Skateboard Industry Overview
The global Skateboard Market, valued at an estimated USD 3.22 billion in 2022, is projected to expand at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030. The growing enthusiasm for sports among younger demographics continues to be a significant driver of product demand in the market. The increasing worldwide popularity of skateboarding as a sport is a key factor contributing to the surge in product demand across numerous countries. Beyond the enjoyment it offers, skateboarding also aids in maintaining flexibility and promoting good physical fitness. Moreover, the ongoing fitness trend has led to substantial growth in outdoor sporting events, which is expected to further fuel market growth throughout the projected period.
The increasing awareness of skateboarding, partly due to prominent competitions like the X Games and Street League, has boosted skateboard sales. Furthermore, the inclusion of skateboarding in the Summer Olympics (announced in 2016 and debuted in 2020) has further elevated its profile. Graphics also play a crucial role in attracting consumers, particularly teenagers, whose preference for funky and appealing designs on boards has increased their interest in skateboarding. Consequently, companies employ effective marketing strategies to establish their brands as recognizable symbols on skateboards, often utilizing popular slogans and keywords to drive sales.
Detailed Segmentation:
- Product Insights
The street board emerged as the largest product segment and accounted for a 44.4% share of overall revenue in 2022. These skateboards are also known as popsicle boards and are predominant in street skating. Street boards are typically manufactured with dimensions of 33 inches in length and 7.5 - 8.75 inches in width. The wheels of the board are smaller and harder as compared to other types of skateboards owing to the uneven and rough surface of roads. These are frequently used by beginners and are available at much cheaper prices compared to other kinds. Companies are investing in the manufacturing of skateboards to ascertain some percentage of the market share. For instance, in 2018, Inter IKEA Systems B.V. launched its first skateboard as a part of its furniture and clothing line in Southern California.
- End-user Insights
The teenagers segment emerged as the largest segment and accounted for 38.4% share of overall revenue in 2022. Teenagers pertain to the age bracket of 12- 17 years. The segment growth is attributed to a large population in the respective age bracket. For instance, in 2017, the U.S. children in the age bracket of 12 - 17 years comprise 34% of the total children under 18 years of age. The preference of adolescents for a viable, challenging, and recreational sport has made skateboarding a favorite choice among millions of youths.The skateboard target market predominantly consists of teenagers and young adults, who are deeply connected to youth culture. This demographic is particularly attracted to the exhilaration, sense of liberation, and avenue for self-expression that skateboarding provides.
- Regional Insights
North America emerged as the largest regional market, accounting for 41.2% share of global revenue in 2022. Increased awareness regarding skateboarding as well as wide product availability in the region are the key driving factors. According to the findings, 6.4 million people participated in skateboarding in the U.S. in 2016. Moreover, the U.S. has the largest production of skateboards across the globe.
Gather more insights about the market drivers, restraints, and growth of the Skateboard Market
Key Companies & Market Share Insights
The leading players in the market are focusing on product innovation and development to gain a greater market share at a global level. New product launches in the market help to keep the interest alive of the consumers on account of the increasing preference for outdoor sporting and inclination towards newer sports in the majority of the regions.
- Some of the industry participants are introducing innovation in their products as their key strategy is to increase their market share.
- In June 2023, Hot Wheels Skate announced its partnership with X Games and Tony hawk's Vert Alert to demonstrate its backing for the Hot Wheels Skate line.
- In September 2022, Rovio Entertainment announced its partnership with Capsule Skateboards to launch a new range of skateboards featuring Angry Birds.
Key Skateboard Companies:
The following are the leading companies in the Skateboard market. These companies collectively hold the largest market share and dictate industry trends.
- Boardriders
- Krown Skateboards
- Sk8factory
- Skate One
- Absolute Board Co.
- Alien Workshop
- Zero Skateboards
- CONTROL SKATEBOARDS INC.
- Razor USA LLC
- Almost Skateboards
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