Originally Published on: technavio |Air Sports Equipment Market by Product, Application, and Geography - Forecast and Analysis 2023-2027
The global Air Sports Equipment market is projected to grow significantly over the forecast period, with a Compound Annual Growth Rate (CAGR) of 8.08% between 2022 and 2027. This growth can be attributed to various factors, including the increasing popularity of extreme adventure activities, the growing prominence of competitive air sports, and the health benefits associated with these activities.
Air Sports Equipment Market Overview
The Air Sports Equipment market report covers a detailed market segmentation, including various product categories, applications, and geographical regions. The main product categories include paraglider/canopy/reserve parachute, container and harness, protective gear, and others. The applications encompass skydiving, paragliding, base jumping, and bungee jumping. The geographic regions include Europe, APAC, North America, South America, and the Middle East and Africa.
Market Growth Drivers
Increasing Popularity of Extreme Adventure Activities: The rising popularity of extreme adventure sports has led to more people participating in activities like paragliding, skydiving, bungee jumping, and base jumping. These sports provide long-term mental and physical benefits, attracting adventure enthusiasts. Governments and tour operators are also promoting these activities through advertising campaigns.
Technological Innovations: Continuous technological innovation is crucial for attracting customers and increasing sales of air sports equipment. Major competitors are constantly updating their products to enhance safety, protection, and comfort. Innovations include the development of devices like the Automatic Activation Device (AAD) to deploy rescue parachutes in emergencies. Some competitors are also focusing on using recycled materials to manufacture air sports equipment.
Market Challenges
Risk of Fatal Falls and Injuries: Adventure sports, including air sports, involve a high level of risk and the potential for severe injuries or fatalities. Fear of heights and physical limitations can deter people from participating. Specific sports like bungee jumping have a relatively higher rate of accidents and serious injuries, including eye, spine, and neck injuries, or even death. The fear of such risks can hinder market growth.
Fastest-Growing Segment
The paraglider/canopy/reserve parachute segment is expected to witness significant growth during the forecast period. Paragliders and canopies are crucial components of paragliding equipment, known for their lightweight and safety features. As more people take up paragliding, the demand for these products is likely to surge. Additionally, innovations in product design and materials are contributing to the growth of this segment.
Key Regions for Market Growth
Europe is expected to contribute the most to the global air sports equipment market's growth, with a 51% share. The region boasts numerous adventure tourism destinations and well-developed adventure sports offerings, making it a significant revenue generator in the market.
Impact of COVID-19
The COVID-19 pandemic initially disrupted business for air sports equipment vendors due to lockdowns and travel restrictions. However, as vaccination programs began, governments lifted restrictions, and online distribution channels started to boost sales. Many consumers purchased their own air sports equipment, such as parachutes, containers, harnesses, and protective gear, further stimulating the market's growth.
Key Market Vendors
Leading market vendors are implementing various strategies to enhance their market presence. One such company, Adrenalin Base, offers a range of air sports equipment, including wingsuits, pilot chutes, canopies, and more. The report provides detailed analyses of the competitive landscape, including information about 15 key market vendors.
In summary, the global Air Sports Equipment market is expected to grow at a steady rate, driven by the increasing popularity of adventure sports, technological innovations, and the growth of adventure tourism in regions like Europe. However, challenges related to the risk of injuries and fatalities may hinder this growth to some extent.
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