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Electric Hydrofoil Surfboards Market

Electric Hydrofoil Surfboards Market

Electric Hydrofoil Surfboards Market Analysis By Handle Type (Electric Hydrofoil Surfboards With Handlebars & Without Handlebars) By Maximum Speed, By Ride Time, By User Category and By Region – Global Market Insights 2022 to 2032

Electric Hydrofoil Surfboards Market
FACT7373MR
  • May-2022
  • List of Tables : 70
  • List of Figures : 245
  • 170 Pages
  • Sports

Electric Hydrofoil Surfboards Market Outlook (2022-2032)

The global electric hydrofoil surfboards market is valued at US$ 40.2 million at present and is forecast to reach a market valuation of US$ 70.6 million by the end of 2032 while expanding at a CAGR of 5.8%.

Report Attributes

Details

Electric Hydrofoil Surfboards Market Size (2021A)

US$ 38.5 Million

Estimated Market Value (2022E)

US$ 40,2 Million

Forecasted Market Value (2032F)

US$ 70.6 Million

Global Market Growth Rate (2022-2032)

5.8% CAGR

North America Market Share (2021)

~36.4%

North America Growth Rate (2022-2032)

6.8% CAGR

U.S. Growth Rate (2022-2032)

6.9% CAGR

Market Share of Top 5 Companies

~27.6%

Key Companies Profiled

  • Aerofoils GmbH
  • Awake
  • CabraTec
  • Fliteboard
  • Hover Foil 
  • LAMPUGA GMBH
  • Lift
  • Pwr-Foil
  • Slingshot
  • Takuma
  • The HydroFlyer

As per the latest analysis by Fact.MR, sales of electric hydrofoil surfboards accounted for 2%-4% of the global surfboards market value in 2021. Rising number of recreational water sports enthusiasts and increasing rental electric hydrofoil surfboard agencies are driving market growth.

Consumers are demanding highly efficient hydrofoil surfboards of late. This trend is more in countries where water sports are popular, which is positively influencing electric hydrofoil surfboard demand.

Europe and North America are major manufacturers and exporters of electric hydrofoil surfboards, fulfilling the demand from water sports enthusiasts across the world with rapid technological advancements in surfboard technology.

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Electric Hydrofoil Surfboard Demand Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Latest market analysis by Fact.MR, a market research and competitive analysis provider, states that the market value for electric hydrofoil surfboards increased at a CAGR of 3.4% from 2017 to 2021. E-surfboards are replacing traditional surfboards at a fast pace, and, as such, the electric hydrofoil surfboards market share is rapidly expanding.

Water sports equipment has witnessed a growth of 3.5% over the past few years. In England and Wales, approximately 3% of the population regularly participates in water-based sports and recreational activities. Wide product offerings by manufacturers are set to increase the number of surfboard rides by 1.5X by 2028.

Overall, the global market for electric hydrofoil surfboards is predicted to expand at 5.8% CAGR through 2032.

Electric hydrofoil surfboards market forecast by Fact.MR

Why is Demand for Electric Hydrofoil Surfboards Rising Rapidly?

Why is Demand for Electric Hydrofoil Surfboards Rising Rapidly?

“Emergence of Brand-owned Retail Channels”

The integration of brand-owned retail channels has provided extensive growth prospects to market players in the global efoil surfboards market. The B2C distribution channel has helped companies transfer their message straight to the customer without any confusion or dilution of information.

Moreover, the high-profit ratio also associated with B2C distribution is under prior consideration. Leading suppliers of electric hydrofoil surfboards run their own distribution channels, and this ensures successful product delivery to their customer base located across prominent regions.

Some efoil surfboard manufacturers even provide free shipping to attract more customers. This strategy will enable abundant market opportunities over the decade and strengthen their overall revenue-generating capacity.

“Electric hydrofoil surfboard Suppliers Collaborating with Rental Companies”

Collaboration with rental companies has become a prominent strategy adopted by several electric hydrofoil surfboard brands aiming for a larger customer base in the market. Players have also increased their consumer base by streamlining their product lines to meet the needs of rental agencies. This strategy is likely to benefit market players by increasing annual sales volumes and capturing a larger market share.

The rental strategy also assists manufacturers in developing innovative surfboards for surfers of all ages. This allows them to develop a stronger product portfolio and increase their overall revenue generation. Furthermore, the entry of e-surfboard manufacturers into the rental space will also help them increase their profit margins.

  • LAMPUGA, for example, opened its own rental facility in 2020.

“Increasing Recreational Activities & Growing Tourism Industry”

In addition to this, growing tourism activities across the globe are anticipated to push the demand for water sports activities in prominent regions such as Europe and North America, which will bode well for electric hydrofoil surfboard producers as well.

The rise in technological implementations such as product optimization, emergence of electric products, and others in water sports equipment has had a strong positive effect on the safety of individuals. Due to this, increased participation in water sports has been observed over the past few years. This positive effect is expanding the craze of water-based adventure sports across the horizon with a major impact offered within the tourism sector.

The aforementioned factor is anticipated to drive the sales of hydrofoil surfboards, especially electric hydrofoil surfboards, over the coming years. Growth of the tourism industry has led to a remarkable escalation of electric hydrofoil surfboard sales and this is likely to continue in the near future as well.

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Country-Wise Analysis

Why is the North America Electric Hydrofoil Surfboards Market So Attractive?

“North America to Remain Largest Market Led by the U.S.”

North America is the leading consumer and manufacturer of electric hydrofoil surfboards. This regional market currently stands at US$ 14 million and accounts for 2,384 units of electric hydrofoil surfboards.

Rising per capita expenditure on water sports activities and increasing number of recreational users are anticipated to drive the sales of electric hydrofoil surfboard manufacturers. North America is slated to generate an absolute $ opportunity of than US$ 11.6 million over the period of forecast period.

The U.S. electric hydrofoil surfboards market is estimated to hold 86.8% of the market share in 2022 and expand at a high CAGR of 6.8% over the period of forecast.

Which Countries are Leading South Asia and Oceania Market Growth?

“Electric Hydrofoil Surfboard Manufacturers to Gain High Profits in Australia & New Zealand”

Australia and New Zealand have been the most lucrative markets for the demand for electric surfboards in South Asia & Oceania. In South Asia, electric hydrofoil board manufacturers provide electric hydrofoil surfboards at a lower price point as compared to other regions such as North America and Europe.

The Australia electric hydrofoil surfboards market is estimated to reach the mark of US$ 1.5 million by 2022 and expand at a CAGR of around 6.3% over the decade.

In Australia & New Zealand, sales of electric hydrofoil surfboards in different user categories are increasing rapidly, and the market is expected to expand 2X by the end of 2032.

Category-Wise Analysis

Which Buyer Category Accounts for Higher Sales of Electric Hydrofoil Surfboards?

“Rapidly Rising Number of Recreational Users across Geographies”

The number of recreational users of electric hydrofoil surfboards is anticipated to increase at 6.1% of CAGR over the assessment period. Recreational consumers are increasing due to their active participation in water sports to improve cardiovascular fitness, increase muscular strength, and strengthen the torso and legs.

These health benefits have influenced many people to shift their interest from land sports and pursue water sports, which has ultimately propelled electric hydrofoil surfboard demand.

Which Type of Efoil Boards Has Gained Immense Traction?

“Demand Surging for Without Handlebar Electric Hydrofoil Surfboards”

The without handlebar electric hydrofoil surfboards segment is anticipated to be the most lucrative for market players over the coming years. This segment currently accounts for 76.3% market share and is valued at US$ 30.6 million in the global market.

These electric hydrofoil surfboards are easy to operate and are even lighter as compared to regular surfboards. Such features make this the most attractive segment from the consumers’ end.

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Competition Landscape

Awake, CabraTec, Fliteboard Pty. Ltd., LAMPUGA GMBH, Lift Foils Limited, TORQUE JET BOARDS, VeFoil, Aerofoils GmbH, Hover Foil, Pwr-Foil, Slingshot, Takuma, and The HydroFlyer are some of the top companies in the electric hydrofoil surfboards market.

  • Market players from the top two tiers are offering carbon nano-fibre incorporated electric hydrofoil surfboards. The use of carbon nano-fibre technology in surfboard equipment has enhanced product lifecycle.

Fact.MR has provided detailed information about the overall strategies adopted by electric hydrofoil surfboard manufacturers along with their detailed overviews of efoil electric surfboard sales analysis by application, including SWOT analysis and sales generated from target hydrofoil surfboards from top electric hydrofoil surfboards manufacturers positioned across geographies.

Key Segments of Electric Hydrofoil Surfboards Industry Survey

  • Electric Hydrofoil Surfboards Market by Handle Type :

    • With Handlebars
    • Without Handlebars
  • Electric Hydrofoil Surfboards Market by Maximum Speed :

    • Below 20kmph
    • 20-40kmph
    • Above 40 kmph
  • Electric Hydrofoil Surfboards Market by Ride Time (Mins) :

    • <40
    • 40 – 80
    • 80 – 120
    • >120
  • Electric Hydrofoil Surfboards Market by User Category :

    • Professional User
      • Beginner
      • Intermediate
      • Advanced
    • Recreational User
  • Electric Hydrofoil Surfboards Market by Region :

    • North America Electric Hydrofoil Surfboards Market
    • Latin America Electric Hydrofoil Surfboards Market
    • Europe Electric Hydrofoil Surfboards Market
    • East Asia Electric Hydrofoil Surfboards Market
    • South Asia & Oceania Electric Hydrofoil Surfboards Market
    • Middle East & Africa Electric Hydrofoil Surfboards Market

- FAQs -

The global electric surfboarding hydrofoil market is estimated at US$ 40.2 million in 2022.
Electric hydrofoil surfboard market value is predicted to increase at a CAGR of 5.8% from 2022 to 2032.
The global electric hydrofoil surfboards market expanded at a CAGR of around 3.4% from 2017 to 2021.
Key players involved in the manufacturing of electric hydrofoil surfboards can be seen involved in production capacity expansion along with the development of high-battery-life e-surfboards that ate lightweight and compact.
Top manufacturers of electric hydrofoil surfboards are Aerofoils GmbH, Awake, Fliteboard Pty. Ltd., LAMPUGA GMBH, Lift Foils Limited, and VeFoil.
The North America electric hydrofoil surfboards market accounts for approximately 36.4% of the global market share.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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