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. 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.
The segment of surfing boards has dominated the market owing to availability of wide range of products with an option of customization. Manufacturers are experimenting with different designs, materials, and shape of surfing boards to fulfil the specific requirements of consumers. Moreover, they are adopting new technologies to improve the performance of surfing boards. This has attracted large consumer groups to purchase these customized and advance surfing boards. This factor is projected to drive the segment growth from 2019 to 2025. The apparel & accessories segment is projected to expand at the fastest CAGR over the forecast period owing to rising participation in professional surfing tournaments and rising interest of millennial in surfing.
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North America is known for long coastlines, therefore, held the largest share across the global market in 2018. Presence of various popular surfing destinations in countries like Canada and U.S. and presence of leading manufacturers such as Quiksilver and Billabong is anticipated to fuel the regional market growth. Asia Pacific is anticipated to register the fastest growth over the forecast period owing to presence of popular surfing sites in New Zealand and Australia and presence of headquarters of World Surfing League (WSL) in Australia. Moreover, high participation of people in surfing tournaments conducted by WSL is projected to drive the product demand in this region.
Major players in the surfing equipment market include Quiksilver, Inc.; Billabong; Nike, Inc.; CHANNEL ISLANDS SURFBOARDS; Shop Rusty Surfboards; Firewire Surfboards, LLC; Rip Curl International Pty Ltd; Shop Rusty Surfboards; CANNIBAL SURFBOARDS; O’Neill; and JS Industries. These players are constantly engaged in innovating their products to improve its performance and attract large consumer groups. For instance, Stewart Surfboards launched a surfboard named Night Stalker which can be used for surfing during nighttime. Moreover, it also launched the 4-Men surfing board which can easily accommodate four adults while surfing. Such unique products are gaining traction among millennial population across the globe.
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Further key findings from the report suggest:
• In 2018, the segment surfing boards held the largest revenue share of 67.3% across the globe market owing to availability of wide range of products and increasing participation of millennial population in surfing sport
• The segment of apparel and accessories is projected to expand at the fastest CAGR of 3.6% over the forecast period.
• The segment of offline distribution channels dominated the market in 2018 whereas the online segment is projected to grow at the fastest CAGR of 4.3% over the forecast period.
• By region, North America held the largest share of over 45% in 2018 owing to presence of popular surfing destination in countries like Canada and U.S.
• Product innovation is projected to be the most prominent strategy among the leading brands to gain an edge over other competitors.
Million Insights has segmented the global surfing equipment market based on product, distribution channel, and region:
Surfing Equipment Product Outlook (Revenue, USD Million, 2015 – 2025)
• Surfing Boards
• Short Boards
• Long Boards
• Apparel & Accessories
Surfing Equipment Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Surfing Equipment Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• New Zealand
• Central & South America
• Middle East & Africa
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