SAN FRANCISCO, March 21, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Surfboards – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 8; Published: February 2022
Executive Pool: 1558
Companies: 124 – Players covered include Agit Global, Inc; Tahe outside; Blue Sea Watersports Ltd; BruSurf; Channel Islands Surfboards, Inc.; Firewire Surfboards, LLC; Global Surfing Industries; Hobie Cat Company, Inc.; Hydenformes; infinite SUP; Keeper Sports Products, LLC; McTavish surfboards; Mount Woodgee surfboards; NSP International; Rusty Surfboards Inc.; SURFTECH, LLC; Boardworks Surf & Sup; Toy Factory surfboards; natural Woodpecker surfboards; XANADU SURF DESIGNS and others.
Blanket: All major geographies and key segments
segments: Product (Shortboards, Longboards, Other Products); End use (recreational, professional)
Geographies: World; United States; Japan; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; Rest of Asia Pacific; Rest of the world.
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Global surfboard market to reach $3.1 billion by 2026
Surf tourism is affected due to travel restrictions put in place around the world as well as the closure of restaurants, hostels and hotels. regions such as Australiathe Maldives, Fiji, Franceand Hawaii, among others, are popular surfing destinations and these restrictions have impacted business in these areas. Surfers who preferred to travel during the summers to surf destinations have been affected by the closure of airports and beaches. Additionally, several international surfing events have been postponed or canceled, which further affected the market. Surf businesses are taking advantage of this break in activity to improve their offerings or design new products/solutions/experiences, to launch when business picks up. Businesses also perform preventative maintenance to keep their assets in good working order for upcoming summer events. Governments in several countries offer assistance such as tax breaks and paid assistance (for employees) to small and medium-sized businesses. Post-pandemic, wave pools should be seen by governments as essential to rebuilding the economy, as tourism and sports infrastructure contribute to economic recovery.
Amid COVID-19 crisis, Global Surfboards Market Estimated at US$2.6 billion in 2022, should reach a size of US$3.1 billion by 2026, posting a CAGR of 5.8% over the analysis period. Shortboards, one of the segments analyzed in the report, is expected to register a CAGR of 6.1% to reach a market size of approximately US$2.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the longboard segment is expected to skyrocket to 5.3% CAGR for the next 7-year period. Advanced surfers mostly use shortboards because of their maneuverability and better performance. Therefore, shortboards hold a higher share than longboards.
The US market is estimated at $1.1 billion in 2022, while Asia-Pacific is expected to reach $588.2 million by 2026
The surfboard market in the United States is estimated at US$1.1 billion in the year 2022. Asia Pacific is expected to reach a projected market size of US$588.2 million by 2026 with a CAGR of 6.5% over the analysis period. Other notable geographic markets include Japan and Europe, each is expected to grow at a CAGR of 5.2% and 5.4% respectively over the analysis period. A notable trend in the surfboard market is the growing popularity of adaptive surfing which is creating an increased demand for boards. People with disabilities learn adaptive surfing as it builds confidence and improves physical well-being and psychosocial and sensory skills. Surfing has also become a way for people with disabilities to fight against discrimination because it encourages teamwork and contributes to social inclusion. Adaptive surfing is also known to prevent and treat several pathological conditions in people with disabilities, resulting from stress and sedentary lifestyle. Adaptive surfing is currently encouraged in several countries.
Segment of longboards to reach $745.2 million by 2026
Longboards are thicker, wider and longer, usually 8 to 14 feet (2.4 to 4.3m). These boards have a much more rounded nose than a shortboard, which increases stability and buoyancy. Longboards are preferred by experienced surfers for their superior features including noseriding and stability. In the global longboard segment, United States, Japan, Europe and Asia Pacific will drive the CAGR of 5.3% estimated for this segment. These regional markets representing a combined market size of $510.4 million will reach a projected size of US$733.9 million at the end of the analysis period, representing 94.1% of the global market value. United States will remain among the most dynamic in this group of regional markets and should reach US$335.6 million by 2026.
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About Global Industry Analysts, Inc. and StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving over 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for over 33 years.
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