Rowing Oars Market: Introduction
According to the report, the global rowing oars market is projected to surpass US$ 2.4 Bn by 2031, expanding at a CAGR of ~4% during the forecast period. Increased awareness about leading a healthy lifestyle and rise in interest in rowing as a sport are key drivers of the rowing oars market. Rise in participation in soft adventure sport activities and increase in the number of water sports enthusiasts are further boosting the rowing oars market across the globe.
The increase in the number of people joining rowing clubs is expected to drive the demand for rowing oars across the globe. The surge in the demand for sweep oars and scull oars from rowing clubs is likely to propel the rowing oars market across the globe. Rowing clubs across the globe, including Sydney Club, Rowing Global and Rowing Queensland, organize various tournaments where the demand for oars is considerably high. The rise in the participation at rowing sports is further boosting the market.
Expansion of Rowing Oars Market
The growing acquisitions and agreements between rowing clubs and rowing oars manufacturers across the globe is also a key factor boosting the rowing oars market across the globe. The rise in the number of small- and medium-scale industries across the globe is also projected to propel the rowing oars market. The increase in disposable income of consumers across the globe fuels the buying power of consumer, which, in turn, is likely to drive the demand for rowing boats and consequently, rowing oars.
China witnessed a surge in both general trade volume and proportion escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on material, the global rowing oars market has been classified into carbon, wooden, fiberglass, aluminum, and plastic. Carbon and fiberglass segments dominate the global rowing oars market. Major skilled players prefer carbon rowing oars due to the high stiffness, durability, and high strength offered by these oars.
Based on blade, the cleaver blade shape segment dominated the rowing oars market across the globe, in terms of revenue, in 2020. Cleaver blades are asymmetrical, with a somewhat rectangular shape, resembling a meat cleaver. The Randall foil segment is estimated to dominate the rowing oars market during the forecast period, as the Randall foil blade shape provides 6% more speed as compared to that offered by other blade shapes.
Regional Analysis of Rowing Oars Market
In terms of region, the global rowing oars market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global rowing oars market in 2020. It is anticipated to hold a leading share of the global market during the forecast period, as rapid expansion of manufacturing industries across the region is likely to propel the rowing oars market in the region. Europe is also estimated to hold a significant share of the global rowing oars market, owing to increase in the number of participants at rowing clubs in international tournaments, which is likely to drive the demand for rowing oars across the Europe.
Rowing Oars Market Players
Prominent players operating in the global rowing oars market include Croker Oars Pty Ltd, Concept2 Inc., Sykes Cleaver, Race1 Australia Pty Ltd., BRACA-SPORT, WINTECH Racing, Empacher, Whitehall Rowing & Sail, Denman Marine, Kiwi International Rowing Skiffs Ltd., Stancraft Boats, Sierra Boat Company, Liteboat SARL, Stancraft Boats, ECHO ROWING, Shaw & Tenney Inc., Rowing Center UK Ltd, and BBG Bootsmanufaktur GmbH.
Global Rowing Oars Market: Segmentation
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