New York:, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global surfboard market was valued at US$ 3.6 billion in 2022 and is predicted to expand at a CAGR of 5.9% from 2023 to 2033, according to the latest industry report published by Persistence Market Research. Surfboard Market is anticipated to reach US$ 6.7 billion by the end of 2033.
Manufacturers of surfboards are striving to enhance the features of their offerings. Furthermore, a significant number of surfing enthusiasts are actively involved in crafting their own boards. Surfers are continuously seeking new surfing experiences for the purposes of leisure, excitement, and adventure. With the advent of electric surfboards, surfers are now able to engage in the sport even in the absence of waves on flat water.
It is expected that the advent of such cutting-edge technology will inspire surfers to adopt highly advanced surfboards, thus boosting their performance. This is likely to result in an upsurge in the sales of technologically advanced surfboards.
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The growth of the global adventure tourism industry, which encompasses surfing, jet skiing, scuba diving, kayaking, bungee jumping, and paragliding, is a primary driver for the growing sales of surfboards. The rising interest of the urban population in extreme sports is also contributing to market growth. Moreover, an increase in the number of surf institutes and the recognition of surfing as a fashionable lifestyle activity across all age groups are some of the other significant trends that are expected to drive surfboard market revenue during the forecast period (2023 to 2033).
Key Takeaways from Market Study
- North America has a lucrative surfboard market with the increasing adoption of water adventure sports. The surfboard market in this region is anticipated to account for 31% share of the global market in 2023.
- Asia is an emerging market for surfboards. The surfboard markets in East Asia and South Asia are anticipated to occupy a significant share of the global market in 2023.
- Offline retailing is anticipated to be a well-preferred sales channel for surfboards that is anticipated to expand at a significant growth rate from 2023 to 2033 due to an increase in the number of specialty stores across the globe.
According to an analyst at Persistence Market Research, “The growing popularity of surfing and an increasing number of institutions offering surfing courses are expected to drive the sales of surfboards over the coming years.”
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Key Market Players
The report provides insights into the competitive scenario of the surfboard market, along with the highlights of differential strategies used by manufacturers.
Some of the leading manufacturers of surfboards are Global Surf Industries, Gerflor SAS, Tarkett SA, Forbo, Beachbeat Surfboards, Kiefer USA, Bauwerk Boen Group, EPI Group, Channel Island Surfboards Inc., Horner Surfboard, Signature Sports, Robbins Sports Surfaces, Aacer Flooring, and Brusurf LLC.
Know More about Report Inclusions
Persistence Market Research published a new market report on the surfboard market, covering global industry analysis for 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights based on product type, material, application, and sales channel, across all major regions of the world.
- By Product Type ( Shortboards, Longboards, Fish Boards, Gun Boards)
- By Material (Polyurethane, Foam, Wood)
- By Application ( Amateurs, Professionals)
- By Sales Channel (Wholesalers/Distributors, Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Retailers)
- By Region ( North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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For additional information on how the demand for surfboard will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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