Market Insights Consumer Toys & Hobby Sports Equipment

Water Sports Equipment - Armenia

Armenia

in Armenia, a country known for its rich history and cultural heritage, also has a significant presence in the Water Sports Equipment market.
In 2024, the revenue in this market segment for Armenia amounts to US$11.0m units of its local currency.
This showcases the economic potential and consumer demand for water sports equipment within the country.
Looking ahead, the market is projected to experience steady growth with an annual increase of 6.36% (CAGR 2024-2028).
This positive trend indicates the growing interest and participation in water sports activities among the Armenian population.
In a global comparison, in India stands out as the leading revenue generator in the Water Sports Equipment market, with an impressive revenue of US$2,124.0m units of its local currency in 2024.
This highlights the significant market size and potential in the in Indian market.
When considering the per person revenues in the Water Sports Equipment market, in Armenia generates approximately US$3.95 units of its local currency per person in 2024.
This figure reflects the level of consumer spending and highlights the importance of this market segment within the country's overall economy.
Armenia's water sports equipment market is experiencing rapid growth due to the country's increasing interest in outdoor activities and the availability of natural water bodies.

Key regions: Asia, Italy, Worldwide, China, Europe

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.