A Steadily Rising Surfing Industry to Fuel Surfboard Sales With a CAGR of 6.7%-Fact.MR's Study
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Fact.MR study opines that sales of shortboards to outsell other surfboard categories. Continued preference for shortboards among surfers reserves the pole position of shortboards in the surfboard market. The status quo is likely to sustain in 2018 and hold nearly one third share of the surfboard market.
While shortboards are highly preferred owing to their superior performance, Fact.MR study shows that demand for longboards among traditional surfers is here-to-stay. Collectively, shortboards and longboards are expected to hold over half the market share in 2018.
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Sports Variety Stores Spearhead Surfboard Sales, Direct-to-Consumer Online Channels Emerging Rapidly
The study finds that surfers prefer purchasing surfboards from sports variety stores. Along the same lines, Fact.MR analysis reveals that sales through sports variety stores will witness a rise of US$ 22 million in 2018 over 2017. The convenience of choice, greater exposure and brand visibility available in sports variety stores are few of the reasons responsible for the rising sales through this channel.
Franchised stores will hold nearly 20% share of the surfboard market in 2018, as per Fact.MR valuation, whereas sales through direct-to-consumer online channels will witness rapid growth rate at over 9% in 2018. Changing population demographics of surfers play a significant role in these purchase trends wherein millennials and Gen Z’s preferences are dramatically shifting.
Apart from recreational activities, surfboards are highly used in surfing institutions such as surfing academies, water sports clubs, surfing schools and private clubs. Because of this, institutional sales of surfboards continue to occupy a larger market share in the surfboard market. Fact.MR study estimates that institutional sales of surfboards will continue to capture over half the market share in 2018 and throughout the forecast period.
Although individual buyer contribution continues to dwindle owing to the preference for renting or leasing a surfboard, 2 out of 5 surfboards sold in 2018 will be through individual buyers.
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North America Ascendancy Prevails in Surfboard Market
The popularity of surfing sports across the Atlantic and Pacific coasts of North America, South America and Europe presents lucrative opportunities for manufacturers. The ascendency of North American market share is estimated to prevail throughout the forecast period and the region will account for nearly 40% share of the global surfboard market in 2018. The U.S. is estimated to hold a hefty 71% share of the North America surfboard market.
According to Fact.MR, Europe is estimated to register demand for surfboards next to North America owing to increasing participation in surfing activities in these regions. In Western Europe, the UK is estimated to hold the greater market share and account for over one fourth of the Europe surfboard market share in 2018.
Current marketplace of the surfboard is witnessing entry of electric surfboards where manufacturers have identified growing popularity of electric water sports among sports lovers. On the other hand, sustainability in the surfing industry remains at the top of the mind of every business person associated with the industry. As a part of the ECOBOARD project, industry titans such as FireWire and Channel Islands have introduced eco-friendly surfboards in the market.
The Fact.MR report tracks the surfboard market for the period 2017-2026. According to the report, the surfboard market is projected to grow at over 6% CAGR through 2026.
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