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Wingboards Market

Wingboards Market

Wingboards Market Analysis By Board Size (Less than 130 cm, 131–140 cm, 141–150 cm, Above 150 cm), By Kite Size (Less than 8 Meters, 9–13 Meters, 14–18 Meters, Above 18 Meters), By User Category (Professional Users, Recreational Users), By Sales Channel & Regional Forecast 2022-2032

Wingboards Market
FACT7519MR
  • Jun-2022
  • List of Tables : 70
  • List of Figures : 245
  • 170 Pages
  • Sports

Wingboards Market Outlook (2022-2032)

The global wingboards market is estimated to increase from a valuation of US$ 265 million in 2022 to US$ 526 million by the end of 2032, expanding at a CAGR of 7.1% between 2022 and 2032.

There has been increasing demand for customized solutions in this space, such as customized length, GPS for wingboard surfing, photo customization, etc. A gradual increase in realization of the benefits associated with customized wingboards will attract more people to this sport, thereby supplementing global demand.

Report Attributes

Details

Wingboards Market size (2021A)

US$ 249 Million

Estimated Market Value (2022E)

US$ 265 Million

Forecasted Market Value (2032F)

US$ 526 Million

Global Market Growth Rate (2022-2032)

7.1% CAGR

North America Market Share in 2021

~39.5%

North America Market Growth Rate (2022-2032)

7.7% CAGR

U.S. Market Growth Rate (2022-2032)

7.8% CAGR

Market Share of Top 5 Companies

~42.5%

Key Companies Profiled

  • Swift Foiling
  • Gong Galaxy
  • F-one
  • Freedom Foil Boards
  • North Kiteboarding
  • Sling Shot
  • Cabrinha
  • Fanatic
  • MB Boards
  • SAB group Srl
  • PPC Foiling
  • Armstrong Foils Ltd
  • Naish

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Sales Analysis of Wingboards (2017-2021) Vs. Market Outlook (2022-2032)

Latest market analysis by Fact.MR, a market research and competitive analysis provider, states that the market value for wingboards between 2017 and 2021 increased at a CAGR of 3.2%.

The travel and tourism industry is amongst the fastest-growing industries worldwide and is contributing significantly to the global economy. The impact of tourism penetrates other industries such as accommodation, transportation, entertainment, and recreational activities.

Countries such as the United States and France are popular destinations for tourism. Moreover, these countries are leading in the manufacturing, marketing, and supply of wingboards.

Other countries are also emerging to gain from the economic benefits of the tourism industry. Thus, rising recreational, tourism, and promotional tourist sports activities are attracting a huge pool of wingboard surfers.

Overall, the global market for wingboards is predicted to progress at a high CAGR of 7.1% through 2032.

Wingboards market forecast by Fact.MR

What’s Majorly Driving Demand for Wingboards?

“Introduction of User-friendly Features in Wingboards”

Wingboards are advancing quite rapidly, making the sport more appealing. New wingboards are lighter and easier to carry, handle, manoeuvre, and transport. They also come with many user-friendly features such as tie-down straps, comfortable standing, and some with fins, allowing to move forward in a relatively straight line.

Water sports events have always excited adventure enthusiasts. Manufacturers are focusing on strategic designs and lightweight materials to enhance the enjoyment of surfing games. Such advancements are likely to increase the demand for wingboards over the coming years.

“Rental Services for Wingboards – The Way to Go”

Increasing competition in the market makes it difficult for companies to survive in the environment. To gain a competitive edge over other companies, manufacturers have started offering rental services to short-term customers to generate higher profits.

Rental programs or subscription plans benefit both, the companies and customers, as there’s a continuous flow of asset finance for the manufacturer/provider and cost-effective acquisition of the services for the renter.

Customers gain access to high-quality wingboards without paying the full amount for the product and bear almost no maintenance costs. Companies are focusing on launching new rental business segments to capture a larger share of the market.

An Adaptive Approach to Modern-day Research Needs

Country-Wise Analysis

Why is Wingboarding So Popular in the United States?

“Huge Surfing Industry in the United States”

The U.S. surfing industry is continuously progressing and has accomplished a remarkable status in the North American region. The U.S. currently accounts for US$ 91 million and utilizes 118 thousand units of wingboards.

North American manufacturers and wingboard shapers work closely with sports enthusiasts across the region and concentrate more on the development of inventive material as well as board performance, which provides users with a competitive advantage while participating in tournaments.

U.S. manufacturers are focusing more on services; lightweight wingboards have been gaining extensive preference over heavy boards as they provide an advantage of high-speed propulsion and allow the participant to surf in the absence of waves.

The North American market is anticipated to expand at a CAGR of 7.7% during the same time frame to reach US$ 220 million.

How is Italy Proving to Be a Lucrative Market for Suppliers of Wingboards?

“e-Commerce Sales and Rental Services Surging in Italy”

Italy is one of the premier surfing destinations in the world. In Italy, consumers have high disposable income and are willing to purchase premium products with exclusive technology.

Rental services are growing at a tremendous pace due to the rise in tourism activities and key market players are focusing on acquiring well-established distributors, which, in turn, creates a huge amount of revenue.

The Italian wingboards market is estimated to reach US$ 18 million in 2022 and is expected to progress at a high CAGR of around 8.5% over the decade.

Prime manufacturers of wingboards are investing more in new product development to attract the explorer consumer category. In the Italian market, companies are also focusing on e-Commerce platforms to drive their sales revenue.

Category-Wise Analysis

How are Recreational Users Driving Higher Sales of Wingboards?

“Continuously Rising Recreational Water Sports Industry”

Demand for wingboards from recreational users is anticipated to increase at 7.6% of CAGR during the assessment period.

Rising involvement of the populace in recreational water sports continues to drive the sales of recreational water sports products such as kiteboards, wingboards, kites, surfboards and other surfing accessories.

Wingboarding, which has become increasingly popular in recent years, is no exception and is expected to gain high traction, which is expected to push the demand for wingboards across regions.

Which Sales Channel Will Benefit Wingboard Manufacturers the Most?

“Online Sales of Wingboards to Bring in High Revenue Streams”

Online sales are expected to be the most lucrative sales channel for wingboard suppliers. Companies are currently focusing on online sales due to consumers’ inclination towards online companies such as Amazon, Walmart, etc.

The online sales channel currently accounts for 58.1% market share and is estimated to generate US$ 154 million by the end of 2022 in the global market. In addition, online sales of wingboards are expected to create an absolute dollar opportunity of US$ 139 million by the end of the assessment period.

Furthermore, demand for wingboards is also gaining traction due to several board-size options that consumers can select according to their needs while shopping online.

Avail customized purchase options for your needs

Competition Landscape

Swift Foiling, Gong Galaxy, F-one, Freedom Foil Boards, North Kiteboarding, Sling Shot, Cabrinha, Fanatic, MB Boards, SAB group Srl, PPC Foiling, Armstrong Foils Ltd, and Naish are some of the top companies in the wingboards market.

Wingboard brands are establishing strategic partnerships with retailers and service providers that also have a rental service model. This rental service model attracts recreational users and tourists who are looking for surfing activities, and this creates an attractive absolute dollar opportunity for players operating in this business model.

Fact.MR has provided detailed information about the overall strategies adopted by key players in the wingboards market, along with detailed overviews of the market by board type, including SWOT analysis and sales generated from target sports across geographies.

Key Segments Covered in Wingboards Industry Research

  • Wingboards Market by Board Size :

    • <130 cm Wingboards
    • 131 – 140 cm Wingboards
    • 141 – 150 cm Wingboards
    • >150 cm Wingboards
  • Wingboards Market by Kite Size :

    • <8 Meter Wingboards
    • 9 – 13 Meter Wingboards
    • 14 – 18 Meter Wingboards
    • >18 Meter Wingboards
  • Wingboards Market by User Category :

    • Professional Users
      • Beginners
      • Intermediates
      • Advanced
    • Recreational Users
  • Wingboards Market by Sales Channel :

    • Online Sales of Wingboards
      • Company-owned Websites
      • e-Commerce Websites
    • Offline Sales of Wingboards
      • Franchised & Retail Chains
      • Sports Variety Stores
      • Modern Trade Channels
  • Wingboards Market by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

The global wingboards market is valued at US$ 265 million in 2022.
Wingboards market value is expected to surge at 7.1% CAGR through 2032.
141 – 150 cm wingboards account for demand over other board sizes due to their high surface area.
The wingboards market grew at a CAGR of 3.2% between 2017 and 2021.
Key players manufacturing wingboards are involved in strategic partnerships with rental service providers along with the development of products that have high speed, are light weighted, and come in compact designs.
Top companies supplying wingboards are Swift Foiling, Gong Galaxy, F-one, Freedom Foil Boards, North Kiteboarding, Sling Shot, Cabrinha, Fanatic, MB Boards, SAB group Srl, PPC Foiling, Armstrong Foils Ltd, and Naish.
The North American market accounts for 39.6% market share in 2022.

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