Technavio analysts forecast the scuba diving equipment market in South Korea to grow at a CAGR of close to 13% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
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Technavio analysts forecast the scuba diving equipment market in South Korea to grow at a CAGR of close to 13% by 2023. (Graphic: Business Wire)
The advent of advanced scuba diving accessories is one of the major trends being witnessed in the scuba diving equipment market in South Korea 2019-2023. Owing to the rapid technological advances in the travel, tourism, and underwater diving accessories, technologically advanced scuba diving accessories is one of the trends that is expected to gain prominence during the forecast period. Also, a significant increase in product innovations regarding masks, rebreathers and other gadgets is a major factor that will drive the demand for advanced scuba diving accessories in South Korea.
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According to Technavio analysts, one of the key factors contributing to the growth of the scuba diving equipment market in South Korea is the significant increase in e-commerce:
Scuba diving equipment market in South Korea: Significant increase in e-commerce
Factors like a significant increase in internet penetration, along with the rise in online purchasing of scuba diving equipment, drive the online sales of scuba diving equipment in South Korea. Also, quick delivery services, along with the competitive pricing of online products, fuel the growth of e-commerce in the country. High penetration of smartphones and the steady increase in the number of online shoppers, along with increasing mobile commerce in South Korea, is expected to drive the e-commerce in the country, which in turn, will increase the number of customers purchasing scuba diving equipment online.
According to a senior analyst at Technavio, “As per the Korean Herald, in June 2018, South Korea recorded the highest percentage of smartphone owners when compared with other countries. The sale via e-commerce in South Korea increased by 32.38% in 2018 when compared with 2017. Also, the number of online shoppers in South Korea increased by 1.31% in 2018 compared with 0.99% in 2017 and is expected to reach 32.12 million by 2022. As a result, various domestic retailers have started offering scuba diving equipment online, which include 11Street and Coupang, a part of Coupang USA.”
Scuba diving equipment market in South Korea: Segmentation analysis
The scuba diving equipment market in South Korea research report provides market segmentation by product (apparel, rebreathers, computer and gauges and others) and by retail formats (specialty stores, certification centers, hypermarkets and supermarkets, and online stores). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The specialty stores held the largest share of the market in 2018, accounting for more than 33% share. It was followed by certification centers, hypermarkets and supermarkets, and online stores respectively.
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