Technavio analysts forecast the global paragliding equipment market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio analysts forecast the global paragliding equipment market to grow at a CAGR of over 4% by 2023. (Graphic: Business Wire)
The advent of innovative cameras and drones is one of the major trends being witnessed in the global paragliding equipment market 2019-2023. Rather than just taking part in the activities, adventure sports enthusiasts love to get captured while in the act, to relive the moment later. GoPro cameras are new in the field of innovative cameras. These cameras are handy, which allows jumpers to enjoy the adrenaline-fueled action and record their experiences better than normal cameras.
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According to Technavio analysts, one of the key factors contributing to the growth of the global paragliding equipment market is the rise in the number and availability of adrenalin-boosting extreme sports activities:
Global paragliding equipment market: Rise in the number and availability of adrenalin-boosting extreme sports activities
Fast-paced and busy lifestyles have compelled consumers to look out for ways to de-stress. Hence, the demand for leisure activities and adventure sports is on the rise, particularly among urban dwellers. This together with the growing health consciousness and need of staying fit and healthy are driving people towards alternative physical activities. Therefore, the popularity of outdoor and adventure sports is increasing.
According to a senior analyst at Technavio, “Adventure sports, like paragliding, skydiving, surfing, mountain climbing, caving, scuba diving, snorkeling, surfing, jet skiing, and many other activities have become inherent parts of recreational activities over the last decade. These adrenalin-boosting activities are the best ways to de-stress. The physical and mental health benefits of these activities have also encouraged people to participate in these activities.”
Global paragliding equipment market: Segmentation analysis
The global paragliding equipment market research report provides market segmentation by product (paragliders, harnesses, and reserve parachutes, protective gears, and others), by end-user (recreational and professional), by distribution channel (offline and online channel), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2018, the paragliders held the largest market share in the product segment, contributing to over 47% of the market. This product segment will dominate the global market throughout the forecast period.
EMEA held the largest share of the market in 2018, accounting for close to 68% share, followed by EMEA and APAC respectively. The region is expected to continue to dominate the market during the forecast period.
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