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Air Sports Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global air sports equipment market was valued at USD 9.9 billion in 2022 and is projected to expand at a CAGR of 7.2% from 2023 to 2030. The growing popularity of adventure sports such as skydiving, paragliding, and hang gliding is driving the demand for air sports equipment. In addition, a growing number of adventure and recreational sports enthusiasts, due to increasing disposable income, is expected to spur the growth of the market. The emergence of online retail platforms, such as Amazon and Flipkart, has enabled customers to purchase these products easily. Furthermore, the rise in the number of air sports facilities, such as skydiving clubs, is driving the demand for air sports equipment.
The safety of individuals participating in air sports activities has become a key priority for manufacturers and regulatory bodies. This has led to the development of advanced air sports equipment. For instance, in April 2022, German manufacturer Skywalk launched a new skydiving suit called the ‘X-Alps’, which is designed for endurance flying and provides the highest levels of comfort and protection. Additionally, the company has developed a new lightweight harness, which is designed to be more comfortable and enhance safety.
Technology advancements and innovative product launches are expected to drive the market. For instance, in December 2021, Volirium launched a new product called P1, which is a self-contained electronic instrument designed specifically for paragliding and hang gliding. This new product can be used to measure and display real-time wind speed, temperature, and altitude, enabling pilots to make more informed decisions. The product also comes with a built-in GPS, so pilots can track their flight path.
The emergence of air sports as a recreational activity has also boosted the demand for air sports equipment. Furthermore, the increasing participation of individuals in activities such as sky diving and skydiving is expected to fuel the demand for these products. Furthermore, the introduction of new and innovative products, such as the P1 by Volirium, is expected to drive the market. Additionally, the increasing awareness of air sports activities, especially among the younger generation, is expected to support the growth of the market in the coming years.
Product Insights
The paragliding equipment segment dominated the market and accounted for a share of around 33.4% in 2022. Increasing demand for paragliding equipment for recreational activities is driving the market growth. The availability of lightweight and portable paragliding equipment is aiding the growth of the market. According to an article published by Outdoor Gear Lab, in March 2020, paragliding is a great way to experience the thrill of flying and enjoy the beautiful views of nature.
The drones segment is projected to register the fastest CAGR of 8.2% during the forecast period. The increasing adoption of drones for recreational activities such as air sports and aerial photography is driving the demand for drones. According to an article published by DroneDJ in April 2020, the drone industry is booming and the demand for drones is increasing with the emergence of new technologies. Furthermore, the growing popularity of drone racing and the availability of advanced drones are other factors boosting the drone market growth.
Distribution Channel Insights
The retail stores segment accounted for the highest share of over 46.3% in 2022. With the rise in extreme sports, air sports equipment are increasingly being sold in retail stores such as departmental stores, sporting goods stores, and other specialty stores. The availability of a variety of options and the presence of knowledgeable sales staff makes retail stores the preferred choice for a majority of customers. In addition, these stores offer personalized services, such as providing guidance and advice on the various types of air sports equipment.
The online segment is anticipated to expand at the highest CAGR of 10.6% over the forecast period. The surge in the popularity of online stores is attributed to the convenience of shopping and availability of a wide range of products. Furthermore, the presence of various discounts and offers on online stores is expected to drive the segment growth. The availability of the option to compare prices of different air sports equipment and the presence of customer ratings and reviews of the products are expected to further fuel the segment growth.
Type Insights
The fixed-wing segment accounted for the largest revenue share of 50.5% in the year 2022. The increasing number of air sports events such as the Red Bull Air Race and the increasing use of fixed-wing aircraft in air shows are propelling the demand for fixed-wing aircraft and related accessories and equipment. Furthermore, the availability of technologically advanced aircraft with improved features is boosting the market growth. For instance, in May 2022, Airbus SE launched the Airbus A321XLR aircraft, which is a long-range single-aisle aircraft, to meet the growing demand for air sports activities.
The rotary-wing segment is anticipated to expand at the highest CAGR of 8.2% over the forecast period. The increasing popularity of air sports activities such as helicopter racing and drone racing is expected to propel the market growth. Furthermore, the increasing use of rotary-wing aircraft for aerial imaging and photography is driving the demand for rotary-wing aircraft and related equipment. For instance, in April 2022, Airbus SE launched the Airbus H160 helicopter, which is a medium-twin engine aircraft, for commercial and private operations.
Regional Insights
Europe is expected to account for the largest revenue share in the global air sports equipment market in the coming years. This can be attributed to the presence of several prominent players in the region, such as Ozone Paramotors and Fly Products. The region is further expected to benefit from the increasing penetration of drones and other aerial technology in the consumer market. In addition, the increasing demand for air sports activities, such as paragliding and hang gliding, is expected to drive the growth of the market.
Asia Pacific is expected to witness the fastest growth in the coming years. The increasing number of fitness centers and recreational facilities in the region is expected to drive the demand for air sports equipment. In addition, the presence of prominent players, such as Xaircraft, is expected to further drive the growth of the market in the region. Moreover, increasing tourism activities, especially in countries like China, India, and Japan, is expected to create a positive outlook for the market.
Financial Projections
In this part of the air sports equipment business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your air sports equipment business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an air sports equipment business comes from the sale of air sports equipment, such as skydiving and paragliding gear, as well as from other related services, such as maintenance and repair. Other possible sources of income include the sale of related apparel and accessories, as well as revenue from rental services, such as renting out aircraft.
Projecting Expenses
In this section, all the regular expenses related to keeping the air sports equipment business running will be described. The list of operating expenses includes wages, aircraft and equipment maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the air sports equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Ozone Kites launched the Ridge 3.0 mountain kite, which is designed to provide superior performance in mountainous regions.
– In September 2022, Sky Paragliders launched the Apex 4, a new paragliding wing with improved aerodynamic performance.
– In October 2022, Airborne Kites launched the Booster 3.2, a kite designed for speed and maneuverability.
Some of the prominent players in the air sports equipment market include:
– Ozone Kites
– Sky Paragliders
– Airborne Kites
– Ozone Paragliders
– Flysurfer Kiteboarding
– Fly Products
– Epic Kites
– HQ Kites
– Power Kites
– Airush Kites
Global Air Sports Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global air sports equipment market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hang Gliders
– Paragliders
– Kites
– Powered Parachutes
– Ultralights
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the expected growth rate of the air sports equipment market?
[A]: The global air sports equipment market is expected to grow at a CAGR of 6.1% from 2020 to 2027.
[Q]: What type of air sports equipment has the highest demand?
[A]: Paragliding, hang gliding, skydiving, and paramotoring are some of the most popular air sports, and as a result, the demand for the equipment used in these activities is also increasing.
[Q]: Which region is expected to experience the most growth in air sports equipment?
[A]: North America is expected to be the largest regional market for air sports equipment due to the presence of a large number of sports facilities, the increasing adoption of sports activities, and the availability of advanced equipment.
[Q]: What are the key drivers of the air sports equipment market?
[A]: The key drivers of the air sports equipment market include the increasing popularity of air sports activities among the youth, a rise in disposable income, and the availability of advanced equipment.
[Q]: What are the major challenges facing the air sports equipment market?
[A]: The major challenges facing the air sports equipment market include the high cost of air sports equipment, the lack of awareness of air sports activities, and the lack of trained professionals.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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