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Surfboard Market

Surfboard Market Size, Growth, Share & Forecast Analysis, By Product type (Polyurethane Boards, Balsa Boards, Hollow Wooden Boards, Others), By End-user (Entertainment, Sports Competition, Others), By Board Type & Regional - Global Market Insights 2022-2032

Analysis of Surfboard Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Surfboard Market Outlook (2022-2032)

The global surfboard market is projected to have a slow-paced CAGR of 6.7% during the forecast period. The current valuation of the market is US$ 4.42 Billion in 2022. The market value of the surfboard market is anticipated to reach a high of US$ 8.45 Billion by the year 2032.

It has been analyzed by Fact.MR that the surfboard market is experiencing significant growth on account of the growing trend of surf tourism. Besides this, electric surfboards are gaining widespread preference over conventional surfboards. People in developing economies are inclined towards spending on unwinding activities and are largely spending on adventure tourism to shrug off the monotony of their busy work schedules.

Additionally, there is a rising popularity of adaptive surfing amongst disabled people that are providing lucrative opportunities to the key manufacturers in the market.

Report Attributes

Details

Market Size (2021A)

US$ 1,148.2 million

Estimated Market Value (2022E)

US$ 1,224.8 million

Forecasted Market Value (2032F)

US$ 8.45 Billion

Global Market Growth Rate (2022-2032)

6.7% CAGR

North America Market Share (2022)

40.4%

North America Market Value (2022)

US$ 495.3 million

Europe Market Share (2022)

23.2%

Europe Market Value (2022)

US$ 284.5 million

United States Market Share (2022)

29.1%

United States Market Value (2022)

US$ 356.4 million

Market Share of Top 3 Countries

78.5%

Key Companies Profiled

  • Gerflor SAS
  • Tarkett SA
  • Forbo
  • Kiefer USA
  • Bauwerk Boen Group
  • EPI Group
  • Horner Surfboard
  • Signature Sports
  • Robbins Sports Surfaces
  • Aacer Flooring
  • Other Market Players

A historical market valuation of US$ 4.14 Billion has been recorded by the experts of Fact.MR for the concerned market during the base year. This growth is supported by the following:

  • Growing consumer interest in surfing and adventurous activities on the water.
  • Aggressive growth tactics undertaken by the surfing equipment producers are anticipated to revamp the landscape of the surfing board market.
  • The electrically propelled designs of surfboards are making allowance for surfers to enjoy surfing in the absence of waves, which is further triggering the growth of the market.
  • Surfing is gaining rapid momentum as a recreational and competitive sport that is leading to heightened demand for surfboards.
  • The superior characteristics of the surfboards in terms of superior torques and higher water propulsion provide the surfers with a better experience over traditional surfboards, driving the popularity of electric surfboards.

Although the market is anticipated to have healthy growth, the expert analysts at Fact.MR has identified that certain aspects prevailing in the market are likely to deter the growth of the forum in the upcoming years. The key restraints revealed by the Fact.MR experts are as follows:

  • There is increasing adoption of do-it-yourself (DIY) surfboards, which is likely to challenge the manufacturers dwelling in the market.
  • Amidst the growth of the forum at a rapid pace, sustainability concerns continue to challenge the pace of development of the surfing industry.
  • The millennial and GenZ populations have a high tendency to surf online, which is adversely affecting the love for outdoor sports and is expected to curb the pace of advancement for the surfboard market.
  • Consumers in low-income countries are unable to spend on these exclusive products, which is estimated to impede the growth of the market during the projection period.

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Peek into the Historical Market Scenario

After analyzing the market in-depth, the experts of Fact.MR has unveiled that the kids’ bicycle market has been witnessing an unprecedented surge in the past few years. There is an approximate rise of US$ 0.28 Billion surge in the total market value from 2021 to 2022.

The growth of the market can be attributed to the rising interest of the urban populace in adventurous sports activities and the upsurge in the global tourism industry that involves enthralling activities like surfing, kayaking, scuba diving, jet skiing, parasailing, bungee jumping, and more. Furthermore, the manufacturers in the surfboard market are introducing sustainable surfboards that are made using eco-friendly materials and assist in the reduction of carbon footprints during manufacturing and are gaining quite traction among the environmentally-concerned population.

In addition to that, the surfboard market is diversifying its offerings with the utilization of advanced technologies such as computer-aided design or computer-aided manufacturing (CAD/CAM) systems, which help individuals modify their surfboards according to the specifications. Therefore, the rapid prominence of water sports activities is projected to stir up the market dynamics for surfboards through 2032.

Surfboard market forecast by Fact.MR

Surfboard Market

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Comparative Analysis of Adjacent Markets

Surfboard Market :

Differentiating Aspects

Surfboard Market

CAGR

6.7%

Market Valuation in 2022

US$ 4.42 Billion

Projected Market Value in 2032

US$ 8.45 Billion

Drivers

  • Increase in the surf tourism trends and rising disposable income of the populace across developing countries are fueling the growth of the market.
  • Surfing is widely encouraged as a recreational and competitive sport across the globe, which is expected to fuel the sale of surfboards through the forecast period.

Surfing Equipment Market :

Differentiating Aspects

Surfing Equipment Market

CAGR

7%

Market Valuation in 2022

US$ 2.91 Billion

Projected Market Value in 2032

US$ 5.73 Billion

Drivers

  • Partnerships of key surfing equipment manufacturers with surfing clubs and professional surfers are expected to boost the demand for surfing equipments in the forthcoming years.
  • The rising prominence of water sports activities augment the growth of the surfing equipment market further during the estimated study period.

Surfing Apparel Market :

Differentiating Aspects

Surfing Apparel Market

CAGR

5%

Market Valuation in 2022

US$ 1.36 Billion

Projected Market Value in 2032

US$ 2.21 Billion

Drivers

  • Acceptance of surfing as a lifestyle sport amongst all age groups is estimated to propel the growth of the market during the projection period.
  • Increased number of surf schools, coupled with growing trends of surfwear is likely to boost the market growth through 2032.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Category-wise Insights

Identification of the Domineering Segments in the Surfboard Market

Shortboard – By Board Type

Fact.MR has analyzed that the shortboard segment is likely to propel at a steady pace over the forecast period. At present, the short board segment by board type category is accountable for a market share of 68% in 2022. An increase in the level of disposable income is likely to fuel the sales of surfboards through the projection period. The responsible factors behind the rising shares of shortboards are identified as follows:

  • Shortboards are more responsive than longboards.
  • They can be easily maneuvered, which makes allowance for skilled and professional surfers to do amazing tricks.
  • The shortboards facilitate sharp cuts in the waves, as well as pick up more speed owing to their less surface area.

Offline Sales – By Distribution Channel

As per the analysis of Fact.MR, the offline sales channel segment by distribution channel category, has accounted for the largest revenue share of over 85% during the base year and is anticipated to retain its lead position throughout the forecast period. This segment is gaining traction because:

  • The surfers prefer authenticating the products before buying or spending money on such luxury items.
  • A wide variety of options is available for purchase, along with material variants like wooden surfboards, polyurethane boards, balsa boards, and more.

However, the online segment is estimated to register a considerable CAGR from 2022 to 2032 due to technical improvements and the increasing importance given to online platforms for purchasing surfing equipment, particularly by consumers looking for bargains.

Regional Insights

In-depth Overview of the Market-o-nomics Across Diverse Regions

North America

In the base year, the North American region accounted for the largest share of the surfboard market, registering a share of 47%. This region is anticipated to exert dominance over the forecast period owing to the following factors:

  • Growing popularity of surfing amongst adventure enthusiasts in North America is fueling the product demand in the region.
  • Due to the presence of long coastlines across the U.S. and Canada, sports popularity is at its height.
  • Innovations are made by the manufacturers to the surfboards to appeal to the wide base of customers across the region, further propelling the market size of surfboards in North America.

Europe

Europe is projected to advance at a substantial rate and witness significant growth through the forecast period in the global market. France has been identified as one of the best surfing destinations in the world. As per the poll performed in 2021, there were approximately 6,50,000 surfers in France, which is making a notable contribution to the rising market share of surfboards in the European region. Besides these, the other growth propellants identified in the market are :

  • There is a surge of inbound tourism in the European surfboard market, contributing to the growth of the regional market.
  • Government grants are being received by the key players to innovate the products and propel tourism, which is further bolstering the dynamics of the surfboard market in Europe.

Start-Up Ecosystem

Initiative of New Entrants to Embark their Footprint in the Surfboard Market

The new entrants in the surfboard market are leveraging advancements in the features to launch new products and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and demands from conscious parents. Efforts are being made to strengthen their foothold in the forum and aid the further progression of the surfboard market.

Top Start-ups to Watch for

Boardcave

The Boardcave website provides a tool that allows users to find, compare, and customize their own surfboards based on individual needs. Using the startup’s proprietary “Board Engine,” you enter the information related to your height, weight, and surfing skill level. A list of suggested surfboards then appears. You can further customize your surfboard by adding your preferred fin layout and design. Boardcave ships your finished custom surfboard to your home.

Surfdyle

Surfdyle has come up with a solution : a waterproof sticker decal that affixes to almost any surface, especially on surfboards. The startup’s time and temperature measuring device feature a hard plastic waterproof shell, an LCD screen display, and a four-year battery life. There’s no need to worry about it being damaged in the heat either. Surfdyle can withstand temperatures up to 130 degrees Fahrenheit.

Competitive Landscape

Attempts of Key Players to Revolutionize the Market Outlook

Due to the existence of numerous international and regional companies, the market for surfboards is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world.

Manufacturers in the surfboard market are leveraging multiple marketing approaches to increase sales revenue.

Earth Tech is truly pushing the limits of how sustainable surfboards can be, making use of epoxy bio-resin and epoxy blanks in manufacturing, as well as making sure nothing gets wasted through their Zero-Waste Initiative.

Timber Surf is based in Santa Cruz, Calif., and, similar to Earth Technologies, is working to create waste-less surfboards. But they’re going about the process a little differently. Timber uses slab-cut pieces of fallen redwoods from the Santa Cruz Mountains to line its EPS blanks, giving them unparalleled strength and longevity, as well as reducing the amount of resin and fiberglass required.

Recent Developments :

  • In September 2018, Channel Island Surfboard opened a new store in Santa Monica. The company also initiated a partnership with Stab and Dane Reynolds to screen Channel’s new surf film which gave exposure to its 10 tripped-out surfboards, including the latest Neck Beard 2 model.
  • In April 2018, Boardriders, Inc., a global action sports and lifestyle company completed the acquisition of Billabong International Limited, a leading provider of surfboards. The acquisition is aimed at establishing one of the leading action sports companies with an extensive reach of e-commerce platforms and retail stores.
  • In November 2018, BIC Group received an offer from Tahe Outdoors to acquire BIC Sports, BIC’s water sports subsidiary which is a pioneering player in surfing, kayaking, junior racing dinghies, and stand-up paddleboarding.

Key Segments in the Surfboard Market

  • By Product Type :

    • Polyurethane Boards
    • Balsa Boards
    • Hollow Wooden Boards
    • Others
  • By End-use :

    • Entertainment
    • Sport Competition
    • Others
  • By Board Type :

    • Shortboard
    • Longboard
  • By Region :

    • North America
    • Latin America
    • Asia Pacific
    • MEA
    • Europe

- Premium Report Details -

Surfboard Market
  • FACT422MR
  • Nov-2022
  • Sports
  • 170 Pages
  • 112 Tables
  • 98 Figures

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The growth outlook for the surfboard market is predicted to advance at a CAGR of 6.7% from 2022 to 2032.

The North American region is anticipated to lead the surfboard market during the forecast period.

The sports activity sector is the key driver in the surfboard market.

The surfboard market is likely to hold a valuation of US$ 8.45 Billion by 2032.

The market valuation of the surfboard market stands at US$ 4.42 Billion in 2022.

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