Market Research Report
Published: March 1, 2022
Global Industry Analysts, Inc.
Content info: 387 Pages
Delivery time: 1-2 business days
What's New for 2022?
» Global competitiveness and key competitor percentage market shares
» Market presence across multiple geographies - Strong/Active/Niche/Trivial
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» Complimentary updates for one year
Global Surfing Market to Reach $4.8 Billion by 2027
Surfing is a surface water sport wherein the participant moves along the face of a breaking ocean wave, also known as the 'surf', with the use of 'board' as primary equipment. 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$4.0 Billion in the year 2022, is projected to reach a size of US$4.8 Billion by 2027, displaying at a CAGR of 4% over the analysis period. Surfing Boards, one of the segments analyzed in the report, is projected to record a 4% CAGR to reach a market size of approximately US$3.3 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 3.5% 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$1.7 Billion in 2022, While Asia-Pacific is Forecast to Reach $900 Million by 2027
Surfing market in the U.S. is estimated at US$1.7 Billion in the year 2022. Asia-Pacific is forecast to reach a projected market size of US$900 Million by the year 2026 trailing a CAGR of 4.7% 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.
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