New York, USA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Skateboard Market Analysis
According to a Comprehensive Research Report by Market Research Future (MRFR), “Skateboard Market Information by Product, End-User, and Region - Forecast till 2030”, the market will touch USD 3.21 billion at a 3.30% CAGR by 2032, as per the recent report.
COVID-19 Analysis
Skateboards & other outdoor leisure gear sales increased dramatically as a result of the COVID-19 outbreak. Due to lockdowns and other social segregation measures, more individuals were staying at home, which led to an increase in interest in the outdoor activities like skateboarding. In addition, when gyms & other indoor facilities were closed, a lot of individuals were seeking for methods to keep themselves entertained and active.
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Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 3.21 Billion |
| CAGR | 3.30% (2023 to 2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Urbanization and skate park expansion |
Key Players
Eminent industry players profiled in the skateboard market report include:
- Element Skateboards
- Krown Skateboards
- SK8FACTORY
- Skate One
- Absolute Board Co.
- ALIEN WORKSHOP
- Zero Skateboards
- CONTROL SKATEBOARDS INC.
- Razor USA LLC
- Among others.
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Drivers
Increasing Construction of Skate Parks to Boost Market Growth
The market has expanded as a result of the increased building of skate parks. Governments have started to take action for the creation of the public skate parks since support for such facilities is growing. As a result, the government is making an effort to build skate parks that are acceptable and meet the necessary criteria.
Opportunities
Burgeoning Demand for Electric Skateboard to offer Robust Opportunities
The growing popularity of leisure activities and sports on a global scale are the two main reasons driving the market for the electric skateboard motors. Electric skateboard motors are the preferred option for skating activities in countries like Australia, the US, and Europe since they perform better than traditional skateboard motors with regards to responsiveness and control. Additionally, the use of the electric skateboard motors in fact has made it more appealing to people of all ages throughout the world. Due to their mobility and simplicity, electric skateboard motors are a developing trend in individual transportation. An important factor influencing the need for electric skateboard motors in the worldwide market is the quick speed of the electric skateboards that helps save time. Consumers using electric skateboards for sports and pleasure are expected to have a significant beneficial influence on the market.
Restraints and Challenges
Possibility of Accidents to act as Market Restraint
The possibility of accidents coupled with the growing popularity of scooters may act as market restraints over the forecast period.
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Market Segmentation
The global skateboard market is bifurcated based on end user and product.
By product, street board will lead the market over the forecast period. Street boards with simple transportation features include cruisers and small electric skateboards. They are enticing options for urban commuters because of how lightweight and tiny they are, making them simple to transfer on public transit, bring into offices, or store in confined locations.
By end user, teenagers will domineer the market over the forecast period. Teenagers have long been a key market segment for skateboards. Teenagers are often more likely to adopt alternative sports and pastimes, and skateboarding has long been connected with youth culture & resistance. They are more inclined to spend their discretionary cash on skateboards, skateboard gear, and clothes, which increases market demand.
Regional Analysis
North America to Command Skateboard Market
In 2022, this market was controlled by the North American skateboard industry (45.80%). Skateboarding has a significant impact on street wear & fashion trends within North America. The market for skate-inspired clothing and gear is no longer dominated by skateboarders, which has raised demand for skateboarding-related products such as skateboarding accessories, skateboarding apparel, and more. Additionally, the North American skateboard market in the United States grabbed the utmost market share, while the market in Canada had the quickest rate of expansion. The largest revenue share is predicted to come from the North American market. Key factors driving the market's revenue growth include the prevalence of well-known companies, the expanding popularity of the electric skateboards, & the increasing number of skateboarding competitions hosted in countries like the United States. With several well-known skating businesses and professional skateboarders headquartered there, the nation boasts a vibrant skateboarding culture and industry. Element, Baker, Plan B, Zero, Girl, Enjoi, Chocolate, Creature, Santa Cruz, and Almost are well-known skateboard manufacturers in the US.
Europe to Have Admirable Growth in Skateboard Market
The second-largest market belongs to the skateboard industry in Europe. In Europe, skateboarding has a long history and a vibrant culture. The activity has been popular in many European cities, which has led to the expansion of well-known skate parks, the skate spots, & skating communities. Skateboarding's cultural significance and history have created a great interest among youths in Europe. Furthermore, the UK skateboard market was expanding at the quickest rate in the European area, while the German market had the biggest market share. With many skateboarders customizing their own boards and skateboarding equipment and experimenting with various parts and styles, the German market is also characterized by a vibrant DIY culture. Small, specialized skate shops that serve this DIY community have sprung up as a result.
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