Wakeboards Market Size, Share, Growth and Industry Analysis by Type (Continuous Rockers, Three-Stage Rockers, And, Hybrid Rockers), By Application (Adults, And, Youth), Regional Forecast To 2031

Updated On: 22 April 2024

Wakeboards Market REPORT OVERVIEW

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The global wakeboards market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

Wakeboarding is a very popular kind of water sport that involves riding a board over the surface of the water which is being pulled by a boat. The board which is used for wakeboarding is called a wakeboard, and it is usually much shorter and wider compared to a traditional water ski. Wakeboards are designed in such a way that they help in providing stability and a very great control while performing tricks and jumps on the water.

Electric wakeboards have become the newest innovations in the market. They have several advantages over the traditional ones and have high demand in the market. This is considered as the latest trend in the market.

After the pandemic, many people have resorted to may outdoor activities and sports. Wakeboarding is considered to be one of the most popular sports among the younger generation. Along with this, many competitions and tournaments are also being conducted worldwide. These factors have helped in the wakeboards market growth.

COVID-19 Impact: Reduction in Outdoor Activities During Pandemic Decreased Market Share

The outbreak of COVID-19 pandemic has had a significant impact on all the markets around the world.  As the infectious disease of corona started spreading all around the world strict protocols and restrictions were imposed. Also travel bans were made mandatory. All of this forced people to stay close to home.

As a result, there was a considerable reduction in the outdoor activities.  This has resulted in decrease in demand for wakeboards and other water sports equipment. Due to the precautions taken during the pandemic many wakeboard competitions and events have been cancelled or postponed, resulting in a decline in revenue for manufacturers and retailers. As a result, the wakeboards market experienced a decline during the period of pandemic.

LATEST TRENDS

"Introduction of Electric Wakeboards to Boost Market Growth"

Several new trends have been introduced in the market. The latest trend in the wakeboards market is the introduction of electric wakeboards. This is considered to be one of the most attractive innovations and hence is attracting many customers to the market. Electric wakeboards are powered by electric motors and they help the riders to surf the water without being towed by a boat.

When compared to the traditional wakeboards, the electric ones are typically much smaller and light weight. This serves as an advantage, as they are more maneuverable and easier to transport. Electric boards are considered to be an environmentally friendly alternative to gas-powered watercraft. These devices are equipped with numerous advantages which involve features like GPS tracking, wireless remote control, and mainly interchangeable batteries. All of these are considered as the latest trend in the market.

Wakeboards Market SEGMENTATION

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• By Type:

The market can be divided on the basis of types into the following segments:

Continuous rockers, three-stage rockers, and, hybrid rockers. The continuous rockers segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Adults, and, youth. The adults’ segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Increasing Popularity of Water Sports and Outdoor Activities Post Pandemic to Amplify Market Growth"

Post pandemic, many people have shifted their attention on participating in outdoor activities. The increasing popularity of water sports and outdoor activities will have a positive impact on the growth and development of the market. Wakeboarding is one of the most popular water sports and many people have indulged themselves in this.

A lot of new and constructive innovations as well as developments of wakeboard technology is happening in the market. Introduction of new materials, shapes, and designs will help in improving the performance and user experience to a great extent. E-commerce websites and online marketplaces are helping in the quick sale of these boards. All of the above-mentioned factors will help in improving the market share.

"Organization of Several Competitions and Tournaments in Wakeboarding to Fuel Market Growth"

Apart from being an outdoor fun activity, many people have taken up wakeboarding as a competitive sport. Growing prevalence of wakeboarding as a competitive sport will help in the development of the market. Recently a lot of events and competitions are being organized around the world. As a result, the sport is gaining greater exposure and many people are interested in buying these boards.

 There are a wide range of wakeboarding equipment’s that are available in the market. The options and variety which are available will increase the scope of the market. Some of them include wakeboards, bindings, ropes, and other accessories. This will provide the customers with an option to customize their boards according to their personal choice as well preference. The board can be tailored according to the need of the user. All of these factors will fuel the development of the wakeboards market share.

RESTRAINING FACTOR

"Expensiveness of Wake boarding Lessons to Bring Down Market Share"

Even when there are several factors that can promote the growth of the market, certain factors can still hinder the progress of the market. High cost of entry for beginners can reduce the demand for these equipment’s. Also, the lessons for wakeboarding can be quite expensive.

These factors can limit the sport's appeal as well as accessibility to a wider audience. Wakeboard is a very risky activity and is therefore associated with the potential for injury or accidents. This factor can deter some people from participating or investing in the sport. Along with all the above-mentioned factors environmental concerns such as water pollution and overcrowding can limit access to suitable waterways for wakeboarding. This sport is highly reliable on the weather condition. All of these factors can have a negative effect on the growth of the market.

Wakeboards Market Regional Insights

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"North America to Dominate Market During Forecast Period"

Both in terms of revenue and market share, North America has an upper hand when compared to other regions in the market. This growth and development can be due to a combination of numerous factors, including the region's large population, high levels of disposable income, and favorable weather conditions for water sports.

The country that is popular for this sport in North America is the United States in particular. This country is considered to be a major market for wakeboarding equipment, with many popular waterways and destinations attracting riders from around the world. Strong infrastructure and distribution channels present in this region will further increase the market growth in this region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Hyperlite (U.S.)
• Liquid Force (U.S.)
• Ronix (U.S.)
• Slingshot Sports (U.S.)
• Jobe Sports (Netherlands)
• O'Brien (U.S.)
• CTRL Wakeboards (U.S.)
• Byerly Boards (U.S.)
• Connelly (U.S.)
• CWB Board Co. (U.S.)
• Dup Wake (France)
• OBrien Watersports (U.S.)
• Hyperlite Mountain Gear (U.S.)
• Humanoid Wakeboards (U.S.)
• Cabrinha (U.S.)
• Radar Skis (U.S.)
• Straight Line (U.S.)
• Mystic (Netherlands)
• Nidecker (Switzerland)
• Phase 5 (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.