The global air sports equipment market size is expected to reach USD 23.4 billion by 2025, according to Million Insights, registering a 6.7% CAGR over the forecasted period, from 2019 to 2025. Rising number of air sports participants including college grads, working professionals and old age group to experience thrill and joy is expected to drive the growth of this market. In addition, government supportive policies in developed countries such as U.K. and U.S. for promoting outdoor recreational activities is expected to spur the demand for air sports equipment.
In recent years, cinemas, movie and social media play an important role to promote air sports among different age groups which is expected to fuel the demand for air sports equipment. Additionally, the participation of these age groups is increased in recreational activities, in recent years. United States Parachute Association (USPA) reported that 11.2% of jumpers are retired from their profession. This indicates older age groups is increasingly participating in such sports. Hence, rising participation of old aged people is projected to boost the demand for this equipment over the forecast period.
In 2018, Europe held the largest market share of over 35.0% due to existence of favorable geographical environment like hill and mountains. The market is expected to have significant growth owing to the increasing popularity of tourism in adventurous sports. Countries such as Spain, Hungary, Switzerland, and France are some of the prominent countries to contribute major share in the regional market growth.
Major companies operating in air sports equipment market are Sunrise Manufacturing International Inc.; OZONE POWER LTD; Mirage Systems, Inc.; Flyneo.com; Firebird USA LLC; Aerodyne Research, LLC; Velocity Sports Equipment; Sun Path Products, Inc. and SUP’AIR. Technological advancement in air sport equipment, and product development are key strategies implemented by manufactures to cater to customers demand.
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Further key findings from the report suggest:
• In 2018, parachuting application accounted for the largest market share of over 40.0% owing to increasing popularity of air sports among working professionals, college grads, coupled with availability of advanced equipment and easy access of sports.
• Container/Harness held the largest market share of 60.0%, in 2018, as it plays an important role in several activities such as canopy piloting, wingsuit flying, and ziplining.
• In 2018, Europe accounted for the largest market share of more than 35.0% in terms of revenue.
• Asia Pacific is projected to grow with the fastest CAGR of 7.5% over the forecast period.
• Major players include OZONE POWER LTD, Firebird USA LLC, Flyneo.com. Aerodyne Research, LLC, SUP’AIR, Velocity Sports Equipment and Peregrine Manufacturing, Inc.
Million Insights Inc. has segmented the global air sports equipment market on the basis of product, application, and region:
Air Sports Equipment Product Outlook (Revenue, USD Million, 2015 - 2025)
• Protective Gears
Air Sports Equipment Application Outlook (Revenue, USD Million, 2015 - 2025)
• Hang Gliding
Air Sports Equipment Regional Outlook ((Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa