Surfing Board Market Analysis is a fun-filled recreational activity that has gained immense popularity among people of all ages and backgrounds worldwide. Surfing boards come in different varieties designed for specific use whether it is for recreation, competitive sports, or big wave surfing. Fiberglass, epoxy, and wood are commonly used materials for manufacturing surfing boards with innovations focused on improving durability, maneuverability, and performance.
The Global Surfing Board Market is estimated to be valued at US$ 3.17 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Surfing Board market include Kallialay Original Series, Blu Surfboards, Nico Erni, Coral Surfboards, Alai Surfboards, Kove Kraft, ThunderMonkey, NSP, Haydenshapes, Firewire, FCS, Prolite, Yolo Kayaks, Zinka Sunscreen, Showa Denko K.K., BIC Sport, Surftech, and Channel Islands Surfboards. The growing interest among youth and increasing participation in water sports is fueling demand for quality surfing gear. Major manufacturers are expanding their operations globally and introducing innovative product designs tailored for performance needs of recreational to professional surfers.
Market key trends
One of the key Surfing Board Market Trends gaining traction in the surging board market is the introduction of eco-friendly board designs and materials. Growing environmental consciousness is compelling manufacturers to use recyclable, renewable and sustainable resources in production. Bamboo, hemp, and other natural composites are replacing petroleum-based plastics to reduce the carbon footprint. Recycled plastics, oxo-biodegradable additives, and green manufacturing processes also support the circular economy and sustainability goals of the surfing industry.
Porter's Analysis
Threat of new entrants: Low barriers of entry as manufacturing surf boards is comparatively simple. However, established brands have strong brand loyalty that deters consumers from choosing new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many substitutable options available. However, buyers tend to be loyal to particular brands in surfing gear.
Bargaining power of suppliers: Suppliers of raw materials like foam, wood, fiberglass have low bargaining power as these materials have many substitutes. However, suppliers of latest surfing board designs may have some power.
Threat of new substitutes: Surfing Board Companies equipment are substitute for each other like bodyboards, stand up paddle boards. Technological development in gear marginally decreases threats.
Competitive rivalry: High as the market is dominated by few global brands. They compete on brand image, latest designs, and customization. Price competition is also intense.
Geographical regions: North America leads in terms of value share mainly driven by the US where surfing is a popular beach sport. Australia and countries in Southeast Asia like Indonesia and Philippines are also major regional markets in terms of value.
Fastest growing region: Southeast Asian countries especially Indonesia, Malaysia and Thailand are witnessing fastest growth. Growing middle class, increasing passion for water sports and developing surfing tourism are driving above global CAGR in these countries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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