Rockville, MD 20852, United States -- (SBWire) -- 10/11/2018 --With vast stretches of beaches becoming more accessible for recreational water sports such as surfing, the demand for key equipment such as surfboards continues to soar worldwide. Participation in surfing is gaining traction across the coastlines of South America, North America and Europe. The recreational pursuit of people towards surfing has instrumented a surging demand for surfboards across the globe. Fact.MR's latest report envisages a robust growth for the global surfboard market in the foreseeable future.
According to the report findings, the global surfboard market is pegged to expand at a CAGR of 6.7% in terms of value, during the period of assessment, 2017-2026. Designs of surfboards are expected to be transformed in the coming years. Manufacturers will be offering surfboards with advanced hydrodynamics, supported by the extensive use of lightweight, hybrid materials that improve the surfing capabilities of these boards. The popularity of surfboards in the US and Canada is pegged to bolster the dominance of North America in the global surfboard market. In the coming years, more than 40% of surfboards manufactured in the global market will be sold across the US and Canada coastlines.
Channel Islands Surfboards, GSI, Firewire Surfboards, BIC Sports, Agit Global, BruSurf, Billabong International, Hydenshapes, Greco Surf, Keeper Sports Products, Infinity Surfboards, NSP, Mt Woodgee Surfboards, Quiksilver, and Yuan Sports are observed as the prominent manufacturers of surfboard in the world. Their contribution to the global surfboard market has been extensively profiled in the report. Several manufacturers will be introducing advanced features in their offerings, which will include new electronic components, battery-powered maneuverability and smart speedometers.
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Institutional buyers to reflect high profitability for market players
Majority of surfboards sold in the world will be bought by surfing academies, water sports clubs, and private surfing schools, among others. These institutions will be purchasing bulk units of surfboards, which will translate high profits for manufacturers. Over the forecast period, nearly 51% of surfboards sold in the world will be bought by institutions. The contribution of individual buyers in the global surfboard market will dwindle as many will prefer leasing or renting these equipment for temporary basis.
Longboards and shortboards to collectively represent 56% of the overall market value by 2026-end
Shortboards will be a top-selling product in the global surfboard market. The report foresees their share on global market value to be over 35% by the end of 2026. In the future, surfers will prefer shortboards for their advantage in terms of greater maneuverability, and will make them a sought-after in competitive surfing events. Longboards, on the other hand, will reflect a global market value share of 21% by the end of the forecast period. Noseriding capabilities of longboards will drive their sales despite being heavier than lightweight shortboards.
Sales of surfboards through direct-to-customer online channels will exhibit highest value CAGR during 2017-2026
The largest sales channel for surfboards will be represented by sports variety stores. By the end of 2026, more than 35% of surfboards will be sold through these channels across the globe. However, the report also reveals that direct-to-customer online channels will reflect a robust value CAGR of 9.1% over the forecast period. Offering a range of customization levels and personalization features to the surfboards will drive their sales through direct-to-customer online channels.
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Surfboard Market Is Poised to Exhibit a Moderate 6.7 CAGR Through 2018 to 2028