Surge in demand for luxury tourism, rise in disposable income, and shift toward alternative sources of energy drive the growth of the global spinnaker pole market.
PORTLAND, Ore., Sept. 22, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Spinnaker Pole Market by Material (Aluminum, and Carbon), Boat Length (Small boat, Midrange boat, and Big boat), Distribution Channel (Online, and Offline) and Application (Professional Sports, and Cruising): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global spinnaker pole industry generated $450.1 million in 2020, and is anticipated to generate $1.25 billion by 2030, witnessing a CAGR of 10.6% from 2021 to 2030.
Prime determinants of growth
Surge in demand for luxury tourism, rise in disposable income, and shift toward alternative sources of energy drive the growth of the global spinnaker pole market. However, high costs associated with yacht charter hinder the market growth. On the other hand, change in sailboat and yacht infrastructure present new opportunities in the coming years.
The outbreak of the Covid-19 pandemic led to strict lockdowns, which have forced almost all sectors to shut down their operations. This has hampered manufacturing and production activities of spinnaker pole.
The demand for spinnaker poles from various end-use industries has declined drastically during the initial stage of the pandemic.
However, the market rapidly recovered after the manufacturing facilities were back with full production and operation capacity.
The aluminum segment to maintain its leadership status throughout the forecast period
Based on material, the aluminum segment held the highest market share in 2020, accounting for nearly three-fifths of the global spinnaker pole market, and is estimated to maintain its leadership status throughout the forecast period. This is due to surge in demand for sailing across the world. However, the carbon segment is projected to manifest the highest CAGR of 11.1% from 2021 to 2030, owing to rise in sailing activities.
The online segment to maintain its lead position during the forecast period
Based on distribution channel, the online segment accounted for the largest share in 2020, contributing to nearly two-thirds of the global spinnaker pole market, and is projected to maintain its lead position during the forecast period. This is due to huge offers and discounts on e-commerce sites. Moreover, this segment is expected to portray the largest CAGR of 11.0% from 2021 to 2030. The report includes analysis of the offline segment.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly three-fifths of the global spinnaker pole market. This is because Europe produces the most spinnaker poles and exports them to other countries. Moreover, this region is expected to witness the fastest CAGR of 11.4% during the forecast period.
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