DUBLIN--(BUSINESS WIRE)--The "Skateboard Market By Product, By Distribution Channel, By End-Use and By Region Forecast To 2028" report has been added to ResearchAndMarkets.com's offering.
The global skateboard market size is expected to reach USD 3 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to latest report. Robust growth in the global skateboard market is attributed to the entry of new players, increase in product innovation, and growing popularity of skateboarding as an extreme sport.
Companies Mentioned
- Element Skateboards
- Krown Skateboards
- Blind Skateboards
- Skate One
- Alien Workshop
- Zero Skateboards
- Control Skateboards Inc.
- Razor USA LLC
- Boosted Inc.
- Almost Skateboards
Factors such as growing preference for skateboarding as a recreational activity and the trend of extreme sports are expected to remain key drivers for the global skateboard market. Moreover, the increasing adoption of skateboards in schools and colleges as part of their physical education curriculum is anticipated to propel the demand for skateboards over the forecast period.
The report further mentions that with the rise of social media platforms such as YouTube and Instagram, several professional skateboarders have emerged as social media influencers, which has led to the popularization of the sport among the masses, in turn, driving the market growth. Moreover, emergence of electric skateboards is also anticipated to create new opportunities for market players over the forecast period. However, high cost associated with skateboarding and lack of proper infrastructure are some of the key factors expected to restraint the market growth over the forecast period.
A skateboard is primarily a piece of wood with four wheels attached to it. It is a popular recreational activity as well as a mode of transportation. Skateboards are available in different shapes and sizes, and the right one depends on the rider's height, weight, and skating style.
Rapid technological advancements and the rise in disposable incomes have resulted in a surge in the demand for skateboards globally. The skateboard market is currently being driven by the growing popularity of extreme sports and the use of skateboards as a mode of transportation. Moreover, the increasing number of skate parks and competitions are also fuelling the growth of the skateboard market.
Governments around the world are focusing on the development of sports infrastructure to encourage people to participate in physical activities. This is expected to have a positive impact on the growth of the skateboard market during the forecast period.
Some Key Highlights From the Report:
- In June 2021, Evolve Skateboards announced that it had raised $2 million in a Series A round of funding led by BrandProject, with participation from Mark Cuban, Founder Collective, and other notable investors. This injection of capital will help the company scale its operations and continue to grow its market share.
- Street board segment accounted for largest revenue share in the global market in 2020. This can be attributed to the rising popularity of street skateboarding among people of all age groups. Moreover, the segment is expected to grow at a rapid pace in the forthcoming years, owing to the easy availability of skateboards and growing awareness about the benefits of skating.
- However, the off-road skateboard segment is anticipated to expand at a higher CAGR over the forecast period. This is owing to the growing popularity of off-road skateboarding among people looking for adventure activities. The segment is expected to benefit from the increasing popularity of extreme sports and rising preference for outdoor activities.
- North America skateboard market is expected to grow at a CAGR of close to 3% during the forecast period. The US is the largest market for skateboards in North America. The popularity of skateboarding among teenagers and young adults is driving the market in the country. The growing popularity of professional skateboarders, such as Tony Hawk, is also aiding the growth of the market.
- The Europe skateboard market is expected to grow at a CAGR of around 2% during the forecast period. The UK, Germany, and France are the major markets for skateboards in Europe. The growing popularity of extreme sports is driving the market in the region.
- The Asia-Pacific skateboard market is projected to grow at a CAGR of over 4% during the forecast period. China, Japan, and Australia are the major markets for skateboards in Asia-Pacific. The growing popularity of skateboarding among the youth is driving the market in the region.
For this report, the publisher has segmented the global skateboard market based on product, distribution channel, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Street Board
- Park Boards
- Cruiser Boards
- Long Board
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Online
- Offline
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Adult
- Kid
- Teenagers
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/apv6bx
