APAC to Register the Faster Growth Rate in the Global Scuba Diving Equipment Market Until 2020, Reports Technavio
The global scuba diving equipment marketis expected grow at a CAGR of close to 4% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the globalscuba diving equipmentmarketfor 2016-2020. For calculating the market size, the report has taken into consideration the revenue generated from the sales of different types of scuba diving equipment. Based on product type, the market has been segmented into the following categories: rebreathers, apparel, diving computers and gauges, and others.
Technavio’s research study segments the global scuba diving equipment market into the following regions:
APAC: largest market for scuba diving equipment
The Americas led the market with 57% of the market share in 2015 and the region is expected to continue leading the market over the next five years. An increased awareness of the benefits of a healthy lifestyle and the growing number of scuba divers are expected to be the major growth drivers for the region.
The US, with its numerous scuba diving sites, drives the market in the region. The US not only has numerous prime scuba diving sites on its southern and western coasts, but a large number of freshwater springs, lakes, and quarries, which provide diving sites in its inland regions as well. The country’s saltwater scuba diving coasts can be found in Florida, California, and Hawaii.
Mantri Charan Kumar, a lead analyst at Technavio for research on outdoor gear, says, “Diving enthusiasts also find Colombia and Argentina in South America attractive diving destinations. Endangered southern right whales, sea lions, and seals can be found as some of the major attractions under water, which again contributes to the popularity of the region for scuba diving.”
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Scuba diving equipment market in Europe
A large number scuba diving sites spread across Europe make it the second-largest revenue contributor to the global scuba diving equipment market with a share of 22% in 2015. This region is estimated to maintain stability in its growth rate during the forecast period due to the market approaching maturity.
Among the vast number of countries offering the sport, France and Germany are the leading contributors to the market in Europe. Apart from the aforementioned countries, Turkey, Italy, Spain, and Belgium have major scuba diving sites. Known to be lined with over 125 shipwrecks, Turkey’s coast makes for an attractive dive destination, something that most divers look forward to. Italy is yet another European country that has attractive dive sites. With the 14th longest coastline in the world, the country has popular dive sites along the coast as well as inside its landlocked region.
Scuba diving equipment market in APAC
APAC, which is the fastest growing region among all other geographic segments, held 16% of the market’s share in 2015. This share is expected to go up to 17.35% by 2020.
“South Korea and Australia are the prime markets for scuba diving equipment in the region. A few other prominent regions contributing significant amounts of revenue to the market are Indonesia, Hong Kong, Taiwan, Thailand, and Singapore. Indonesia is situated within the Coral Triangle, making it the center of marine diversity,” says Mantri.
Scuba diving equipment market in MEA
MEA held the smallest share of the global scuba diving equipment market in 2015, and is estimated to continue to do so during the forecast period as well. It also registers the lowest CAGR among all the other geographic regions, mainly due to the lack of dive sites. Dubai is one of the key regions for scuba diving in the Middle East. Owing to the lack of natural reef environment, the region focuses more on wreck diving. However, scuba diving activities in the region are hugely limited due to unfavorable currents and the resultant bad visibility. Apart from Dubai, dive sites are also present in South Africa and Egypt.
The top vendors in the global scuba diving equipment market highlighted in the report are:
- American Underwater Products
- Aqua Lung International
- Johnson Outdoors
- Sherwood Scuba
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