According to a new report published by Allied Market Research, titled, “Global Kicking Strap Market by Product Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global kicking strap market size was valued at $0.26 billion in 2020, and is expected to reach $0.49 billion by 2030, with a CAGR of 6.2% from 2021 to 2030. In 2020, Europe dominated the global kicking strap market, in terms of revenue, accounting for around 56.8% share.
Kicking strap products are largely used in the boat and yacht industry. A kicking strap is a rigid strut that extends obliquely upward from the boom to the mast, exerting a force that pushes down on the boom. Kicking strap is designed to be attached to a flat surface, allowing the line to run parallel to that surface.
Rise in disposable income of population coupled with surge in spending on tourism activities boosts the demand for kicking strap in boat and yachts. For instance, the disposable income of Spain registered a growth of 5.9% from 2017 to 2020, fuels the growth of the global kicking strap market. Increase in trend of recreational boating across the globe is likely to boost the growth of the kicking strap market. Kicking strap consisting of a vertical mast and horizontal mast along with other components such as slewing unit, hook, and hoist winch, which assists in lifting and maneuvering heavy material effectively and efficiently, fuels the growth of the kicking strap market.
Rise in sea born trade augments the demand for boat and yacht systems, which is expected to contribute toward the growth of the global kicking strap market. Boat cleats, back plates, kicking key, hooks, and blocks are some of the kicking strap products available in market that have been widely adopted in boat and yacht systems for handling horizontal and vertical angle of kicking strap.
The major players such as AG +Spars, Allen Brothers (Fittings) Ltd., and Forespar Products Corporation have adopted partnership as a key developmental strategy to improve the product portfolio. For instance, in April 2021, Hall Spars signed a partnership with Southern Wind Shipyard, based in Africa. The partnership is aimed to improve the product portfolio of booms and carbon masts in Africa.
Various manufacturers in the global kicking strap market had to shut down their businesses activities due to the lockdown initiated in countries such as UAE, India, and Brazil. This directly impacted the sales of global kicking strap, globally.
In addition, lack of raw materials, disruption in supply chain, and lack of manpower halted the supply chain of kicking strap products. However, the re-initiation of the kicking strap industry and availability of vaccines for coronavirus disease are projected to augment the growth of the global kicking strap market.
However, fluctuation in raw material prices and low production volume of kicking strap are anticipated to restrain the growth of kicking strap market. On the contrary, technological innovation in kicking strap is anticipated to create growth opportunities for the global kicking strap market.
The global kicking strap market is segmented into product type, application, distribution channel, and region. On the basis of product type, the market is divided into hydraulic, rigid, and others. The rigid segment generated the highest revenue in 2020. The applications covered in the study include professional sports and amateur leisure. The amateur leisure segment generated the highest revenue in 2020. Depending on distribution channel, the market is divided into offline and online. The offline segment exhibited the highest growth in 2020.
Region wise, the global kicking strap market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Europe was the highest contributor to the global kicking strap market share, and is anticipated to secure a leading position during the forecast period.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global kicking strap trends and dynamics.
- Depending on product type, the rigid segment was the largest revenue generator in 2020.
- By application, the amateur leisure segment generated the highest revenue in 2020.
- On the basis of distribution channel, the offline segment accounted for the highest revenue in 2020.
- Region wise, Europe is anticipated to dominate the global kicking strap market throughout the study period.
- The report provides an extensive analysis of the global kicking strap market trends and emerging opportunities of the market.
- The global kicking strap market forecast analysis from 2021 to 2030 is included in the report.