Surfboard Market

Global Surfboard Market Size (2024 to 2029)

The size of the global surfboard market was worth USD 2.9 billion in 2023 and is expected to grow at a CAGR of 12.32% during the forecast period and reach USD 5.82 billion by 2029 from USD 3.26 billion in 2024.

Surfing is among the most common water sports owing to the sport requiring minimal training and equipment. Recreational users are those who take holidays to go on adventure trips on a regular basis. A surfboard is an elongated surfing frame. Surfboards are relatively light but sturdy enough to support a person standing on them while riding an ocean wave. Over the years, major advancements include introducing one or more fins (skegs) to the board's bottom rear to enhance steering stability, as well as other material and form improvements. Advanced surfboards consist of polyurethane and polystyrene foam lined with fiberglass cloth layers and polyester or epoxy resin. That results in a light, sturdy, and maneuverable surfboard.

Global Surfboard Market Drivers

The rising adoption of surfing as a lifestyle is driving the surfboard market globally. Technology has always been a key element of surfing, and it has evolved from wooden boards to the power thrusters of today. There is a growing trend in people choosing sports, traveling, or non-traditional streams as a full-time career. This is due to a change in perspective on working-life balance and increasing emphasis on having a healthy lifestyle. As a result, people can work from any place, which gives them the freedom to travel and experience new places without risking their employment. Thus, the widespread adoption of remote working and flexible work culture has propelled the share of the surfboard market. The integration of artificial intelligence with surf forecasting will further boost the market share as it will enable surfers to organize their surfing activities better by anticipating waves earlier. Artificial intelligence is already transforming the way major companies like Surf Line create their surf models because of its faster data processing speed. Therefore, the use of modern technologies will increase the demand in the surfboard market.

The growing popularity of surfing tourists is anticipated to propel the growth of the surfboard market. Surfing has become more popular, but its economic impact has not gathered much attention. Surfing economics is a new area of study that measures and records surfing's overall economic worth. For instance, rising housing costs close to excellent waves or the social welfare advantages that come with surfing beaches are examples. Moreover, the annual financial impact of surfing in the United Kingdom is estimated to be more than 9 billion dollars. The popularity of electric surfboards has significantly elevated the demand for surfboards among people. With the combination of surfing with electric power, the electric surfboard sector has made the water sports market more attractive. With advancements in technology and growing recognition of environmental issues, the future of the electric surfboard seems to be promising and sustainable. Improved range, longer ride times, and fast-charging battery technology will play a critical role in the growth of electric surfboards in the coming years.

The growing trend of adaptive surfing among people with disabilities has presented profitable prospects for major companies. Furthermore, they have launched sustainable surfboards, which help to reduce carbon footprint during manufacturing utilizing eco-friendly materials. Additionally, they have been using cutting-edge technology to assist people in customizing surfboards depending on their specifications, such as computer-aided design or computer-aided manufacturing systems. These developments in the surfing industry are expanding the share of the surfboard market.

Global Surfboard Market Restraints

There are multiple factors restricting the demand for surfboards, like the increase in the trend of do-it-yourself and the high cost of surfing boards. One of the major factors preventing the industry from growing faster is the high cost of the raw materials used to make surfing boards. Surfboard prices have increased on a global scale due to the price of polyurethane. All these factors are hindering the growth rate of the surfboard market. Decreasing consumer interest in water sports like surfing is restricting the growth of the surfboard market. As per a study, modern water sports events did not generate a stronger desire to lead an active lifestyle or drive individuals to participate in water sports on a regular basis than traditional water sports. Furthermore, people frequently wanted to return to traditional sports activities since they offered them a more favorable emotional experience than the latest ones. This is because current events were generally one-time experiences. Another factor limiting the growth of the surfboard market is coastal erosion. The effects of coastal erosion caused by climate change are felt by coastal governments, which hinder rural livelihoods in poor countries and raise debt levels; however, improvement in infrastructure could reduce the impact.

Impact of COVID-19 on the surfboard market

Since it is a sports or fun activity, the surfboard market was severely affected by COVID-19. The demand for surfboards declined sharply due to lockdowns, travel restrictions, and cancellation of surfing events or competitions around the world. River surfing, ocean surfing, and others were banned because of COVID-19, which reduced the sale of surfboards and other equipment, ultimately affecting the surfboard market value.

REPORT COVERAGE

This research report on the Surfboard market has been segmented and sub-segmented into the following categories.

Global Surfboard Market - By Product:

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

Based on product, the polyurethane boards segment dominated the market and is expected to grow promisingly during the forecast period. Due to their flexibility in performance, these boards are widely used by surfers. Also, the material offers a nice mix of toughness, mobility, and stability. Currently, companies are working on technology to improve board design and performance further.

Global Surfboard Market - By End User:

• Entertainment
• Sport Competition
• Others

Based on end-users, the entertainment segment holds the maximum share of the surfboard market and is expected to grow further in the coming years. Because the surfboard is made for social and recreational surfing, it attracts a wide range of people. These surfboards are ideal for family or group use. Surfing helps with stress or anxiety and gives mental peace to people with busy lifestyles. However, the sports competition segment is also expected to showcase growth opportunities during the forecast period owing to an increase in the adoption of water sports as a career or lifestyle.

Global Surfboard Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The North American regional segment is dominating the surfboard market globally. Hawaii and California are popular surfing destinations among tourists. The larger presence of suffers and surfing communities in the United States and Canada is driving the market forward. Also, the increase in demand for personalized and life-changing experiences is because of rising disposable income. Additionally, more people will be able to afford to engage in a variety of adventure-seeking outdoor activities. Over 77 percent of people, or more than 230 million people, took part in at least one outdoor activity in 2022, reflecting a rise in the number of people doing outdoor sports in the US.

The European Surfboard market is the second largest market and is anticipated to grow at an exponential rate during the forecast period. Europe has the maximum number of open surf parks as compared to any other region worldwide. Europe ranks second in the surfer participation percentage by region, which is more than 22 percent in 2022. It also has the second-greatest number of planned surf parks in the world. Furthermore, versatile boards that can handle a variety of wave patterns are preferred in Europe, where conditions can change quickly. Surfing styles such as longboarding and alternate shapes are prevalent and, therefore, drive the surfboard market forward in the region.

The Asia Pacific surfboard market is estimated to grow at a faster rate during the forecast period. Since the region's personal spending and brand recognition are both rising, the demand for surfboards is also rising. Moreover, the development and expansion of the travel and tourism sector will further boost the growth of the market in this area. Australia, Indonesia, and Japan are famous places for surfing. The demand for different types of surfing boards will increase due to the wide variety of wave patterns in the region, and the different surfing conditions can be met by short boards for strong waves, longboards for gentle breaks, and specialty boards.

The surfboard market in Latin America is expected to grow during the forecast period. Latin America's growing surf culture, which is becoming popular in Brazil and Costa Rica, is influenced by the popularity of local surf areas and the expansion of the surfing community. Due to the beach lifestyle, the Latin American surfing market size is driven by cultural elements and demands a combination of conventional and modern board designs. Surfing is the preferred adventure tourism sport in Latin America, where visitors and locals together come for exciting moments along the stunning coastlines.

The Middle East and African surfboard market has started to grow and is projected to grow at a steady rate during the forecast period. The sport is becoming more and more famous, especially in countries with strong surfing cultures, such as South Africa. In many coastal areas in Africa, surfing is an important cultural practice. The existence of surf schools, tourism, and cultural norms may all have an impact on the demand for surfboards. Due to the growing popularity of surfing among local surfers as a recreational activity, the market for surfboards is anticipated to expand.

KEY MARKET PLAYERS

Quiksilver, Hobie, Rusty Surfboards, Xanadu Surfboards, Haydenshapes, The Board Works Surf, Firewire Surfboards, Surftech, McTavish Surfboards, Keeper Sports and True North Gear are some of the notable companies in the global surfboard market.