Surfboard Market REPORT OVERVIEW
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The global surfboard market size was USD 193.25 million in 2021 and market is projected to touch USD 346.5 million by 2031, at a CAGR of 6.01% from 2021 to 2031.
A surfer rides ocean waves while standing or lying on an extended, narrow platform known as a surfboard. In the past, it could only be built of wood, but today, it may also be made of a wide range of materials, including polyurethane, polyester, fiberglass, and Styrofoam. The demand for these boards has increased as surfing becomes more popular as a recreational and competitive sport. As a result, depending on the riders' experience and the kind of waves they plan to surf, they come in a variety of sizes and forms.
Due to the expanding trend of surf tourism, the sector has seen tremendous expansion. The market is growing mostly due to the increase in instructional surfing classes, but other factors, such as the rising demand for DIY projects, could restrain the market's expansion. Typically, fiberglass or foam are used to make it. Compared to foam boards, fiberglass boards are stronger and more resilient, but they are also heavier.
COVID-19 Impact: Industry Shutdown Causes Market Distortion
For consumer goods companies, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for consumers in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of consumers are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall consumer industry. This has partially impacted the surfboard industry.
LATEST TRENDS
"Evolution in the Design to Boost the Market Growth"
The innovative design of the boards is the major trend driving the market. The market will rise due to the ongoing evolution of board designs. Boards with better characteristics are being produced by product producers. Additionally, many surfers choose to create their own boards. The weight of these boards has been decreased by the removal of the nose. This board's broader nose and tail provide the same volume and maintain the same amount of rail in the water as a typical shortboard. In addition, water may flow around the surfboard more efficiently because of the parallel rails. As a result, this design enhances wave speed and decreases wave drag, which has an impact on the market's expansion. Surfers still look for surfing activities to state their thirst for fun, excitement, and adventure. These boards' electrical construction enables surfers to practice their sport even when there are no waves. It is anticipated that the growing popularity of electric water sports, especially electric boards, will accelerate market expansion. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the increased design of product will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.
Surfboard Market SEGMENTATION
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- By Types
Based on type, the market is Shortboards & Longboards.
- By Application
Based on the market is categorized into Specialty Stores, Department Stores, Supermarkets, Online Retail & Others.
DRIVING FACTORS
"Surfing Courses that Give the Market Extra Boost"
The primary reason driving the market's expansion is surfing lessons. A significant driver of the industry is the rise in the number of instructional surfing courses. The International Surfing Association (ISA), the sport's global regulatory organization, sets rules for bodysurfing, surfing, SUP racing and surfing, wake surfing, and other wave-riding sports. The International Surfing Association (ISA) has also introduced a number of instructional programmers around the world for the expansion and improvement of surfing. In order to promote and instruct new surfers, surfing schools have also been constructed close to coastal locations. These programmers help instructors teach surfing using a scientific method while also advancing the knowledge, skills, and capacities of surfers. Aiming to provide industry-standard quality, efficacy, and safety for coaches and instructors who teach surfing and SUP boarding, these programmers were also introduced by the body that governs surfing. The aforementioned elements will raise demand for the target market during the forecast period. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the increasing surfing courses will boost the market. It will contribute to the expansion of the consumer goods industry and it will improve the overall surfboard market growth.
"Tourism to Encourage Market Expansion"
Due to the expanding aspect of surf tourism, the sector has seen tremendous expansion. Due to their greater torque, high water propulsion, and ability to surf without waves, electric boards are increasingly preferred over traditional ones. Additionally, the popularity of adaptive surfing among people with disabilities is growing, opening up lucrative potential for major manufacturers. They have also produced environmentally friendly materials-based sustainable boards that help manufacturers lower their carbon footprint during production. In addition, they have been using cutting-edge technology to assist people in customizing surfboard to their specifications, such as computer-aided design/computer-aided manufacturing (CAD/CAM) systems. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.
RESTRAINING FACTORS
"DIY Boards to Impede Market Expansion"
DIY boards are the impediment to market expansion. Factors like the rising popularity of DIY boards are anticipated to impede the expansion of product manufacturing during the study period. In addition, despite the forum's rapid expansion, sustainability issues still slow down the rate of development of the surfing sector. In addition, the millennial and Gen Z populations have a strong propensity for online browsing, which is negatively impacting their love of outdoor activities and is expected to slow the market's rate of expansion. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.
Surfboard Market REGIONAL INSIGHTS
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"North America Dominating the Market Across the Globe"
The market for surfboard in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in specialty stores, department stores, supermarkets & online retail sector is boosting the surfboard market share. Trends toward rapid urbanization will support the market as a whole even more.
KEY INDUSTRY PLAYERS
"Leading Manufacturers to Boost Product Demand"
Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.
List of Market Players Profiled
- Keeper Sports Products (U.S.)
- Channel Islands Surfboards (U.S.)
- Greco Surf (U.S.)
- Haydenshapes (U.S.)
- Infinity Surf (U.S.)
REPORT COVERAGE
The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of surfboard industry. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 193.25 Million in 2021 |
Market Size Value By |
US$ 346.5 Million by 2031 |
Growth Rate |
CAGR of 6.01% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the surfboard market expected to touch by 2031?
Based on our research, the surfboard market is projected to touch USD 346.5 million by 2031.
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What CAGR is the surfboard market expected to exhibit by 2031?
The surfboard market is expected to exhibit a CAGR of 6.01% by 2031.
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Which are the driving factors of the surfboard market?
Surfing courses that gives the market extra boost & tourism to encourage surfboard market expansion.
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What is the restraining factor of the surfboard market?
DIY boards to impede surfboard market expansion.