LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global stand up paddle (SUP) board market to grow at a CAGR of over 15% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global SUP board market for 2016-2020. To determine the market size, the study considers revenue generated from paddle boards, paddles, and accessories.
SUP boarding is a universal game witnessing regional versions with interesting twists to the rules of play. This market growth comes not only in the form of revenue, but also as emergence of increased participation, competitions, and leagues. The European Stand Up Paddle (EuroSUP) Championships 2016, which was held in France in June, was the first ever SUP championships to be held in the region.
The SUP boards market is expected to showcase an impressive growth rate through 2020, mainly due to the presence of supportive governments pushing for increased participation for various water sports. The paddle boards are undergoing a transformation from their traditional designs to the inflatable form due to changing expectations from consumers. This technology makes the sport more convenient and hassle-free, making the sport accessible to all individuals.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global SUP board market:
- Increased adoption of SUP boards
- Availability of multi-purpose SUP boards
- Increase in number of soft adventure sports enthusiasts
Increased adoption of SUP boards
“Water sporting activities, including scuba diving, surfing, SUP boarding, and snorkeling, have become a part of mainstream recreational activities in the past few years. Various governments have played a role in this by running various promotional campaigns to add to the popularity and associated growth of the water sports industry on the whole. Changing demographics and lifestyles, along with an increase in recreational expenditures, have helped in increasing the popularity of outdoor sports,” says Brijesh Kumar Choubey, one of the lead market research analysts at Technavio for outdoor gear research.
The number of participants in SUP boarding in the Americas was about one million in 2010, which grew to almost three million in a span of just four years, posting a CAGR of 31.61%. The growth in number of participants led to the introduction of tournaments and meets, bringing in more revenue to the market. Developing countries like Kenya and India have been trying to project themselves as the world leaders in water sports. The countries are coming up with tournaments and meets which are seeing people from all over the world flocking onto their beaches. This growth in popularity and awareness of water sporting activities will further enable the market growth for SUP boarding during the forecast period.
Availability of multi-purpose SUP boards
The SUP boards undergo constant developments and improvements to meet the demands of the growing number of enthusiasts. One of the major progressive changes that this market saw was the emergence of multi-purpose SUP boards. These boards are categorized as all-rounder paddle boards that can be used in different environments and circumstances. These boards provide the consumers with an option to invest in a single paddle board rather than different paddle boards for different terrains.
One of the most popular all-round paddle board is the BounceSUP, measuring about 10 feet and six inches. These paddle boards are suitable for paddling in white water, cruise lakes, rivers as well as oceans. Another example is the outback SUP board from JP Australia. This paddle board features a sharp displacement bow, has multiple bungee tie downs, an FCS nose plug, a windsurfing option, tie-down inserts, inserts for the JP fishing rack, a storage system, and a light capsule for night paddling. These features not only make SUP boarding a convenient outdoor activity but also provide riders multiple utilities.
Increase in number of soft adventure sports enthusiasts
“Increasing number of health-conscious people have increased the popularity of alternate physical activities like backpacking, scuba diving, SUP boarding, etc. There is a need for leisurely activities which help keep an individual fit in the increasingly hectic lifestyles of today's global population, especially in urban areas,” says Brijesh, pinpointing to the reason for growth of this niche sector.
Water sports like SUP boarding has become one of the most popular recreational activities because of the adventure and health benefits associated with them. Changing demographics, rise in recreational expenditures, and shift in consumer preferences are making outdoor sports more popular. This increase in interest in recreational water sports, including SUP boarding, is expected to be a major driver of the global SUP board market during the forecast period.
Browse Related Reports:
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- Global Water Sports Gear and Equipment Market 2016-2020
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