Surfboard Market

Surfboard Market Outlook (2023-2033)

The global surfboard market reached a valuation of US$ 4.42 Billion, and is likely to register a Y-o-Y growth rate of 6.0% in 2023, closing at US$ 4.71 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 6.7% CAGR, reaching US$ 9.02 Billion.

According to Fact.MR, the growing trend of surf tourism is one of the major factors that is expected to boost the growth of the global surfboard market during the forecast period. In addition, the advent of electric surfboards has been gaining a significant traction, as they are receiving a widespread preference over conventional surfboards. These surfboards provide high-water propulsion, superior torque, and allow individuals to surf in the absence of waves.

Further, factors such as the rising popularity of adaptive surfing among disabled people has created lucrative avenues for key manufacturers. Nowadays, the key players have been introducing sustainable surfboards that are made using eco-friendly materials, which assist in reducing carbon footprint during manufacturing.

Additionally, they have been using advanced technologies, such as computer-aided design/computer-aided manufacturing (CAD/CAM) systems, in order to help individuals, so they can modify surfboards, according to their specifications and customizations.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 4.42 Billion
Expected Market Value (2023)	US$ 4.71 Billion
Projected Forecast Value (2033)	US$ 9.02 Billion
Global Growth Rate (2023-2033)	6.7% CAGR
Expected Growth Rate of North America (2023-2033)	6.6% CAGR
Anticipated Growth Rate of Europe (2023-2033)	6.5% CAGR
Prominent Surfboard Service Players	Gerflor SAS Tarkett SA Forbo Kiefer USA Bauwerk Boen Group EPI Group Horner Surfboard Signature Sports Robbins Sports Surfaces Aacer Flooring Other Market Players

2018-2022 Revenue Analysis of Surfboard Market vs. Growth Outlook 2023-2033

According to Fact.MR’s report, Surfboard demand exhibited a CAGR of over 3.2% from 2018 to 2022.

Key trends including rise in the global tourism industry that involves enthralling activities such as surfing, scuba diving, jet skiing, kayaking, bungee jumping, parasailing, among others, coupled with interest of the urban populace in adventurous sports activities are anticipated to fuel the market growth over the analysis period.

Increasing trend of surf wear, rise in number of surf schools, and acceptance of surfing as a trendy as well as lifestyle sport among all age groups are some other major trends that are anticipated to propel the revenue share of the surfing boards market in the forthcoming years.

Moreover, renowned surfing associations such as European Surfing Federation, International Surfing Association, and National Scholastic Surfing Association, and have been continuously working to promote surfing through promotional events, annual as well as seasonal competitions, and educational programs. All these factors will augment the demand for surfboards in the near future.

Key Market Drivers Influencing Surfboard Industry Expansion

Continual Evolution in Surfboard Design to Propel the Market Growth

The surfboard manufacturers are working day in and out, and are coming up with enhanced features of surfboards. Also, there are many surfing enthusiasts, who prefer designing their own surfboards. For instance, Daniel Thomson, an Australian surfboard shaper, who designed his own surfboard, which is known as the Vanguard, which has straight rails, a noseless craft, and an angular tail.

Moreover, the surfers continue are seeking surfing sports, in order to satisfy the craving for fun, adventure, as well as excitement. In addition, the electrical surfboards allow surfers to enjoy surfing in the absence of waves. Also, the increasing demand for electric water sports, in particular, electric surfboards, is projected to redefine the landscape of the surfing industry. The advent of such new technologies is anticipated to encourage the surfers to use highly advanced surfboards, that will enhance their performance. This, in turn, will increase the sales of technologically-advanced surfboards.

Rise in Number of Educational Surfing Courses to Augment Market Growth Prospects

The increasing trend of educational surfing courses is a key factor that is expected to fuel the growth of the surfboard market during the forecast period. The International Surfing Association (ISA) is the global governing authority for surfing, SUP racing and surfing, bodysurfing, wake surfing, and other wave-riding activities.

This has also introduced several educational courses globally for the growth as well as the development of surfing. Also, surfing schools have been established near coastal areas to encourage, and train new surfers. These courses aim at developing the knowledge, abilities, and skills of surfers and enable instructors to take a scientific approach to teaching surfing.

These programs are also introduced by the governing body for surfing and aim at establishing industry-standard quality, efficacy, as well as safety for coaches and instructors who teach surfing and SUP boarding. Globally, in 2021, approximately 3,000 surfing and SUP boarding instructors were certified by the ISA in 150 ISA-certified educational courses, which were conducted in nearly 75 countries. Currently, the ISA has certified over 10,500 coaches and instructors globally.

Key Challenges encountered by Surfboard Industry

Rising Trend of DIY Surfboards to Restrain the Market Growth

Factors such as an increasing adoption of do-it-yourself (DIY) surfboards, which is expected to hinder the growth of the surfboard manufacturing over the analysis period. In addition, sustainability concerns continue to impede the pace of development of the surfing industry, amidst the growth of the forum at a rapid pace.

Moreover, the millennial and GenZ populations have a high tendency to surf online, which is adversely affecting the affection for outdoor sports, and is anticipated to curb the pace of advancement for the surfboard market. Also, consumers in low-income countries are unable to spend on these exclusive products, which is expected to hamper the growth of the market in the near future.

Region-wise Analysis

How will North America Perform in the Global Surfboard Industry Landscape?

Rising Popularity of Surfing to Augment the Market Growth in the Region

The Surfboard Market in North America will grow at a CAGR of 6.6% from 2023 to 2033.

According to Fact.MR, North America is the fastest-growing Surfboard market region, accounting for over 48% of the market share in 2022, and is expected to maintain its dominance during the analysis period.

This growth is attributed to the factors such as presence of long coastlines across the U.S. and Canada, growing popularity of surfing amongst adventure enthusiasts in the region. In addition, innovations are made by the manufacturers to the surfboards to appeal to the wide base of customers across the region, further augmenting the demand of Surfboards in North America.

Additionally, The US has the largest surfing market due to its lengthy beaches, making it a popular location for surfing and other water activities. This factor is also expected to fuel the market growth in the region.

How will the Growth of Surfboard Market Escalate across Europe?

Increasing Tourism Industry to Enhance the Market Prospects

The Surfboard market in Europe is projected to become the second most lucrative market, contributing a share of nearly 47% of the global market by 2022. The European Surfboard Market is expected to grow at a CAGR of6.5% from 2023 to 2033.

France is considered to be one of the best surfing destinations in the world. As per the poll performed in 2021, there were approximately 6,50,000 surfers in France, which is making a notable contribution to the rising market share of surfboards in Europe. In addition, factors such as a rise in inbound tourism in Europe are expected to fuel the sales of surfboard in the region.

Furthermore, growing personal disposable income, increasing popularity of brands, continuously expanding travel and tourism industry in the region are some other major factors propelling the market growth during the analysis period. In addition, factors such as rapid globalization, westernization and modernization are also contributing to the increasing demand for surfboards in Europe.

Additionally, government grants are being received by the key players to innovate the products and augment tourism, which is further stimulating the revenue share of the surfboard market in the region.

Region-wise Forecast CAGRs for the Surfboard Market

Region	CAGR
North America	6.6%
Europe	6.5%
Asia Pacific	6.0%
Latin America	6.3%
Middle East & Africa	5.7%

Category-wise Insights

Which Segment to Remain Dominant in the Board Type Category?

Shortboard Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Shortboard segment is expected to expand at a CAGR of 6.6% over the forecast period.

The shortboards segment is expected to remain the top-selling board type in the global market during the forecast period, attributed to their customizable nature. Also, the shortboards are the best option for surfers of all skill levels. These are more responsive than the longboards.

Further, the shortboards facilitate sharp cuts in the waves, as well as pick up more speed, owing to their less surface area. These can be easily maneuvered, which is a factor that allows skilled as well as professional surfers to do amazing tricks.

Other factors that contribute to the segment’s growth include the increasing number of product launches, and a rise in the disposable income level of the people globally.

Which is the Most Sought-after Distribution Channel Category?

Offline Sales Segment to Boost the Market’s Growth

According to Fact.MR’s data, preference for Offline sales segment is expected to expand at a CAGR of 6.5% over the forecast period.

An increasing number of independent sports equipment outlets in the US and France is expected to have a positive impact on the growth of the market. Before buying or spending money on such luxury items, the surfers prefer authenticating the products. This is a major factor responsible for the segment’s growth.

Moreover, factors including the availability of a wide variety of options for purchase, coupled with material variants like wooden surfboards, polyurethane boards, balsa boards, and more are contributing to the segment’s growth. Also, ‘try and use’ options provided by offline sales channels is another factor that will escalate the segment’s growth over the analysis period.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Surfboard startup players are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,

• Founded in 2013, Wainman Hawaii is an international water-sports startup based in Maui, Hawaii, with its main sales offices in Florida, Europe and production facilities all over the world. The company designs a wide variety of surfboards which include MAGNUM, GAMBLER, and Passport categories of the surfboards. All these categories provide enhanced features to the surfers.
• Established in 2015, Pushfins is a private label brand for surfing board fins. The company claims to create surfboard fins using bio-based epoxy resins, and waste material sourced from the surf and skateboard industries. The company manufactures all its products in Portland, USA.
• Flitefoil, a startup based in the US, is a manufacturer of electric hydrofoil technology-based surfboards, which provides a gearless propulsion system to the surfers, which is designed to be particularly robust and optimized for noise.

Competitive Landscape

Prominent players in the Surfboard Industry are taking advantage of the rapidly increasing demand for the Surfboard in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

• In May 2022, WaveShark, producer of the world’s fastest and longest lasting electric surfboards, announced the release of the Jetboard 2 and Foil 2 lines, which can reach 60 km/h (37 mph) and run continuously for 180 minutes respectively.
• In October 2022, the Singapore-based Kinetic Option launched the all-new TKO 001, a new electric surfboard allows for surfing without ocean waves or being towed by a boat. The nearly six-foot-long TKO 001 is made from carbon fiber and weighs under 40 pounds minus the battery.

Key Segments Covered in the Surfboard Industry Survey

• By Product Type :

  • Polyurethane Boards
  • Balsa Boards
  • Hollow Wooden Boards
  • Others

• By End-Use :

  • Entertainment
  • Sport Competition
  • Others

• By Board Type :

  • Shortboard
  • Longboard

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)