The global Surfing Equipment Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global surfing equipment market is anticipated to reach USD 3.9 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 3.3% during the forecast period, 2019 to 2025. This growth is attributed to rising popularity of adventure sports and water sports among adventure enthusiasts and thrill seekers across the globe.
Key Players:
- Billabong
- Quicksilver, Inc.
- Nike
- JS Industries
- Channel Islands Surfboards
- Firewire Surfboards, LLC
- Shop Rusty Surfboards
- Rip Curl International Pty Ltd
- Cannibal Surfboards
- O’Neill
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Growth Drivers:
Moreover, emergence of surfing as a professional sport has opened potential growth opportunities for the manufacturers of surfing equipment to sell their products to professional surfers. Furthermore, surfing helps in reducing the stress and anxiety and also helpful in burning calories as it involves bending, squatting, laying on stomach. This is projected to further propel the market growth over the forecast period.
Distribution Channel Outlook:
- Online
- Offline
The online segment is projected to grow at the fastest CAGR of 4.3% over the forecast period. These channels provide huge convenience to the buyers by delivering the products at the doorsteps of consumers. Moreover, factors such as easy payment option, lucrative offers, discounts, and availability of wide variety of products such as surfing gear, apparel, accessories, costumes, and others with an option of customization are expected to propel the market growth over the forecast period.
Product Outlook:
- Surfing Boards
- Short Boards
- Long Boards
- Apparel & Accessories
In 2018, the surfing board product segment accounted for the largest market share of more than 65% and is expected to maintain its dominance from 2019 to 2025. Varieties of surfing boards are available in the market across the globe. Moreover, manufacturers are focusing on providing innovative, advanced, and customized products to fulfill specific requirements of consumers. These factors are expected to drive the product demand over the forecast period. The surfing boards segment is further divided into shortboards and longboards. Shortboards are largely preferred by professional surfers due to its flexibility and performance. Therefore, this segment is more prominent than the longboards segment.
The segment of apparel & accessories is projected to expand at the fastest CAGR of 3.6% over the forecast period owing to rising participation in professional surfing tournaments and rising interest of millennial in surfing. Board shorts are preferred during summer season whereas wet suits are commonly worn as surfing apparel.
Regional Outlook:
In 2018, North America held the largest market share of over 45.0% across the global surfing equipment market. Countries such as Canada and U.S. are known for long coastlines, making them prominent destinations for surfing and other water sports.
Asia Pacific is projected to grow at the fastest CAGR of 3.9% over the forecast period. Growing popularity of surfing and other adventure sports among adventure enthusiasts and youngsters in countries such as Cambodia, Indonesia, Maldives, Thailand, Japan, and Vietnam is expected to drive the regional market. Moreover, New Zealand and Australia are among the most popular destinations for surfing across the globe. This is projected to attract large group of consumers to perform surfing, thereby, driving the market for surfing equipment.
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