Global Surfing Equipment Market Size and Research 2021, CAGR Status, Growth Analysis, Key Manufacturer and Strategies till 2027: Ken Research

The report titled "Global Surfing Equipment Market Outlook to 2022 - by Equipments (Surf Board and Surf Gear & Accessories), by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and by Distribution Channel" provides a comprehensive analysis of global surfing equipment market. The report covers introduction, value chain and market size on the basis of consumer expenditure, market segmentation by Equipments (Surf Board and Surf Gear & Accessories), by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets and Others). The report also includes government regulations, competitive landscape, company profiles for major players (O'Neill, Quiksilver, Billabong International, Body Glove International, Gul Watersports, Hurley International and Channel Islands Surfboards) and market share along with analyst recommendation.

The report facilitates the readers with an identification and in-depth analysis of the existing and future trends and issues that impacts the industry. It provides the readers an idea regarding growth in the future depending upon changing industry dynamics in coming years. The report is useful for water sports equipment manufacturers, surfing equipment manufacturers, distributors, specialty sporting goods stores, department stores, e-commerce portals, customers and other stakeholders to plan their market centric strategies in accordance with the ongoing and expected trends in the future.

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Global Surfing Equipment Market Size and Overview

Market Overview: International tourist arrivals and tourist expenditure has been increasing at a steady pace over the review period (2012-2017), globally. Coupled with an increase in interest of people towards soft adventure sports, rising popularity of surfing & adventure sports and growing awareness regarding fitness-benefits of opting surfing has supported growth in this industry. Americas has been the biggest market in terms of expenditure incurred by consumers in surfing equipment's followed by Europe, APAC and Middle East & Africa. Increase in demand has also been affected by growing base of Millennial, higher per capita income in major markets, presence of well-established players and expanded distribution network in new regions/countries.

Market Size: Major players have been using diverse product portfolios and aggressive marketing & sales strategies to position themselves in the market with increase in variety of surfing equipment's available in the market, primarily, in terms of size, quality, capacity and utility. This has helped the market to grow at a CAGR of close to 4% during 2012-2017. Increased trade has been observed amongst major producing and consuming countries. Several leading manufacturers have invested huge amount in research & development segment to foster product innovations to increase durability and sturdiness of surfing equipments. By and large, Global surfing equipment market has increased by significant amount in the review period.

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Market Segmentation

By Equipments: Surf boards have captured a major market segment in 2017. Major reason for surf boards to hold higher revenue share in the market is its bulk sales, high price and high replacement demand. These equipments are bought by surfing professionals, retail/recreational clients as well as by large-scale and small scale water surf training institutes in large quantities. Surf gear and accessories together accounted for a lower share in the market. The gear and accessories required for surfing is not highly priced moreover, it is not mandatory for a surfer to wear gears and accessories to indulge in the sport. This primarily justifies its lower share in the market. Wetsuit is the most essential surfing gear. The price of a surfing wetsuit starts from below USD 150 and may go beyond USD 300. Similarly, the price of a vest starts below USD 50 and go beyond USD 100.

By Regions: The global surfing equipment market was dominated by Americas in the year 2017. The region occupies the largest share owing to the presence of well-established water sports/surfing infrastructure and large number of surfing enthusiasts. In the recent years, surfing has been adopted as a recreational activity along with being taken-up professionally. Europe accounted for the second largest share in the surfing equipment market. The presence of increased number of water sporting sites across Europe makes it the second-largest revenue contributor. APAC region also witnessed growth in demand for surfing equipments with an increase in both consumption and production especially in Australia, China, India, New Zealand, Vietnam and Indonesia. Middle East and Africa has accounted for the lowest share in the surfing equipment market in 2017. Major reasons to support such low revenue generation are lack of natural resources and water bodies to support the sport, low participation rates, less number of surfing facilities available and low awareness amongst population regarding surfing as a sports event.

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By Distribution Channel: Company Stores and Specialty Stores dominated the market in 2017. This sales channel has been highly popular since major large scale manufacturers of surfing equipments usually operate through own brand stores that exclusively sell equipments of their brand. The purchase of sports equipments online has been gaining high popularity over the years and has accounted for second largest share in the market. Some of the major online retailers selling sports equipments are Amazon and Alibaba. Hypermarkets, department stores and supermarkets have accounted for double digit share in terms consumption expenditure. Some of the well-known stores include Walmart and Tesco.

Global Surfing Equipment Market Competitive Landscape

Competition in the global surfing equipment market is highly fragmented due to the presence of large number of regional players. In the Americas, the competition in the concentrated however, majority of market leaders have substantial control over market share in 2017. Majority of manufacturing facilities are based in this region leading to large exports to countries such as UAE, South Africa and India. Similar scenario is in Europe. The major players in the market are involved in both manufacturing as well as trading. Competition in APAC and Middle East & Africa is still in the growing phase & highly fragmented. There are about 5-10 major surfing equipment manufacturers operating in the global market. Majority of manufacturing clusters of these major manufactures are located in North America and Europe. These players compete against each other on the basis of price, product differentiation (product portfolio size and product innovations), distribution network, geographical penetration/geographical presence and research & development activities. Major players include Quicksilver, Billabong, Hurley, O'Neill, RVCA, Volcom, Reef Sports, Roxy, Ripcurl and others.

Global Surfing Equipment Market Future Analysis and Projections

Global surfing equipment market has been anticipated to showcase a sound growth at a CAGR of close to 6% during the forecast period (2017-2022E). Growth during this period is expected to be supported by the rising popularity of surfing as a recreational and profession activity, increase in the number of surfing championships and tournaments, increase in demand from Millennial, increased awareness regarding fitness benefits of surfing, expanding geographical presence of major manufacturers, intensifying distribution channels, expansion of online retailing, new product launches, government initiative to promote the usage of protective surfing equipments and others.

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