Newark, Aug. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5 billion surfing equipment market will reach USD 7.76 billion by 2032. The expanding popularity of leisure activities, as well as major surfing championships, are driving up demand for surfing equipment. Growing global tourism is increasing the popularity of surfing as a sport, which raises the need for surfing equipment. Surfing equipment is designed to make it easier to move your body against a moving wave. They are carefully designed from specialised materials to combat current. Manufacturers are encouraged to produce surfing equipment due to increased R&D and a growing number of product developments. Customised equipment is becoming increasingly popular in the Surfing Equipment market.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential surfing equipment market share. The number of wave pools in the region is growing in response to the growing trend and demand for the activity. For example, in October 2023, Surf Lakes announced the opening of a New Wave Garden in America, with Austin-Texas as the initial location. With such factors driving demand for surfing equipment in the region, prominent manufacturers are developing more technology surfing equipment in order to capture the lion’s share of the market. For example, Wilmington-based Paper Plane Surf Co. released its new ‘Hello, SURF’ brand in June 2021, claiming it was a mid-level priced surfboard line with eight different sizes tailored for the beginner surfer.
The surfing boards segment dominated the market with the most significant revenue of USD 2.7 billion.
The surfing boards segment dominated the market with the most significant revenue of USD 2.7 billion. Common fin configurations include single-fin, double-fin, quad-fin, five-fin, and thruster configurations. Although short boards are preferred for their enhanced performance, long boards are preferred by elite surfers. The influx of new surfers has played a significant influence in driving market demand. Owing to the closure of gyms and other outdoor gaming activities owing to the pandemic, young beginners and adults both turned to surfing as a socially isolated, engaging hobby.
The online segment dominated the market with the most significant revenue of USD 3 billion.
The online segment dominated the market with the most significant revenue of USD 3 billion. Because of the increasing usage of the internet and the quickly expanding e-commerce sector, the online distribution channel segment is predicted to increase fast throughout the forecasted period. E-commerce provides for the exploration of a large range of possibilities from a single window, saving time and money.
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Drivers: Rising Popularity of Sport
Surfing’s growing popularity as a sport, as well as the spike in interest in water sports in general, and surfing in particular, among adventure enthusiasts, particularly millennials, are driving up demand for and sales of surfing equipment such as gear, surfboards, accessories, and apparel. Furthermore, aggressive promotional activities and campaigns undertaken by major surfing equipment players in the market are enticing more people to surfing, propelling market growth. In May 2022, for example, ROXY, a brand of Boardriders, Inc. that offers surfing equipment specifically for women, launched a campaign called “OMG” with an interesting surfing video, claiming that this OMG campaign becomes a celebration of women, fearless individuals, and human beings pushing themselves to otherworldly levels.
Restraint: Poor Participation Rates
The lack of surf infrastructure and poor participation rates are projected to stymie market expansion. In the forecast period, the decline of water bodies and natural resources to support sports is expected to pose a challenge to the surfing equipment market.
Opportunity: Technological Advancements
Various technical developments included into the most recent debuts of surfing equipment ensure the safety, more enhanced experiences, and functionality of the equipment are enticing people to the sport. Volkswagen, for example, will release the Audi E-foil, an electric surfboard, in July 2021. According to the firm, the foil attached to the surfboard minimises the contact surface with the water and hydrodynamic resistance, resulting in a faster speed even in low wind circumstances. Such market breakthroughs and improvements are projected to boost market expansion during the forecast period.
Challenge: High Cost
The market’s expansion is anticipated to be hampered by low penetration in developing nations and high costs.
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Some of the major players operating in the surfing equipment market are:
● Quiksilver, Inc.
● JS Industries
● Channel Islands Surfboards
● Nike, Inc.
● Firewire Surfboards, LLC
● Rusty Surfboards
● Rip Curl. Ltd.
● Cannibal Surfboards
Key Segments cover in the market:
● Apparels & Accessories
● Surfing Boards
By Distribution Channel:
About the report:
The global surfing equipment market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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