The scuba diving equipment market in South Korea to grow at a CAGR of 5.97% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the scuba diving equipment market in South Korea for 2016-2020. To calculate the market size, the report has taken into consideration the revenue generated from the retail sales of scuba diving equipment to individual consumers, as well as rental and sports clubs in South Korea. However, the break-up of these end-users has not been provided in the report.
A trend which is helping to boost market growth is product improvements in diving equipment and apparel. The growing number of value-added and innovative scuba diving equipment launches is an important trend, which is expected to have a positive impact on the market’s growth during the forecast period. Vendors are focusing on the introduction of innovative product offerings in terms of design, color, shape, and weight, to cater to the varying needs of consumers. The transition from beginners to seasoned recreational divers necessitates the use of diving equipment that is required for diving deeper, staying underwater for longer durations, and also requires carrying more equipment.
According to the report, a key growth driver is the rising interest in shark diving. Shark diving is garnering huge popularity among both local divers as well as tourists in South Korea in recent times, which is one of the major factors driving the growth of the scuba diving equipment market in the country. Shark diving in South Korea is now being promoted as an eco-tourism initiative by the government, and is expected to increase the interest for scuba diving among diving enthusiasts, particularly among tourists.