November 2020, Market Research Future has published a Research Report on the Global Kayak Accessories Market.
Global Kayak Accessories Market size is projected to be valued at USD 279.6 Million by 2027 at a CAGR of 3.85% between 2020 and 2027.
A kayak is a low-to-the-water boat in which the paddler’s face and legs are forward positioned. The paddler, with the help of a double-bladed paddle, pulls front-to-back on one side and then the other in rotation. Majority of the kayaks have closed decks. Presently, kayaking is gaining immense popularity as an outdoor sport across the world. According to a recent survey by MRFR, 23.2 million Americans paddled in kayaks in 2019. Hectic lives of consumers attract them towards passive recreation which is increasing the popularity of this sport. Paddling allows consumers to witness wildlife/nature from a different perspective other than hiking, biking, or motorboating. Kayaking is considered as a family sport that can be done on a nearby lake for an hour or on a river camping at various sites. The relative low cost and ease of care for kayaks and their accessories are other reasons consumers are shifting from other forms of passive recreation to paddling. However, a growing number of accidents from kayaking and drowning incidences are created a hindrance in the overall sales of kayak accessories in 2019. Moreover, restricted access to nearby lakes and other related locations due to the outbreak of COVID-19 have lowered the demand for kayak accessories. However, gradual relaxation on restricted access by governments of recreational spots aided by increasing health consciousness among consumers is expected to raise the sales of kayak accessories during the forecast period. A growing number of people involve themselves in physical fitness and regular exercises.
Growing tourism industry leading to the rising popularity of recreational and camping activities
Growth Opportunities in the Market
Water Sports Competitions: There are various water sports that involve a boat. Water sports are enjoyed for their fun and thrills and can be highly dangerous. Various organizations sponsor such water sports through a competition to either gather funds for a social cause, mark a season around the year, promote a brand, or conduct an annual event. To participate in such competitions, participants often wear specially designed life jackets or other related gears along with other accessories. Kayaking in the form of a sport is generally done through rapids and whitewater. This water sport is highly dangerous and requires the use of proper accessories along with skill. The growing popularity of water sports is directly boosting the sales of kayak accessories across the world.
Celebrity Promotions: Celebrities have always been idolized for their attractive appearance and fitness routines. Various celebrities not only follow a healthy lifestyle but also promote sports activities on social media. This, in turn, becomes an inspiration for people across the world, especially for youngsters. Moreover, popular personalities such as Ex-president of the US, Donald Trump & Barack Obama have tweeted regarding their experience of kayaking. Also, Ellen Degeneres, a TV show host and comedian, uploaded her kayaking pictures to express the joyful experience through social media. Also, actors and models such as Kate Hudson, Nicole Kidman, Reese Witherspoon, Zayn Malik, Miley Cyrus, Selena Gomez, Katy Perry, and Rihanna choose kayaks and Kayak accessories as a prop to do cover shoots, which is creating an awareness among consumers about the sport. These factors have directly surged the demand for kayak accessories across the world.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register a higher growth rate during the forecast period. Manufacturers of kayak accessories are inclined towards non-store-based distribution channels for the extensive sales of their products. Moreover, the impact of COVID-19 has led to the implementation of lockdown in majority of the countries and has resulted in the force closure of retail stores. Companies are opting for online distribution platforms as they want to extend their consumer reach considering the present situation. Also, consumers have the ease of choosing the right product from an extensive list of similar products along with a detailed description and product images captured from different angles for reference.