NEW YORK, April 16, 2024 /PRNewswire/ — The global surfboard market size is estimated to grow by USD 3.66 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.74% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%.
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North America is expected to play a pivotal role in propelling the global surfboard market
Geographic Landscape:
The Surfboard Market in North America experienced significant growth in 2022, with specialty stores, department stores, and supermarkets serving as key sales channels. The rise in disposable income and increased interest in recreational experiences led to a surge in surfing participation, with over one million people surfing at least eight times a year. Surfboards are primarily made of fiberglass, wood, polyurethane, polyester, and Styrofoam. Technological advancements, including artificial intelligence for surf forecasting and electric surfboards, have transformed the industry. Adaptive surfing caters to disabled people, while sustainable surfboards made from eco-friendly materials reduce the carbon footprint. The recreational and competitive sectors of surfing attract both recreational users and professional surfers. Board design continues to evolve, with advanced technologies like water propulsion and carbon fiber enhancing performance. Eco-conscious consumers prioritize sustainable practices, driving the demand for eco-friendly materials and manufacturing processes. In summary, the Surfboard Market in North America is thriving, driven by increasing participation, technological advancements, and a growing focus on sustainability.
Research Analysis
The Surfboard Market caters to both recreational users and professional surfers, offering a diverse range of boards for various wave conditions. Fiberglass cloth is a popular material for constructing surfboards due to its durability and lightweight properties. Artificial intelligence plays a significant role in surf forecasting, enabling surfers to make informed decisions about when and where to surf. Eco-conscious consumers are increasingly drawn to sustainable surfboard options, such as those made from Balsa Wood or Foam boards. The recreational sector and tourism sector continue to drive demand for longboards, shortboards, Fish Boards, Gun Boards, and other wave-riding sports equipment. Electric surfboards and electric water sports are gaining popularity, offering adaptive surfing solutions and improved wave-riding experiences. Surfing lessons, Bodysurfing, SUP racing, and Wake surfing are additional offerings within the market. Water flow and wave speed are essential factors influencing the performance of surfboards, while wave drag and electric boards contribute to the overall user experience.
Market Drivers
The surfboard market encompasses various wave-riding activities, including surfing, SUP racing, and adaptive surfing. Recreational users and professionals alike rely on surfboards made from diverse materials like wood, polyurethane, polyester, fiberglass, Styrofoam, and eco-friendly alternatives. Technological advancements, such as fiberglass cloth, artificial intelligence, and electric surfboards, enhance the surfing experience. Surf forecasting and eco-conscious consumers drive the demand for sustainable surfboards. The consumer industry caters to both recreational and competitive sectors, offering a wide range of board designs, including longboards, shortboards, fish boards, gun boards, and balsa wood boards. Innovative designs and water propulsion technologies cater to disabled people. Electric water sports and sustainable materials contribute to reducing the carbon footprint. The ISA, as the global governing authority, sets industry standards for surfboard coaching and instructors, ensuring safety and efficacy.
Market Overview
The Surfboard Market is a vibrant and dynamic industry, characterized by a strong focus on recreational activities and the use of advanced technology. Surfboards are essential tools for surfers, enabling them to ride the waves with style and ease. Uses for surfboards range from traditional longboards to modern shortboards, as well as fiberglass and composite materials. The art of shaping surfboards is a crucial aspect of the industry, with craftsmen using techniques such as polyurethane and epoxy resins to create unique and high-performance boards. The sector also includes various accessories like fins, leashes, and wetsuits. The market is driven by factors such as increasing popularity of water sports, technological advancements, and consumer preferences for eco-friendly materials. The Surfboard Market is a significant contributor to the global sports industry, with a diverse range of players and a strong focus on innovation and sustainability.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
