LONDON--(BUSINESS WIRE)--The surfboard market size is poised to grow by USD 2.74 billion during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Adaptive surfing has gained popularity among disabled people as it helps in promoting their physical well-being, building confidence, and combating discrimination. Furthermore, it improves sensorial and psychosocial skills. It has added value to the prevention and treatment of many pathological conditions by preventing sedentary lifestyles and stress, contributing to social inclusion, and encouraging teamwork among people with disabilities. As a result, organizations such as the Portuguese Association of Adapted Surfing, SURFaddict, are showcasing the importance of surfing as a vital therapeutic tool for people with many different disabilities. Furthermore, the International Surfing Association (ISA) is planning to include the sport in the Paralympic Games to make it more accessible. Such promotions of the therapeutic benefits of the sport will encourage the participation of new surfers, which, in turn, will boost sales of surfboards. Therefore, the surfboard market growth is expected to be substantial over the forecast period.
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Report Highlights:
- The major surfboard market growth came from shortboards segment. Shortboards are categorized into fish boards, funboards, and gun boards. Among these, funboards are designed for beginners, and fish boards and gun boards are for experienced surfers. The increasing participation in surfing, growing surf tourism, and the rising disposable income will augment sales of funboards during the forecast period. Also, the sales of gun surfboards are expected to spike because the number of experienced surfers, seeking to explore big waves, is rising. Gun boards are designed for surfing steep and big waves.
- North America was the largest regional market for surfboards in 2019. It will continue to offer significant growth opportunities to market vendors over the forecast period. The rise in surf tourism in the US and Canada and the growing women participants in water sports are significantly contributing to the surfboard market growth in North America. The rising number of national sponsors for events such as ISA World StandUp Paddle (SUP) and Paddleboard Championship (WSUPPC) is leading to an increase in water sports enthusiasts, contributing to surfboard sales.
- The global surfboard market is fragmented. Beachbeat Surfboards, Channel Island Surfboards, Firewire Surfboards LLC, Global Surf Industries, Hobie Cat Company, INFINITY SURF, NSP Surfboard, Quiksilver Inc., Rusty Surfboard, and Xanadu Surfboards are some of the major market participants. To help clients improve their market position, this surfboard market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the surfboard market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Continuous Evolution in Designs of Surfboards will be a Key Market Trend
Vendors are coming up with surfboards with improved features, which is one of the vital surfboard market trends. Many surfing enthusiasts are also opting to design their surfboards. Daniel Thomson, an Australian surfboard shaper, has designed a surfboard called the Vanguard, which has reduced weight owing to nose-less crafts, straight rails, and angular tails. In 2018, Awake, a Swedish company, launched an electric surfboard, which can travel at the speed of more than 30 miles per hour. The electric surfboard is controlled with the help of a wireless hand accelerator and has an operational time of more than 30 minutes. These factors will positively impact the market growth.
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Surfboard Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist surfboard market growth during the next five years
- Estimation of the surfboard market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the surfboard market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of surfboard market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Shortboards - Market size and forecast 2019-2024
- Longboards - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user placement
- Recreational users - Market size and forecast 2019-2024
- Professional users - Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel placement
- Specialty stores - Market size and forecast 2019-2024
- Department stores, hypermarkets, and supermarkets - Market size and forecast 2019-2024
- Online retail - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Beachbeat Surfboards
- Channel Island Surfboards
- Firewire Surfboards LLC
- Global Surf Industries
- Hobie Cat Company
- INFINITY SURF
- NSP Surfboard
- Quiksilver Inc.
- Rusty Surfboard
- Xanadu Surfboards
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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