Surge in participation in water recreation sports in developing economies owing to rising disposable income is likely to create immense opportunities for the kayak market over the 2020 – 2030 forecast period. Kayaking is emerging as a popular recreational sport in developing economies as individuals and families with disposable incomes are now engaging in thrilling and adventurous sport activities. Increasing practices of vacations, outing that are close to nature for peace and tranquility is indirectly influencing the kayak market.
Key aspects based on which the kayak market is studied are product type, sales channel, buyer type, and region.
The report on the kayak market is an all-important tool for valuable insights on growth trends, opportunities, and regional landscape of the said market for the 2020- 2030 forecast period. Furthermore, the report provides in-depth analysis of competition in the kayak market, which includes past as well as current revenue share of key players. The report also provides detailed insights into winning strategies of prominent players, and how growth strategies will evolve for further advantage of these players over the forecast period.
The kayak market marks a largely consolidated vendor landscape, rendering intense competition among key players. Established players in the kayak market are competing for brand, quality, and cost. New market entrants, on the other hand, are focused on product innovation to establish foothold in this competitive market.
Prominent players in the kayak market include Advanced Elements, Klepper Faltbootwerft, TRAK Kayaks, Aqua Xtreme, and BIC Sport.
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Efforts of forest conservation bodies and government departments to develop natural water bodies such as lakes and streams for water recreation sports is positively influencing the kayak market. The use of natural water bodies for water recreation sports attracts large number of individuals of all age groups to indulge in these activities. Kayaking and rafting are two popular water recreation sports that are popular among individuals seeking adventure and thrill.
Besides thrill and adventure, kayaking helps to improve balance and coordination, and has the provision of strength build-up and endurance training. Such benefits are luring individuals for kayaking, for which they even travel long distances to experience the sport. Further, experience of being close to nature for pure air and tranquility are some other benefits of kayaking. The collective benefits of kayaking is positively influencing the kayak market.
Emergence of specialty stores for water recreational activities is adding another dimension to the growth of kayak market. The growing popularity of online retail and vast selection of kayaking equipment on sporting shopping portals is amplifying the expanse of kayak market.
Kayak Market: Regional Assessment
North America is the leading region in the kayak market. Tremendous popularity in water recreation sports due to an appetite for thrill and adventure is positively influencing the kayak market. Governments in the region are promoting adventure tourism, which is another key factor fuelling the kayak market. Further, state level and national level kayaking championships organized by government bodies and sporting leagues is further bolstering the kayak market in the region.
Europe is another key region in the kayak market. Presence of large number of natural water bodies and inclination of individuals for adventure sports is a primary factor fuelling the kayak market in the region. Substantial disposable income of individuals to spend on recreational activities is another factor fuelling the kayak market in the region.
Asia Pacific is anticipated to register robust growth in the kayak market in the forthcoming years. Economic growth in developing countries of the region resulting in increasing spending on expensive outings is boosting the kayak market in the region.
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