Swimwear Segment Occupied More Than Half of the Revenue Share of the Global Swimming Gear Market in 2015 and Will Retain Its Position Until 2020, Says Technavio
According to the latest market study released by Technavio, the global swimming gear market is expected to record over USD 31 billion by 2020, should the market sustain a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Swimming Gear Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on product type, the global swimming gear market is segmented into the following categories:
- Swim caps
- Swim goggles
- Other swimming gear
Global swimwear market
The swimwear segment accounted for more than half of the revenue share of the global swimming gear market in 2015 and is likely to retain its leading position during the forecast period as well. The segment's leading position stems from the fact that these products are expensive and are mandatory for swimming. The segment will also post the fastest growth rate when compared to the other product segments over the next four years, driven by new product launches.
Brijesh Kumar Choubey, a lead analyst at Technavio for research on outdoor gear, says, "With the growing popularity of swimming as a sport, as a leisure activity, and as a form of exercise, the swimwear market will grow significantly in the coming years. APAC will post a favorable growth rate, owing to the increasing participation in swimming. Vendors in this market are also focusing on product innovations and are introducing designs and styles as per the latest fashion trends."
Global swim caps market
The swim caps segment was the second-largest segment for the global swimming gear market in 2015. Since these are essential for the sport of swimming, this segment will post a fast growth rate over the next four years. This segment is likely to post the second-fastest growth rate over the next four years, driven by the increased number of participants in swimming and high adoption rate of swim caps. Swim caps are products that protect the user's hair and ears, as well as increase the speed of a swimmer by reducing resistance. However, in many developing countries, the adoption rate of these caps is still low. This is because people do not perceive them as essential products to be used while swimming, which is a challenge for the manufacturers operating in such countries.
Global swim goggles market
Innovation and new product launches in the goggles segment will aid in its growth during the forecast period. The global swim goggles market is growing at a slow rate as many people still prefer swimming without goggles and the adoption of this swimming gear is still low even in developed countries. The market is driven by innovation and product launches in this segment. "With increasing awareness of the harmful effects of chlorine, especially for the eyes, the adoption rate, as well as the market is expected to post significant growth over the next four years," says Brijesh.
There are different types of swim goggles available in the market today. Some of them are listed below:
- Leisure swimming or open water goggles
- Training or competition goggles
- Swedish type goggles
Global other swimming gear market
The other swimming gear segment, which includes accessories, hydration products, land training equipment, snorkeling equipment, stopwatches, swim bags, swimming training aids, and swimming body care products, is growing at a slow rate, owing to the slow adoption and low replacement rates of these products. The global other swimming gear market is projected to record USD 900 million by 2020, growing at a CAGR of 2.35%.
The top vendors highlighted by Technavio's research analysts in this report are:
- Arena Italia
- Aqua Sphere
- Rue Royale Diana (Diana Sport)
- La Perla Global Management (La Perla)
Browse Related Reports:
- Global Diving Suit Market 2016-2020
- Global Surfboard Market 2016-2020
- Global Swimwear Market 2015-2019
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