Paramotor is the generic name for the harness and propulsive portion of a powered paraglider ("PPG"). There are two basic types of paramotors; foot launch and wheel launch. Foot launch models consists of a frame that combines powerplants (engine), caged propeller, and harness (with integrated seat) attached with quick release buckles to the operator's back.
According to the latest market study released by GIR, the global paramotor market is expected to reach USD 20 million by 2025, growing at a CAGR of more than 4.7% from 13.6 million in 2017. The actual number will reach more the 3200.
The global paramotor market largely derives its growth from the tourism industry. Increasing urbanization, changing demographics, evolving lifestyle, increased awareness of new products, growth in outdoor vacation trips, and rise in dual household incomes have helped the market grow. The improved distribution channels and marketing initiatives through digital channels and rise in the interest and participation of consumers in outdoor activities are factors that play a crucial role in the increased demand for adventure sports equipment including paramotor.
The segments of the global paramotor market on the basis of type are 2-stroke and 4-stroke paramotors. Amongst them, the segment of 2-stroke dominates in terms of revenue and the trend is expected to continue over the forecast period.
The key application segments of the global paramotor market covered in this report are individual and commercial use. Amongst all, individual use dominates the market. The leading share of the individual use is ascribed to the expansion high demand for outdoor adventure activities.
Geography-wise, the global paramotor market is segmented into North America, Europe, Asia Pacific (China, India, Japan, etc.). Europe dominates the market due to the original history of adventure sports. In the years ahead, Asia Pacific is expected to display the leading growth amongst other key regions.
The high-qualified nature of the global paramotor market accounts for the clear dominance of well-entrenched players that operate in international markets. This poses challenge for small players that compete with large players with respect to quality, safety, functionalities, and services. The use of newer technologies by large players to add qualitative value to existing products will further add to the woes of small players.