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Wakeboard Market

Wakeboard Market Trends by Product Type (Wakeboarding Protective Gears, Wakeboards, Wakeboarding Clothing), by Length (Short, Longer), & by Region - Global Insights till 2032

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

Wakeboard Market Outlook (2022-2032)

Wakeboarding is receiving a push from the efforts of the wakeboarding associations and water sports bodies. Nevertheless, leading organizations in the wakeboarding market, such as the World Wake Association (WWA), are putting efforts to promote wake sports across the world. By organizing amateur as well as professional wakeboard events and tournaments on a global platform, these organizations are encouraging water sports enthusiasts to participate in wakeboard activities.

The global market for wakeboards at present is estimated at USD 1.64 Billion in 2022. The market is further expected to cross a valuation of USD 3.85 Billion by end of 2032. The assessment period for this research is 2022 to 2032. The market is anticipated growth with a CAGR of 8.9% in the forecast period.

Report Attributes

Details

Market size (2022 A)

USD 1.64 Billion

Base Year for Estimation

2022

Forecast duration for this research

2022-2032

Forecasted Market value (2032 F)

USD 3.85 Billion

Global Market Growth rate (2022-2032 E)

CAGR of 8.9%

Key Companies Profiled

  • Body Glove IP Holdings LP
  • Radinn
  • Jobe
  • Shiner Ltd

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What impulses demand for the wakeboards market?

There is growing awareness about sports injuries and penetration of social media covering sports telecasts that incentivize demand for the wakeboards. The stringent regulations about protective gear and the rising transformation in water sports are opening marketplaces for eco-friendly equipment with the popularity of extreme sports. This is likely to foster the demand for wakeboarding material and protective gear in the forecast period.

From the government stake, many countries like Europe are into framing policies for the addition of opportunities for sustainable water sports activities in this field. There is also a rise in the proposals of manufacturing wakeboards having multiple facilities which are likely to boost manufacturing in the forecast period. The innovation in the products may also attract more young participants. These concerted efforts may give a traction to this market-facing otherwise sluggish growth.

The popularity of water sports is the driving force behind the demand. Moreover, there is a surge in the water parks and water sports academies is anticipated to give traction to this industry in the forecast duration. The market is further expected to generate immense scope for the growth of wakeboarding activities in the future time.

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What restraints the industry is facing or likely to encounter in the forecast period?

In the case of protective gears, the lower rate of replacement along with the long lifecycle likely creates market restraints in the growth of wakeboarding markets in the forecast period. The development of sales channels is a challenge ahead of companies.

Moreover, there is a decline in participation in water sports in regions like the US that can stagnant this market growth in the forecast period. In 2012 the number of US participants in wakeboarding accounted for 3.35 million while the rate declined in a decade and reached 2.75 million participants in wakeboarding in 2022. The scenario is similar on the global scale which is rising concern for the decline in sales of wakeboards in upcoming years.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

What are strategies opted by the manufacturers?

Manufacturers in this field are focusing more on consumer preferences as customers tend to buy products as on the fins, length, and material quality of wakeboards. As wakeboarding is still relatively new compared to other water sports, demand for wakeboards for beginners is likely to remain high.

As longer wakeboards are easier to ride and learn on, manufacturers are producing wakeboards with a length of around 150 centimeters or above. Also, demand for compatible and comfortable bindings is likely to remain high. Market players are targeting beginners by making adjustable bindings available in the market.

Manufacturers are also experimenting with a variety of raw materials such as foam, wood core, and graphite to improve the durability and cost-efficiency of wakeboards. Apart from the length and raw materials used to manufacture wakeboards, the properties of fins have a major influence on the purchasing decisions of consumers.

According to the water conditions and types of wakeboarding, the demand for depth, length, and width of fins may vary. However, considering the large number of beginner rides, manufacturers are producing larger fins that offer more stability to new riders.

Regional Outlook

The market is dominated by the North American region due to the progression of water sports activities in this region. The participants are well aware of the need for protective types of equipment is a major factor driving the growth of this market. There is a high prevalence of market players in this region which is driving growth in the industry. The region is growing in terms of sports academies and water sports clubs which is propelling demand for wakeboards.

Europe is the second region that is anticipated to hold a major share after North America in the forecast period. The growth in this region is due to rising water sports infrastructure. The high income of people is likely to attract them to water sports in the forecast duration. The rise in the market is due to propelled preference for eco-friendly equipments in this region.

Competitive Landscape

The market is dominated by certain brands. These companies are consistent in product innovation and opt for marketing strategies for their products. Apart from product innovation collaborations and strategic partnerships are opted for by the market players to maintain a market edge in the industry. The companies are focusing on the safety features of wakeboards for attracting people to water sports.

Overall, the market continues to be in a phase of moderate growth, owing to fluctuations in consumer interest in the sport. Concerted efforts by water sports and wakeboard associations, combined with the launch of aesthetically pleasing and highly functional wakeboards can induce some level of momentum in this market.

Recent Developments :

  • Body Glove IP Holdings LP – an American water sports brand – recently established a distribution partnership with Shiner Ltd. – a British company – to leverage Shiner’s European network for distributing the brand’s products including wakeboard equipment in Europe.
  • Radinn – a wakeboard manufacturer based in Sweden – recently launched an electric wakeboard with a swappable battery. The company launched its first electric wakeboard in 2015, which could reach up to the 28mph for a full half-hour on a single charge. The company states that the second-gen electric wakeboard is capable of reaching up to 36 mph and is much cheaper than its predecessor.
  • Jobe – a leading water sports brand headquartered in the Netherlands – recently introduced its new Nitro Wakeboard Bindings that can offer better control and support to the rider. The company claims that these are the most accessible and cost-efficient bindings available in the market.

Wakeboard Market : Segmentation

  • By Product Type :

    • Wakeboarding protective gears
    • Wakeboards
    • Wakeboarding clothing
  • By Length :

    • Short
    • Longer
  • By Region :

    • North America
      • U.S.
      • Canada
    • Latin America
      • Mexico
      • Brazil
    • Western Europe
      • Germany
      • Italy
      • France
      • U.K
      • Spain
    • Eastern Europe
      • Poland
      • Russia
    • Asia Pacific
      • China
      • India
      • ASEAN
      • Australia
      • New Zealand
    • Japan
    • Middle East and Africa
      • GCC
      • S. Africa
      • N. Africa

- Premium Report Details -

Wakeboard Market
  • FACT821MR
  • Status: Ongoing
  • Mar-2023
  • Sports

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The market anticipates growth with a CAGR of 8.9% during the forecast period.

The market is further expected to cross a valuation of USD 3.85 Billion by end of 2032. The assessment period for this research is 2022 to 2032.

North America is the leading region in the wakeboard market owing to a rise in water sports awareness and rising market players.

There is growing awareness about eco-friendly sports equipment’s and penetration of social media covering sports telecasts that incentivize demand for the wakeboards.

The global market for wakeboards at present is estimated at USD 1.64 Billion in 2022.

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