Hot Air Balloon Market: Introduction
- A hot air balloon is light in weight consisting of a bag, called an envelope, which contains heated air. A hot air balloon carries passengers and a source of heat, in most cases an open flame generated by burning liquid propane. The heated air inside the envelope makes it buoyant, since it has a lower density than the colder air outside the envelope.
Key Drivers of the Global Hot Air Balloon Market
- Rising population and increasing purchasing power of people drives consumer spending on outdoor sports, which in turn propels the global hot air balloon market. Participation of the younger generation on outdoor recreational and adventure activities is increasing, as they are more inclined toward outdoor activities. This, in turn, is expected to propel the market consistently in the near future.
- Adventure activities, such as hot air ballooning, benefits the tourism industry, as it offers a unique experience to tourists. Rise in population and urbanization, changing lifestyle, and rising leisure activities are fuelling the hot air balloon market. Additionally, technological advancements such as GPS and track identification can create significant opportunities for major players operating in the hot air balloon market in the near future.
Factor Restraining the Global Hot Air Balloon Market
Accidents associated with hot air balloon and the high cost of manufacturing hot air balloons are key factors that are estimated to restrain the hot air balloon market
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global hot air balloon market can be divided into five regions North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the hot air balloon market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the hot air balloon market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America hot air balloon market is segmented into Brazil, and Rest of South America.
- North America accounted for a prominent share of the global hot air balloon market due to an increase in inclination toward leisure activities among the population in the region. Companies in the region are continuously working to introduce advanced hot air balloons, which are made from different materials that offer less wind resistance. This is also a major factor boosting the hot air balloon market in North America.
- The hot air balloon market in Asia Pacific is projected to expand rapidly during the forecast period due to an increase in per capita household income in developing countries in the region. Rising recreational activities and increasing consumer spending on outdoor sports are key factors that are expected to fuel the hot air balloon market in the region.
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Key Players Operating in the Global Market
Companies in the hot air balloon market are focused on the development of innovative hot air balloons with enhanced designs, which is estimated to enhance their competitive advantage and subsequently, boost their market share. Several companies are investing in R&D to enhance their product portfolio with innovative products, which in turn is projected to help them expand their consumer base.
A few of the key players operating in the global hot air balloon market are:
- Apex Balloons
- Avian Balloon Co.
- Ballonbau Wörner GmbH
- Cameron Balloons
- Cameron Balloons Ltd.
- Kavanagh Balloons
- Kubicek Balloons
- National Ballooning, Ltd.
- Raven Aerostar
- Sonoco ThermoSafe
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