Dublin, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The "Kayak Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts - 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The kayak market is expected to grow at a CAGR of 3.5% during the forecast period of 2023 to 2031, exhibits promising growth driven by factors such as rising outdoor recreation interest, health and wellness trends, and the growth of eco-tourism.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
One of the primary drivers of the Kayak Market is the growing interest in outdoor recreational activities. Kayaking offers a unique opportunity for individuals and families to connect with nature while enjoying physical activity. Recent trends indicate an uptick in participation rates, with more people seeking outdoor adventures. This is supported by data showing a significant increase in kayak rentals and purchases.
People are increasingly prioritizing their physical and mental well-being. Outdoor recreation, including kayaking, offers a holistic approach to health by combining exercise with exposure to natural environments. The physical benefits of kayaking, such as cardiovascular fitness and muscle strengthening, align with health-conscious lifestyles.
Urbanization has led to crowded and fast-paced city living. Many individuals seek respite from urban stressors by venturing into the great outdoors. Kayaking allows people to escape to serene waterways, where they can unwind, disconnect from technology, and find tranquility in natural surroundings.
Health and Wellness Trends
The emphasis on health and wellness has driven the popularity of activities that promote physical fitness. Kayaking aligns with these trends, as it provides a full-body workout that engages various muscle groups. Additionally, being out on the water offers mental relaxation and stress relief. The health benefits associated with kayaking, including cardiovascular fitness and improved core strength, have contributed to its appeal.
Growing Tourism and Ecotourism
The tourism industry has witnessed a surge in demand for eco-friendly and sustainable experiences. Kayaking, especially in natural settings such as rivers, lakes, and coastal areas, aligns perfectly with ecotourism principles. Many tour operators now offer kayak-based excursions for wildlife viewing and exploration of pristine environments. This trend is supported by an increase in bookings for kayak tours in ecologically sensitive regions.
Inadequate Infrastructure and Accessibility
Despite the growing interest in kayaking, a significant restraint is the inadequate infrastructure and limited accessibility to suitable water bodies. Many potential kayakers face challenges in finding suitable access points, such as docksor launch sites. This can deter participation, especially among beginners who may be discouraged by the lack of convenient and safe entry points.
Recreational Kayaks Dominates the Market by Type
Recreational kayaks often hold the highest revenue in the kayak market. These kayaks are designed for casual users and are characterized by their stability and ease of use. They are ideal for beginners, families, and individuals looking for a relaxing paddling experience. Recreational kayaks are versatile and can be used on calm rivers, lakes, and ponds, making them popular among a wide range of consumers.
Their stable and easy-to-maneuver characteristics make them an excellent choice for novices who are just starting their kayaking journey. At the same time, recreational kayaks offer enough features to satisfy the needs of more experienced paddlers, ensuring that they remain popular across skill levels.
Recreational kayaks are versatile in terms of where they can be used. They perform well on various types of water bodies, including flatwater, slow-moving rivers, and small lakes. This versatility allows consumers to use them in different environments, enhancing their overall value and appeal.
Individual Dominates the Market by End-user
In 2022, the individual consumer segment is considered to generate more revenue globally in the kayak market. The reasons for this are generally rooted in the larger and more diverse consumer base, which includes not only casual or beginner kayakers but also more specialized users who might be interested in specific types of kayaking such as touring, sea kayaking, or fishing. These specialized users often opt for higher-end kayaks, which can contribute to increased revenue. Additionally, the individual consumer segment typically purchases a wide range of accessories, further contributing to higher revenue.
Europe Remains Global Leader in terms of Revenue
North America, particularly the United States and Canada, has experienced a substantial increase in kayak sales and rentals. This growth is attributed to the region's vast waterways, including rivers, lakes, and coastlines, which offer ample opportunities for kayaking. Additionally, the rise in outdoor and adventure tourism contributes to the Kayak Market's strong performance in North America. North America is expected to exhibit Highest CAGR during forecast period from 2023 to 2031.
Europe is a significant contributor to the global kayak market in terms of revenue. Countries like Germany, France, and the United Kingdom have well-established kayak markets, driven by a combination of recreational paddling and sports kayaking. European consumers also show a growing interest in eco-friendly and sustainable kayaking experiences.
Competitive Trends
The kayak market is highly competitive, with several key players vying for market share. Leading kayak manufacturers invest in research and development to introduce innovative kayak designs, materials, and features that enhance performance, safety, and comfort. Many kayak manufacturers expand their product lines to include a wide range of kayak types and models to cater to different consumer preferences.
The kayak market has seen a surge in online sales and rentals, with consumers increasingly turning to e-commerce platforms to purchase kayaks and accessories. Some companies focus on eco-friendly manufacturing processes and materials, aligning their products with the sustainability expectations of environmentally conscious consumers. Kayak manufacturers often collaborate with tour operators to promote their products through guided kayak tours and experiences, thereby increasing brand visibility and consumer trust.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Kayak market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Kayak market?
- Which is the largest regional market for Kayak market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Kayak market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Kayak market worldwide?
Company Profiles
- Atlantis Kayaks
- Galasport
- Grabner
- Jackson Kayak
- Plastex Composite
- Pyranha
- Tahe Outdoors
- Waka Kayaks
- Wave Sport
- WOOSUNG I.B
Market Segmentation
Type
- Recreational
- Sports
Seating Capacity
- 1 Seater
- 2 Seater
Nature
- Rigid
- Inflatable
- Folding
Material
- Wood
- Rubber
- PVC
- PE
- Composite
- Others (Thermoform ABS, etc.)
Price
- Low
- Medium
- High
End-User
- Individual
- Commercial
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Hypermarkets / Supermarkets
- Specialty Stores
- Others
Region Segment (2021-2031; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/am1sfd
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
