DUBLIN--(BUSINESS WIRE )--The "Surfing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Surfing Market to Reach $3.1 Billion by 2026
The primary factor driving growth is the push by surfing equipment makers, marketers and associations to make surfing much more approachable than it was in past years, as seen through the roll out of public surfing facilities and artificial reefs. Increased accessibility and affordability has drawn significant number of surfing participants and attracted wider demographic clusters in the recent years.
The sport of surfing has also emerged a fashion and lifestyle trend. The growing focus on wellness and fitness is also leading to increased interest in surfing, as spas and wellness centers promote the sport as a fitness ritual. Surf tourism has contributed significantly to the demand for surfing equipment and apparel over the years. Surfing vacations hold tremendous potential and are likely to be a vital component of the global travel industry in the post COVID-19 period. The inclusion of surfing as a sporting event in the Olympics also has the potential to spur interest in the activity.
Amid the COVID-19 crisis, the global market for Surfing estimated at US$2.7 Billion in the year 2020, is projected to reach a size of US$3.1 Billion by 2026, displaying at a CAGR of 2.6% over the analysis period. Surfing Boards, one of the segments analyzed in the report, is projected to record a 2.5% CAGR to reach a market size of approximately US$2.1 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Surfing Apparel & Accessories segment is projected to spiral at 3% CAGR for the next 7-year period. Increased inclination of millennials towards recreational and adventure sports has been a major factor fueling demand for surfboards in the recent years. The new design elements in surfboards, in terms of shape, operations, utility and material are driven by such changing preferences of surfers. Interest in water sports among women also increased, which is another reason behind increased sales of surfboards. Surfing apparel and equipment market benefits from the rising popularity of surfing as a health and fitness activity due to its ability to offer whole-body benefits.
The U.S. Market is Estimated at US$1.2 Billion in 2021, While Asia-Pacific is Forecast to Reach $600.4 Million by 2026
Surfing market in the U.S. is estimated at US$1.2 Billion in the year 2021. Asia-Pacific is forecast to reach a projected market size of US$600.4 Million by the year 2026 trailing a CAGR of 3.1% over the analysis period. Among the other noteworthy geographic markets are Japan, and Europe, each forecast to grow at a CAGR of 1.9%, and 2.4% respectively over the analysis period.
The US represents the largest market for surfing equipment owing to the long coastlines. There are now several surf parks established in the US using artificial wave technologies, which is also boosting market growth for surfing equipment in the region. Growth in the Asia-Pacific region is set to be driven by strong demand in countries like New Zealand and Australia. Inclination towards adventure water sports is also growing among youngsters in several other Asian nations including Vietnam, Maldives and Thailand.
By Distribution Channel, Online Segment to Reach $484.1 Million by 2026
The online sales channel has in particular gained prominence amidst the ongoing COVID-19 pandemic, which led to closure of stores for long periods of times. With stores that were open also facing significant supply issues, online platforms emerged as the predominant sales channel. Online distributors offer customizing options. Customers can select their logos, patches, graphics, and technologies.
In the global Online Distribution segment USA, Japan, Europe and Asia-Pacific will drive the 3.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$376.7 Million in the year 2020 will reach a projected size of US$469.7 Million by the close of the analysis period. Asia-Pacific will remain among the fastest growing in this cluster of regional markets and is forecast to reach US$109.7 Million by the year 2026.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900