Dublin, March 22, 2022 (GLOBE NEWSWIRE) -- The "Surfing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Surfing Market to Reach $3.1 Billion by 2026
The primary factor driving growth is the push by surfing equipment makers, marketers and associations to make surfing much more approachable than it was in past years, as seen through the roll out of public surfing facilities and artificial reefs. Increased accessibility and affordability has drawn significant number of surfing participants and attracted wider demographic clusters in the recent years.
The sport of surfing has also emerged a fashion and lifestyle trend. The growing focus on wellness and fitness is also leading to increased interest in surfing, as spas and wellness centers promote the sport as a fitness ritual. Surf tourism has contributed significantly to the demand for surfing equipment and apparel over the years. Surfing vacations hold tremendous potential and are likely to be a vital component of the global travel industry in the post COVID-19 period. The inclusion of surfing as a sporting event in the Olympics also has the potential to spur interest in the activity.
Amid the COVID-19 crisis, the global market for Surfing estimated at US$2.7 Billion in the year 2020, is projected to reach a size of US$3.1 Billion by 2026, displaying at a CAGR of 2.6% over the analysis period. Surfing Boards, one of the segments analyzed in the report, is projected to record a 2.5% 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 Surfing Apparel & Accessories segment is projected to spiral at 3% CAGR for the next 7-year period. Increased inclination of millennials towards recreational and adventure sports has been a major factor fueling demand for surfboards in the recent years. The new design elements in surfboards, in terms of shape, operations, utility and material are driven by such changing preferences of surfers. Interest in water sports among women also increased, which is another reason behind increased sales of surfboards. Surfing apparel and equipment market benefits from the rising popularity of surfing as a health and fitness activity due to its ability to offer whole-body benefits.
The U.S. Market is Estimated at US$1.2 Billion in 2021, While Asia-Pacific is Forecast to Reach $600.4 Million by 2026
Surfing market in the U.S. is estimated at US$1.2 Billion in the year 2021. Asia-Pacific is forecast to reach a projected market size of US$600.4 Million by the year 2026 trailing a CAGR of 3.1% over the analysis period. Among the other noteworthy geographic markets are Japan, and Europe, each forecast to grow at a CAGR of 1.9%, and 2.4% respectively over the analysis period.
The US represents the largest market for surfing equipment owing to the long coastlines. There are now several surf parks established in the US using artificial wave technologies, which is also boosting market growth for surfing equipment in the region. Growth in the Asia-Pacific region is set to be driven by strong demand in countries like New Zealand and Australia. Inclination towards adventure water sports is also growing among youngsters in several other Asian nations including Vietnam, Maldives and Thailand.
By Distribution Channel, Online Segment to Reach $484.1 Million by 2026
The online sales channel has in particular gained prominence amidst the ongoing COVID-19 pandemic, which led to closure of stores for long periods of times. With stores that were open also facing significant supply issues, online platforms emerged as the predominant sales channel. Online distributors offer customizing options. Customers can select their logos, patches, graphics, and technologies.
In the global Online Distribution segment USA, Japan, Europe and Asia-Pacific will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$376.7 Million in the year 2020 will reach a projected size of US$469.7 Million by the close of the analysis period. Asia-Pacific will remain among the fastest growing in this cluster of regional markets and is forecast to reach US$109.7 Million by the year 2026.
Select Competitors (Total 131 Featured)
- AJW Surfboard
- AGIT Global North America, Inc.
- Tahe Outdoors Ltd
- Billabong International Limited
- Boardriders, Inc.
- Body Glove
- BruSurf
- CANNIBAL SURFBOARDS
- Channel Islands Surfboards
- Firewire Surfboards, LLC
- Globe International Ltd.
- Global Surf Industries
- Gul Watersports Ltd
- Harbour Surfboards
- Hydenshapes
- Infinity Surfboards Inc
- JS Industries
- Keeper Sports Products, LLC
- Mt Woodgee Surfboards
- Naish International
- NSP International
- O'Neill
- Rip Curl International Pty Ltd.
- Rusty Surfboards
- Volcom LLC
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- Surfing Industry Bears the Brunt of COVID-19 Pandemic
- Pandemic Weakens Economic Environment, Triggering Negative Tide in GDP
- World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
- Surfing - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Surfing: A Popular Sporting & Leisure Activity
- Surfing Techniques
- Types of Surfing
- Surfing Equipment, Apparel & Accessories
- Surfboards
- Other Surfing Equipment
- Surf Apparel
- Global Market Prospects & Outlook
- Surfboards: The Leading Segment
- US Leads the Global Surfing Market
- Competition
- Select Popular Surf boards Worldwide
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Demographic Factors Influence Sales of Surf Gear and Surf Wear
- Women & Girls: The New Wave of Surfers
- Surfboard Market: Rise in Leisure and Professional Surfing to Drive Long-term Growth
- High-Performance Surfboards Gain Popularity
- Surfboard Innovations to Spur Growth Opportunities
- Wooden Surfboards: An Eco-friendly and Sustainable Option
- Electric Fin Surfboards
- Carbon Technology to Improve Surfboards
- Hybrid & Uniquely-Shaped Surfboards: A Mix of Improved Performance, Convenience & Fun
- Innovation in Fin Designs Aimed at Improving Control & Steering of Surfboard
- Rising Interest in Surfboard Volume Metrics to Lend Traction for Market
- Aviation Inspires New Surfboard Designs
- Battery-driven Surfboard Powers Electric Surfing Market
- Surfboards Find Use in Snowboarding
- Use of Carbon Fiber Waste in Surfboard-Making
- Smart Surfboard Fin for Monitoring Ocean Warming
- Other Innovations in Surfing Equipment
- Surfing Apparel: Focus on Surf Wear Combining Functionality & Fashion
- Fashion Influences in Men's Surf Wear
- Wetsuits: Recreational & Professional Surfing to Drive Gains
- Performance Surf Wear: Poised for Growth
- Rising Popularity of Adaptive Surfing to Present Long-term Growth Prospects
- Select Notable Adaptive Surfing Organizations Worldwide
- Emergence of Surfing Therapy for Treatment of Mental Illnesses: Potential Growth for Surfing Equipment & Apparel
- Artificial Wave Pools and Surf Parks Bring Surfing to Landlocked Areas: Potential for Surf Apparel and Gear
- Prominent Technologies Used for Artificial Wave Generation
- Efforts to Develop Professional Surfing into Arena-based Sports Fan Development of Surf Parks
- Surf Tourism Dynamics to Influence Demand for Surf Apparel and Surf Gear
- Pandemic Severely Impacts Travel & Tourism Industry, Presenting Challenges for Surfing Industry
- Surf Tourism in Asian Countries Struggles due to Coronavirus Pandemic
- Health + Wellness + Surfing: The New Mantra for Success for Surf Tourism
- Luxury Surf Tourism: Potential for Long-term Growth
- Technology Advancements to Spur Market Opportunities in Surfing Market
- Sustainable Practices Gain Prominence in Surfing Industry
- Eco-Friendly Surfboard Materials & Production Techniques
- Algae-based Surfboards Emerge as Sustainable Alternatives to Standard Surfboards
- Entertainment Industry Promotes Surfing Culture, Driving Market Growth
- Media Emerges as a Key Promotional Platform for Surfing Companies
- Sales Continue to Gain Traction through Online Channels
- Key Market Issues Facing Surfing Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 131
For more information about this report visit https://www.researchandmarkets.com/r/sm06f8
