The global surfing equipment market size is expected to reach USD 3.9 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 3.3% over the forecast period. Market expansion is steered by growing interest in surfing among adventure enthusiasts, especially millennials. Appropriate equipment and gear is very crucial for surfing and choice of surfboards depend upon the type of wave: beach breaks, reef breaks, rivermouth waves, point breaks, etc.
Based on equipment, surfboards held the dominant share in 2018, with short boards accounting for more than 60.0% of the revenue share. Availability of customized boards based on the needs and preferences of surfers works in favor of this segment. The apparel & accessories segment, on the other hand, will exhibit the fastest growth over the forecast period. Offline distribution channels have been more popular among surfers, with most surfing destinations sporting temporary stalls and stores. Nevertheless, online channels are gaining prominence with a thriving e-commerce sector. This segment is likely to exhibit strong growth through 2025.
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In April 2019, Naish launched a handheld inflatable wing that surfers can use to ride a wave. Called Wing-Surfer, the untethered equipment is a cross between a kiteboarding kite and a windsurfing sail and can be used on any stand-up paddleboard or foil board. It harnesses the power of the wind to help the surfer cruise over the waters. In February 2019, Plurato Sailfin developed the first Croatian electric hydrofoil surfboard. The 210 cm*74 cm board can gain a speed of 32 km/hour. Its 4-kilo Watt battery uses propeller propulsion system and can last for anything between 45 and 60 minutes. The surfboard can be used on rivers and lakes too. The hydrofoil technology keeps the board above water level, thereby resulting in less resistance and enabling greater speed.
Key players in the surfing equipment market include Billabong; Quiksilver, Inc.; Nike, Inc.; JS Industries; CHANNEL ISLANDS SURFBOARDS; Firewire Surfboards, LLC; Shop Rusty Surfboards; Rip Curl International Pty Ltd; CANNIBAL SURFBOARDS; and O'Neill. In August 2019, Sea of Seven collaborated with surfboard-shaper Xanadu Surf Designs to develop innovative surfboards, which could prove to be revolutionary in the industry. Industry participants are expected to utilize online portals as a key selling platform, which will increase the visibility of the surfing equipment, irrespective of geographical boundaries.
Further key findings from the report suggest:
· By equipment, surfing boards accounted for the dominant market share of 67.3% in 2018. This can be attributed to rising interest in surfing among adventure enthusiasts across the globe
· The apparel & accessories segment is expected to exhibit the highest CAGR of 3.6% from 2019 to 2025. Growing awareness regarding taking necessary precautions during the sport is propelling segment growth
· By distribution channel, although offline channels held the leading share, online channels are anticipated to register the highest CAGR of 4.3% from 2019 to 2025
· Geographically, North America accounted for more than 45.0% of the global surfing equipment market revenue in 2018, attributed to surfing being a well-established sport across the country
· Some of the key players are Billabong; Quiksilver, Inc.; Nike, Inc.; JS Industries; Firewire Surfboards, LLC; and Rip Curl International Pty Ltd. Product innovation is expected to remain a crucial strategy over the next few years.
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Grand View Research has segmented the global surfing equipment market on the basis of product, distribution channel, and region:
Surfing Equipment Product Outlook (Revenue, USD Million, 2015 - 2025)
· Surfing Boards
o Short Boards
o Long Boards
· Apparel & Accessories
Surfing Equipment Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
· Online
· Offline
Surfing Equipment Regional Outlook (Revenue, USD Million, 2015 - 2025)
· North America
o U.S.
· Europe
o U.K.
o France
o Spain
o Portugal
· Asia Pacific
o Australia
o New Zealand
· Central & South America
o Brazil
· Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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