renting of snorkeling equipments have gained a significant traction among the people especially in the regions like APAC and Europe. People in these regions generally go for snorkeling in their vacations. Hence, they prefer to rent equipments from rental stores than owning one.
Which is the Best Selling Snorkeling Equipment?
The snorkeling equipment market has been dominated by snorkels as of the year 2017. The demand for snorkels is directly proportional to the demand for snorkeling as a sport. In 2017, it accounted for a share of ~% in terms of consumer expenditure in the overall snorkeling equipment market. The major drivers for the increased market share of snorkels are their increased application among the users and their improved features.
Snorkeling masks holds the second largest share in the consumer expenditure derived in the market. It accounted for a share of ~% as of 2017. With advancement in technologies, the companies have been able to manufacture the masks keeping the consumer preferences in mind.
Snorkeling Fins accounted for a share of ~% in 2017. Fins are made depending on the type and preferences of the customers in the market. They are attached to the feet by way of either a shoe-like foot pocket or a half foot pocket with a heel strap.
Other equipments in the snorkeling equipment market include snorkeling vests, underwater cameras and related accessories.
They accounted for a share of ~% as of 2017.
Which Region has contributed Highest AMONG Snorkeling Equipments?
As of 2017, Americas accounted for the largest share in global snorkeling equipment market. It accounted for a share of ~% in terms of consumer expenditure. The domination of a region is supported by the factors such as the number of water bodies, snorkeling sites, participations, presence of enthusiasts and others. In Americas, the major revenue contributor to the market is the US. In the US snorkeling is among one of the most practiced water sports activity.
APAC accounted for the second largest share in the global snorkeling equipment market in 2017. It held a share of ~% in the overall market. It is one of the fastest growing markets for snorkeling as a sport and related equipments.
In 2017, Europe accounted for a share of ~% in the snorkeling equipment market. The region possesses a significant number of snorkeling sites. Major share of revenue to the market in this region is contributed by Germany and France.
Middle East and Africa has accounted a share of ~% in the snorkeling Equipment market. The share of the region in the market can be attributed to their growing tourist destinations such as Dubai, Abu Dhabi, Egypt and South Africa.
Is the Competition Landscape Concentrated?
The global snorkeling equipment market highly fragmented with the presence of mid-sized and big players. The sport has a well-established market in the regions like Americas and APAC owing to the increased scope and interest of the public in underwater photography and exploration.
Both the suppliers and manufacturers in the market depend on multiple sources for their requirements. As a result, the bargaining power of suppliers in the market is moderate. Furthermore, high establishment cost incurred for the setting up of a manufacturing unit in the market leads to a discouragement among the new players to enter the market.
The need for technological upgrades, changing consumer preferences, changing demographics is the factors infusing competition in the market.
The market includes both exclusive snorkeling equipment manufacturers as well as multiple water sports equipment manufacturers. This makes the competition in the market tougher. The manufacturers of multiple water sports equipments generally have an advantage over the other players as they may be an already established brand for a similar other water sport equipment. This reduces their promotional expenses.
Some of the major parameters on the basis of which competition is led in the market include price, geographical presence, brand image, product portfolio and innovation.
To survive in the market it has become mandatory for the players to bring innovation in their products and to technologically upgrade their products with time and changing consumer preferences.
Snorkeling Equipments Market- Future Projections
The snorkeling equipment market is expected to grow at a substantial rate in the coming five years. The growth is expected to be at a CAGR of ~% in the forecast period 2018-2022. Some of the major factors that shall drive growth in the market in the coming years include the launch of innovative snorkeling equipments, rising interest in underwater photography, increasing use of eco-friendly and better quality equipments and others.
The region Americas is expected to dominate the market in the coming five years, owing to an increased participation rates and popularity of new snorkeling sites in the region.
APAC is anticipated to be the fastest-growing region among all the other geographical regions in the global snorkeling equipment market.
Additionally, competitors are focusing on developing advanced snorkeling fins that are better than regular fins currently available in the market. Many types of equipment are incorporating high-tech materials that are strong yet lightweight, flexible and resistant to chemicals, which are being marketed by global competitors.
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