Surfboard Market Outlook Highlights Major Opportunities Likely to Steer Demand during 2017-2026

Posted on 2020-01-23 by Mark Hub in Sports // 0 Comments

In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global surfboard market considering 2012-2016 as the historic year and 2017–2026 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting surfboard market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.

The surfboard market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions. The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin. Prominent players covered in this research are Channel Islands Surfboards, Firewire Surfboards, GSI, Agit Global and many more.

The sport of surfing is widely popular across the Atlantic and Pacific coasts of North America, South America, and Europe. Long coastlines and stretching beaches has driven the recreational pursuit of people towards surfing. Their spending of wetsuits, surfboards and accessories has increased proportionally. An average surfer is expected to spend over US$ 500 on buying surfboards in a year. New surfboard designs are being introduced by manufacturers to enhance the architectural dynamics of this key water sports equipment for treading swiftly across the waves. Worldwide, prices of surfboards continue to vary on the basis of brands, sizes, levels of customization, production processes, and materials.

Fact.MR foresees a high value growth for the global surfboard market in the near future. During the period, 2017-2026, the global market for surfboards is likely to reflect robust expansion at a CAGR of 6.7% in terms of value. Surfers from developed economies will increase their spending of surfboards to improve their surfing skills by adopting surfboards with advanced hydrodynamics. Through 2026, it has been estimated that majority of surfboards will be sold in the US and Canada, fostering North America’s dominance in the global surfboard market.

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In the future, participants of the surfing world will be preferring to shortboards over other types of surfboards. The advantage of using shortboards for greater maneuverability and in competitive events will drive their sales in the coming years. By 2026-end, over 35% of surfboards sold globally will be shortboards. It has been further estimated that the share of longboards in the global surfboard market value will size up to 21% by the end of the forecast period. Longboards may come at high costs and will be heavier than shortboards and other types of surfboards, but their stability characteristics and noseriding capabilities will keep them in vogue among surfers worldwide.

Surfboard manufacturers will be able to translate high profits when the institutional buying increases in the coming years. Surfing academies and private sports institutions tend to buy surfboards in bulk amounts. The high volume sales associated with institutional buying of surfboards will be driving the market’s growth to a considerable extent. Throughout the forecast period, almost every other surfboard manufactured in the world will be bought by such institutions.

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Majority of surfboard manufacturers in the world are tapping the key market opportunity of equipping their products with electric components an electronic features. Battery-powered surfboards are being developed in European countries such as Germany, and their popularity is gaining traction over the past year. Companies are using carbon fiber materials to develop surfboard with ideal weights and hydrodynamics. Channel Islands Surfboards, Firewire Surfboards, GSI, Agit Global, BIC Sports, Billabong International, BruSurf, Greco Surf, Hydenshapes, Infinity Surfboards, Keeper Sports Products, Mt Woodgee Surfboards, NSP, Yuan Sports, and Quiksilver are expected to actively instrument the global surfboard production in the coming years.

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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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