Scuba diving equipment in South Korea: Key market research findings
- Rise in inbound tourism propels market growth
- The apparel segment accounts for a majority of the market’s revenue
- Key vendors – Aqua Lung International, Beuchat International, Johnson Outdoors, Mares, and Nippon Sensuiki
Technavio’s market research analysts predict the scuba diving equipment market in South Korea to grow at a CAGR of around 6% between 2016 and 2020. The demand for scuba diving equipment is augmented by the increase in the number of inbound tourists in South Korea. Large numbers of people are visiting the country primarily for scuba diving. The number of people expressing interest in adventure tourism like backpacking, scuba diving, rafting, rock climbing, trekking, bird watching, and hiking has also been increasing. The presence of a number of diving locations off the Korean coastline that are easily accessible from all major cities including Seoul provides tourists with a convenient connecting point and readily available modes of transport.
The new market research report from Technavio presents a breakdown and analysis of the scuba diving equipment segments based on the product.
“Of late, there has been an increase in the demand for eco-friendly scuba diving equipment market in South Korea. The market in South Korea is registering an upsurge in the demand for eco-friendly wetsuits and drysuits currently. Organic, water-based adhesives, and recycled plastic materials are replacing the traditional leather, synthetic rubber, polyurethane, nylon, and other synthetic materials used as raw materials for such products. The newly developed, advanced non-toxic material called thermoplastic elastomer is being increasingly used in manufacturing eco-friendly scuba diving equipment,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the scuba diving equipment apparel segment will continue its dominance over the scuba diving equipment market in South Korea by accounting for more than 44% of the market’s revenue. Scuba diving apparel includes wetsuits, drysuits, buoyancy control devices (BCDs), and masks. Wetsuits are the major products driving the growth of the apparel segment of the scuba diving equipment market in South Korea.
The key vendors in the market include Aqua Lung International, Beuchat International, Johnson Outdoors, Mares, and Nippon Sensuiki. The scuba diving equipment market in South Korea is competitive due to the presence of numerous established and small vendors. Besides the prevailing competition, the presence of counterfeit products will hamper the growth prospects for this market. Vendors with clear brand perception and considerable product portfolios are expected to thrive in this market.
A more detailed analysis is available in the Technavio report, Scuba Diving Equipment Market in South Korea 2016-2020.
We can customize reports by other regions and specific segments upon request.
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