NEW YORK, June 23, 2022 /PRNewswire/ — The global swimming gear market report by Technavio predicts the market to observe an incremental growth of USD 10.238 billion between 2021 and 2026, expanding at a CAGR of 5.55% during the forecast period. According to the report, the market growth will be significant in North America. About 32% of the market growth will originate from the region. The presence of a well-established water sports infrastructure is one of the key factors driving the growth of the regional market.
Technavio has announced its latest market research report titled Swimming Gear Market by Product, Distribution Channel, End-user, and Geography – Forecast and Analysis 2022-2026
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The global swimming gear market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The market is highly competitive due to the presence of a large number of players. The highly competitive nature of the market is compelling vendors to distinguish their product and service offerings through clear and unique value propositions. Some vendors are expanding their product lines to maintain their dominance in the market, while others are competing on different aspects such as price, quality, brand, and variety.
Technavio identifies adidas AG, Aqua Lung, Arena Spa, BaliSwim, blueseventy LLC, Elite Sportswear, FINIS Inc., FIRST RANK Co. Ltd., HEAD, La Perla Global Management UK Ltd., Marquee Brands, Maruswim, MIRIADE Spa, Nike Inc., Orbea S. Coop., Pentland Brands Ltd., Spurt, Swimwear Anywhere Inc., and TYR Sport Inc. as some of the major market participants. Although the product innovations and branding and promotions, growing interest in water sports, and rise in the number of swimming pools and swimming training programs will offer immense growth opportunities, to leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Swimming Gear Market 2022-2026: Segmentation
The swimwear segment generated maximum revenue in the market in 2021. The increase in the number of luxury swimming clubs, especially in developed countries is driving the growth of the segment.
The offline segment accounts for maximum sales of swimming gear. It is because customers find it comfortable to visit offline stores such as specialty stores, due to the insights and personal assistance that the salesforce provides. These stores also allow consumers to sample and evaluate products such as swimwear, caps, goggles, and other swimming gear. All these factors are contributing to the growth of the segment.
Based on the end-user, the demand for swimming gear is significant from women customers. The increasing number of fashion-conscious customers is driving the growth of the segment.
North America is currently the largest market for swimming gear. The growing problem of obesity in the region is increasing health consciousness among consumers. This is increasing consumers’ interest in sports and fitness activities including water sports. In addition, marketing initiatives undertaken by vendors such as social media campaigns, sponsorship for swim teams, and celebrity endorsements are driving the growth of the …….