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Electric Surfboard Market

Electric Surfboard Market

Electric Surfboard Market Analysis By Product Type (Standard, Hydrofoil Electric Surfboards), By Body (Inflatable, Solid), By Engine Capacity (Up to 10kW, 10-12 kW, Above 12 kW), By Maximum Speed (20-40 Kmph, Above 40 Kmph), By Archetype, By Region - Global Insights 2022-2032

Electric Surfboard Market
FACT7115MR
  • Feb-2022
  • List of Tables : 214
  • List of Figures : 138
  • 170 Pages
  • Sports

Electric Surfboard Market Outlook (2022-2032)

The global electric surfboard market is estimated at US$ 83.4 Mn in 2022, and is forecast to reach US$ 165.6 Mn by the end of 2032, expanding at a CAGR of 6.9% during 2022-2032.

Report Attributes

Details

Electric Surfboard Market Size (2021A)

US$ 78.5 Mn

Estimated Market Value (2022E)

US$ 83.4 Mn

Market Value Forecast (2032F)

US$ 165.6 Mn

Global Market Growth Rate (2022-2032)

6.9% CAGR

North America Market Share (2021)

~36.7%

North America Growth Rate (2022-2032)

7% CAGR

U.S. Growth Rate (2022-2032)

6.5% CAGR

Top 5 Companies’ Market Share

~32%

Key Companies Profiled

  • Radinn AB
  • Lift Foils Limited
  • Awake
  • Fliteboard Pty. Ltd.
  • LAMPUGA GMBH
  • VeFoil

As per detailed analysis by Fact.MR, electric surfboard sales accounted for 7% of the global surfboard market value in 2021, which is predicted to rise to nearly 12%-15% by 2032. Growing number of recreational users in water sports and expanding rental agencies of water sports are driving market expansion.

Based on Fact.MR research, total 10,324 units of electric surfboards were sold, including standard surfboards and hydrofoil surfboards, in 2021, across the globe. Global volume of electric surfboards is projected to reach 20,980 units by the end of 2032, and provide ample of opportunities to the manufacturers over the same period.

Emergence of electric technology in water sports equipment is set to grow 2X within the next half-decade. The electrification of products and other factors have increased per capita water sports expenditure in the U.S. 2.5X since 2017.

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Electric Surfboard Sales Analysis (2017-2021) Vs. Market Outlook (2022-2032)

As per latest market analysis by Fact.MR, a market research and competitive intelligence provider, unit sales for electric surfboards over the past half-decade increased at a CAGR of around 3.8%. Additionally, online sales channels sold 5,963 units of electric surfboards in 2021, in which, company-owned websites accounted for 62.1% share.

Growing per capita spending on water sports will provide abundant opportunities to manufacturers in Europe, North America, and others regions. For instance, in 2016, the U.S. accounted for US$ 4.2 per capita expenditure on water sports, which increased to US$ 12.4 in 2021. This trend is expected to provide ample opportunities to electric surfboard manufacturers looking to improve their product penetration.

The global e-surfboard market is predicted to expand at 6.9% CAGR over the next ten years.

What are the Key Influencing Factors Accelerating Demand Growth of Electric Surfboards?

“Technical Advantages Driving Demand for e-Surfboards”

Implementing carbon nano-fiber material during the fabrication of surfboards delivers several advantages. This optimises its weight, provides low rotation angles, and enhances overall stability. Carbon nano-fiber is considered as a highly durable material with technical advantages over other sustainable particulars such as aluminium, foam, resins, and many more.

According to Fact.MR research, 15% increment has been noticed in the number of enthusiast surfers in 2021 compared to that of 2018. Surging number of surfing enthusiasts around the globe is a positive indication for e-surfboard manufactures. This drives them to increase their annual production volumes.

Moreover, diversified surfboard ranges offered by manufacturers is likely to attract new consumers towards their e-surfboard kits. In addition, superior product factors such as ease of operating, lightweight body, effortlessly transporting, and electrically operable boards are increasing their acceptance among various water sports admirers. As such, the overall e-surfboard market is likely to gain traction over the coming years.

Electric Surfboard Market forecast analysis by Fact.MR

What are the Key Restraining Factors for Market Development?

“High Cost and Low Battery Life of Electric Surfing Kits Stunting Market Expansion”

Surfing has been one of the prominent water sports that attracts a large group of sports enthusiasts. Ease of operation, lightweight body, high-speed motors, and others technical advantages associated with electric surfboards have graced overall market presence. However, electric surfboards are manufactured at comparatively higher price points as that of conventional surfboards.

This high-cost associated with motor implementation, complex design, and costly material of electric surfing boards is likely to restrict product penetration. This could shift consumers’ interest towards alternative water sports such as kayaking, kite surfing, windsurfing, and others. In addition to this, technical advancements such as higher battery capacity, lightweight and costly materials, and hand-on kill switch features drive up prices.

The low battery life of motorized surfboards has remained a key issue constraining overall demand for e-surfboards. Lower battery life affects user experience, which leads to reduction in product penetration in the global market. In addition to this, stand-by charging time associated with surfboard batteries is burdensome.

Only limited players are providing higher battery life greater than 60 min of ride, which has been a deciding factor in the overall market structure. As such, availability of lower battery life e-surfboards acts as the most dominant restraint for market growth. This restrain needs to be eliminated to uplift annual e-surfboard sales over the coming years.

An Adaptive Approach to Modern-day Research Needs

Country-Wise Analysis

Which Country is Leading Electric Surfing Board Unit Sales?

“U.S. Electric Surfboard Market Leading Handsomely”

The U.S. is a prime consumer and manufacturer of electric surfboards. The U.S. currently accounts for US$ 28.8 Mn market value, with volume sales of around 3,768 units.

Rising per capita expenditure on water sports and growing number of recreational users are anticipated to be lucrative avenues for manufacturers. The U.S. is poised to generate an absolute $ opportunity of more than US$ 15 Mn during the period of forecast, with the market estimated to expand at a CAGR of 6.8% over the decade.

Why Should Electric Surfboard Manufacturers Focus on China?

“Low-cost Manufacturing of Electric Surfboards Giving China a Competitive Edge”

China has been one of the promising markets driving demand for electric surfboards. China provides electric surfboards at lower price points as compared to other markets such as the U.S. and Europe, taking competitive jumps in terms of manufacturing.

The China electric surfboard market is estimated to reach US$ 2 Mn in 2022, and likely surge at a CAGR of around 6.8% over the decade.

Category-Wise Analysis

Which Sales Channel is Projected to Account for High Sales of Electric Surfboards?

“Market Players to Proliferate from Online Sales of Electric Surfboard Kits”

The online sales channel is anticipated to expand at 6.7% CAGR during the assessment period. Total 6,334 units of motorized surfboards were through online sales in 2021, which is estimated to jump to 11,750 units by the end of 2032.

Under the online sales channel segment, company-owned websites accounted for higher sales as compared to third-party websites in 2021. Company-based websites are likely to see higher sales at a considerable growth rate of 6.4% during the forecast period.

Which Type of Electric Surfboards are Most Demanded by Water Sports Enthusiasts?

“Demand for Hydrofoil surfboards to Rise Steadily across Regions”

Hydrofoil surfboards are anticipated to be most lucrative segment during the forecast period. This sub-segment currently accounts for 60.2% market share and is estimated to generate US$ 50.1 Mn value in 2022 in the global market.

Hydrofoil surfing boards are easy to operate and lightweight as compared to standard surfboards, which makes them highly attractive for end users. The hydrofoil surfboards segment is set to create an absolute $ opportunity of US$ 51 Mn by the end of the assessment period.

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Competition Landscape

Awake, CabraTec, Electric Surf Sports, eSurf, Fliteboard Pty. Ltd., Hison, Jetsurf, LAMPUGA GMBH, Lift Foils Limite, Olo Boards, Onean, Radinn AB, TORQUE JET BOARDS, VeFoil, Waterblade, Waydootech, and YuJet are major manufacturers of electric surfboards.

Prominent players have started including carbon nano-fiber incorporated electric surfboards in their product portfolios. Integration of carbon nano-fiber technology in surfboard equipment enhances product lifecycle.

  • Ravik 3 (a product offered by AWAKE) can outstretch the mark of 50 kmph from rest, within a span of 5 minutes.

In addition to this, some of the leading manufactures such as ESURF, Jetsurf, and others are following the personality-based marketing strategy. Tier-2 and tier-3 players have ample opportunities to follow this strategy for capital expansion and improving their geographical footprint.

Market players are continuously enhancing customer experience through product optimization and customization solutions. This strategy is likely to increase product awareness, attracting new customers in the near future.

Fact.MR has provided detailed information about the price points of top manufacturers of electric surfboards positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.

Key Segments of Electric Surfboard Industry Research

  • By Product Type:

    • Standard Electric Surfboards
    • Hydrofoil Electric Surfboards
  • By Body:

    • Inflatable Electric Surfboards
    • Solid Electric Surfboards
  • By Engine Capacity:

    • Up to 10 kW Electric Surfboards
    • 10-12 kW Electric Surfboards
    • Above 12 kW Electric Surfboards
  • By Maximum Speed:

    • Below 20 Kmph
    • 20-40 Kmph
    • Above 40 Kmph
  • By Archetype:

    • Individuals
      • Baby Boomers
      • Gen X
      • Millennials
      • Gen Z
    •  Institutional
    •  Promotional
  • By User Category:

    • Professional Users
      • Beginner
      • Intermediate
      • Advanced
    • Recreational Users
  • By Sales Channel:

    • Online Sales of Electric Surfboards
      • Company-owned Websites
      • e-Commerce Websites
    • Offline Sales of Electric Surfboards
      • Franchised & Retail Chains
      • Sports Variety Stores
      • Modern Trade Channels
  • By Region:

    • North America Electric Surfboard Market
    • Latin America Electric Surfboard Market
    • Europe Electric Surfboard Market
    • East Asia Electric Surfboard Market
    • South Asia Electric Surfboard Market
    • Oceania Electric Surfboard Market
    • MEA Electric Surfboard Market

- FAQs -

The global electric surfboard market is estimated to be valued at US$ 83.4 Mn in 2022.
Over 10,000 electric surfboards are sold each year at present, with this number predicted to increase 2X by 2032.
Electric surfboard sales value is expected to increase at a CAGR of around 6.9% during the period of 2022-2032.
Electric surfboard sales increased a CAGR of around 3.8% during 2017-2021.
Top companies manufacturing electric surfboards are Radinn AB, Awake, Fliteboard Pty. Ltd., LAMPUGA GMBH, Lift Foils Limited, and VeFoil.
The North America market holds approximately 37% share of the market in 2022.

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