According to a new research study of Fact.MR, the global kayak market will exhibit a moderate rise during the forecast period, 2017 to 2026.
With water sport season drawing near, sales of kayaks have revved up worldwide. Swift activities are being undertaken related to construction of artificial waterbodies, so as to enable sports enthusiasts in pursuing kayaking. With indoor adventure sports gaining enormous popularity, enthusiasts are able to participate in the sport although staying far away from relevant water bodies. Awareness about fitness & health has been rapidly surging among the common public, encouraging them to take part in water sports such as kayaking and rafting.
As these activities act as effective cardiovascular workout, people across the globe are increasingly taking interest in the sport. Improved balance & coordination, provision of endurance training, and strength build-up are key benefits of kayaking that are driving its popularity. Apart from the provision of health benefits, kayaking also enables individuals in having a close interaction with nature, which in turn helps in reducing tension and stress. Gradual realization of benefits associated with kayaking has been attracting more individuals towards the sport, thereby driving sales of kayaks.
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In North America, participation rates in the paddle sports such as kayaking has showcased a tremendous surge. Governments in the region are promoting adventure tourism through establishment of championships, in a bid to propel popularity of such sports. For example, The Pan Am Championships are an imperative kayaking championships held annually in the region. North America will therefore remain the leading market for kayak, in terms of revenues as well as sales expansion.
Sports variety stores and modern trade channels offer popular brands of kayak, which has made them attractive shopping destinations. These sales channels enable a closer evaluation of the products, meanwhile providing the required intelligence and support to customers. Presence of expert customer service personnel has further propelled popularity of these sales channel in the global kayak market. Sports variety stores and modern trade are set to account for the largest revenue shares of the market during the forecast period.
Pervasiveness in high demand for recreational kayak will remain intact in the upcoming years. Recreational kayak will continue to be sought-after among various products available in the market, as these are suitable for paddlers with all abilities in light of their characteristics such as ease of paddling & comfort, stability, and user-friendly design. Revenues from recreational kayak sales will remain slightly larger than those from touring and racing product segments combined.
The global kayak market is relatively more competitive across established western markets. Prevailing competition along with technological upgrades that have been and are being made in kayaks is likely to have a positive influence on the market expansion. In a bid to acquire a competitive advantage, distinguishing product & service offerings via a unique and clear value proposition has become imperative for prominent players in the global kayak market.
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While new market entrants are focusing on product innovation, established players are competing one another in terms of brand, quality, and cost. Key players supporting expansion of the market, as identified by the report, include Advanced Elements, Aqua Xtreme, Klepper Faltbootwerft, BIC Sport, Nautiraid, and TRAK Kayaks.
5 Key Projections on Future of Kayak Market for the Forecast Period 2017-2026
North America is set to record the fastest kayak sales expansion through 2026, trailed by Asia-Pacific excluding Japan. Revenues from kayak sales in North America will account for bulk share of the market during 2017 to 2026.
Revenues from kayak sales in Europe and APEJ are also anticipated to remain significant. In contrast, revenues from kayak sales in Middle-East & Africa and Latin America will continue to be sluggish.
Recreational kayak are expected to remain dominant among products in the global kayak market. Approximately half revenue share of the market is projected to be held by recreational kayak during the forecast period.
Touring kayaks are also expected to endure as popular product in the market, with sales poised to exceed revenues worth US$ 160 Mn by 2026-end. Racing kayaks, on the other hand, will continue to remain the least lucrative product in the market.
In terms of revenues, sports variety stores are set to spearhead the global kayak market on the basis of sales channels, followed by modern trade channels and third party online channel. Direct to customer online channel will account for the smallest market revenue share during 2017 to 2026.
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