The global diving equipment market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). The global diving equipment market is expected to grow rapidly during the projected period, owing to factors such as major advancements in diving equipment and the rising popularity of diving sites. Moreover, increased disposable income of individuals is likely to fuel global diving equipment market growth. Furthermore, the strong interest of youth in adventure sports in emerging nations, as well as the expanding tourist sector, is expected to provide profitable possibilities for key players in the global diving equipment market during the projected period.
Key players in the global diving equipment market include Johnson Outdoors Inc., American Underwater Products, Inc., Mares S.p.A, AQUATEC - DUTON INDUSTRY CO., LTD., Poseidon Diving System AB, Aqua Lung International, Cressi Sub s.p.a, Beuchat, H2Odyssey, and Dive Rite.
Key players concentrate on important market tactics such as mergers, acquisitions, collaborations, and partnerships. They also strive to expand their market presence in order to sustain their credibility in an ever-competitive market.
The global diving equipment market is projected to expand due to a rise in industrial and building activities, increasing disposable income, and a boom in coastal tourism. Government measures to develop and promote travel and tourism, combined with the emergence of low-cost airlines, have had a tremendous impact on the worldwide tourism industry. The expansion of the global tourism industry has a significant effect on the economic development of diverse destinations, particularly mass tourist attractions such as coastal regions. Many people from all over the world prefer to visit coastal places, especially in winter. Coastal visitors are more interested in regions that match the three S requirements, Sea, Sand, and Sun.
Moreover, with the emergence of numerous adventure sports, recreational diving is becoming increasingly popular among visitors, adventurers, and honeymoon couples. This is expected to fuel the expansion of the diving equipment market during the forecast period. However, market growth is expected to be hampered by an increase in catastrophic diving accidents and the expensive cost of the device and training. Nonetheless, the practice of a sustainable aquatic environment is expected to promote marine flora and fauna and draw more recreational divers. This is expected to support the growth of the diving equipment market.
Moreover, specialty stores are expected to be the main suppliers in global diving equipment market. These stores can be found in the majority of coastal communities near diving spots. Reputable diving stores provide a broad array of products ranging from basic scuba equipment and accessories to specialty items such as underwater propulsion gadgets. The online segment is expected to witness massive growth in the global diving equipment market during the forecast period. Online platforms such as Alibaba and Amazon are among the top companies in this segment.
The North America diving equipment market is projected to expand due to technological advancements in diving equipment and increasing disposable income to spend on leisure activities in this region.
The Asia Pacific diving equipment market is expected to grow due to the multiple activities associated with dive tourism and marine-related research activities, both of which necessitate regular dives. Furthermore, a rise in government expenditure for research and development efforts, as well as an income growth in developing nations like China, India, the Philippines, Indonesia, and Thailand, which have seen a surge in the number of diving activities, are expected to fuel market growth in this region over the forecast period.