A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Surfing Boards – Global Market Trajectory & Analytics”.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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ABSTRACT-
Global Surfing Boards Market to Reach $3.1 Billion by 2026
Surf tourism is affected due to travel restrictions implemented across the world and also the shutdown of restaurants, hostels, and hotels. Regions such as Australia, the Maldives, Fiji, France, and Hawaii, among others are popular destinations for surfing and such restrictions have impacted business in these regions. Surfers who preferred travelling during the summers to surf destinations were affected by closure of airports and beaches. Also, several international surfing events have been either postponed or cancelled, further affecting the market. Surfing companies are leveraging this break in the business to enhance their offerings or are designing novel products/ solutions/ experiences, for launch when business re-commences. Companies are also performing preventive maintenance for keeping their assets in good working condition for the upcoming summer events. Governments in several countries are offering support such as tax concessions and paid assistance (for employees) for medium and small businesses. After the pandemic, wave pools are expected to be viewed by governments as critical to rebuilding the economy, as tourism and sporting infrastructure aids in economic revival.
Amid the COVID-19 crisis, the global market for Surfing Boards estimated at US$2.6 billion in the year 2022, is projected to reach a size of US$3.1 billion by 2026, displaying at a CAGR of 5.8% over the analysis period. Shortboards, one of the segments analyzed in the report, is projected to record a 6.1% CAGR to reach a market size of approximately US$2.1 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Longboards segment is projected to spiral at 5.3% CAGR for the next 7-year period. Advanced surfers mostly use shortboards because of their maneuverability and greater performance and therefore shortboards hold the higher share than longboards.
The U.S. Market is Estimated at $1.1 Billion in 2022, While Asia-Pacific is Forecast to Reach $588.2 Million by 2026
Surfing Boards market in the U.S. is estimated at US$1.1 billion in the year 2022. Asia-Pacific is forecast to reach a projected market size of US$588.2 million by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Europe, each forecast to grow at a CAGR of 5.2% and 5.4% respectively over the analysis period. A noteworthy trend in the market for surfboards is the increasing popularity of adaptive surfing creating more demand for the boards. Disabled people are learning adaptive surfing as it builds confidence and improves physical well-being and psychosocial and sensorial skills. Surfing has also become means for the disabled to combat discrimination as it encourages teamwork and contributes towards social inclusion. Adaptive surfing is also known to prevent and treat several pathological conditions in the disabled, resulting from stress and sedentary lifestyle. Adaptive surfing is currently being encouraged across several countries.
Longboards Segment to Reach $745.2 Million by 2026
Longboards are thicker, wider, and longer in length usually 8 to14ft (2.4 to 4.3m). These boards have a much more rounded nose than a shortboard, which increases stability and buoyancy. Longboards are preferred by experienced surfers for their superior features including noseriding and stability. In the global Longboards Segment, USA, Japan, Europe and Asia-Pacific will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$510.4 million will reach a projected size of US$733.9 million by the close of the analysis period, accounting for 94.1% of the global market value. USA will remain among the fastest growing in this cluster of regional markets and is forecast to reach US$335.6 million by the year 2026.
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This article was shared with Prittle Prattle News as a Press Release.
