Which Factors are Driving the Popularity of Kiteboarding?
Rising popularity of adventure tourism coupled with proliferating beach culture has been powering market growth for kiteboarding equipment. Travellers are increasing their spending on adventure sports such as kiteboarding, over staying at hotels during holidays.
Increasing awareness of kiteboarding via social media is propelling demand for kiteboarding equipment. Kiteboarding is widely celebrated as an adventurous activity, especially in beach and water coast countries. Governments in countries such as the U.S and Canada are encouraging water adventurous sports and activities such as kiteboarding to drive gains in their tourism industry.
Which Industry is Adding Most Value to the Kiteboarding Equipment Market?
“Tourism Sector to Majorly Drive Kiteboarding Equipment Sales”
The tourism industry has been investing huge sums in elevating the growth standards of adventure sports to promote better global tourism. This is also a key contributor to the growth of the global market. Social media marketing and other inbound hacks have also played a major role in promoting adventure sports across the world.
The market for kiteboarding equipment has seen unprecedented growth in South Asia and Oceania due to the presence of several countries with beaches and water bodies. This is likely to push these regional markets to valuations of US$ 50 Mn and US$ 55 Mn, respectively, in 2022.
What Can Stunt Kiteboarding Equipment Demand Growth to Some Extent?
“High Cost Factor and Dangers Associated with Kiteboarding Hampering Demand Growth”
Kiteboarding is considered a risky sports activity. A large number of incidents of injuries and drowning during kiteboarding have been observed, thereby hampering the adoption of kiteboarding equipment.
Increasing changes in climate and the resulting impact is also likely to hinder growth of the market. Kiteboarding is also a costly affair. Consumers have to shell out hefty amounts of money for purchasing safety equipment. This particular factor is restraining people from opting for kiteboarding, which is naturally hindering the growth of the global market.
How is the Australia Kiteboarding Equipment Market Performing?
“High Prevalence of Adventure Tourism in Australia Driving Sales”
Australia is attracting a large number of travelers every year mostly in summer because of their interest in going on adventure trips. Over the period of 2017-2021, demand for kiteboarding equipment in Australia surged at a CAGR 8.2% and was valued at US$ 26 Mn in 2021, which is projected to top US$ 97 Mn by the end of forecast period.
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