The market includes two
major entities namely manufacturers and distributors as the regional supplier
of surfing equipment products. The surfing equipments include surf boards,
protective gear that includes wet suits and shoes and accessories including fins,
leash, ear plugs and bags.
The surfboard
market showcased a moderate growth at a CAGR of ~% in terms of consumer
expenditure. The market growth was largely supported by the factors such as
rising interest in the sport as a leisure and sporting activity, easy accessibility
to the sport through surf parks and surf pools and technological innovations
that are highly focused on developing sophisticated surf-wear and surf-gear.
Teenagers and people in their early twenties are the major customer segment for
the sport and its equipments. Quiksilver has teamed up with Pacsafe, a company
best known for designing an array of products for adventure travelers.
Americas accounted for the
largest share in the contribution to the surfing equipment market as a region
followed by Europe, APAC and MEA. In Americas, US had the highest participation
rates owing to the popularity of the sport and plenty of surfing destinations.
In the APAC region,
Australia has posed the fastest growth in the surfing equipment market at a
CAGR of ~% owing to the rising domestic and international tourism, increased
spending on family vacations, several attractive national surfing reserves in
the country and the popularity of beach and surf tourism and recreation.
Between the year 2010 and 2014, the number of Aussies participating in surfing
increased from ~ to ~.
The most important
equipment necessary for the sport is a surfboard and the use of the same does
not require much technical training that attracts people to be a part of the
sport.
The rising participation
from women in the sport has offered a lucrative growth opportunity for the surf
wear market during the year 2012-2017.
Surf boards accounted for
a share of ~% in the surfing equipment market as of 2017.
Traditional surf boards
have been made of polyurethane (PU) foam that is then covered with polyester
resin from the past 50 years. The only change that can be observed in the past
decade is the use of epoxy. In this, an expanded polystyrene (EPS) core is
covered with an epoxy resin, a harder material previously used in boat
building. Surf boards are available in the market for prices starting from USD
700 and the prices may go beyond USD 1,500.
Surfing Gear and
Accessories hold a share of ~% in the surfing equipment market as of the year
2017. Surfing gear and accessories includes wetsuits, shoes, helmets, fins,
leash, ear plugs, bags and others related accessories. Wetsuit is the most
essential surfing gear. The price of a surfing wetsuit starts from below USD
150 and may go beyond USD 300. Similarly, the price of a vest starts below USD
50 and go beyond USD 100. The gear and accessories required for surfing are not
highly priced which made the segment to hold a lesser share.
In the year 2017, Americas
accounted for the major share of ~% in terms of consumer expenditure in the
surfing equipment market. The region is highly popular for the presence of
numerous water bodies. In the region the country that accounts for the largest
share is the US. In 2017, Europe accounted for the second largest share in the
surfing equipment market. It held a share of ~% in the same year. The region
has a mix of both regular and occasional surfers. The region possesses many
tourist destinations.
APAC region accounted for
a share of only ~% in the surfing equipment market and the major contributors
for the same are Australia, South Korea and New Zealand for the year 2017. This
region has accounted for a lower share in the market due to the lack of
enthusiasts and established water bodies suitable for the sport.
As of 2017, the MEA region
accounted for a share of ~% in the surfing equipment market in terms of
consumer expenditure. Americas has been the largest manufacturer of surf
equipments and a host to the largest consumer base in the world. It exports
premium, mediocre and low quality (thus cheaply priced) products and raw
material to every other region especially APAC.
The market is highly
fragmented with more than ~ major and niche players. There are ~ global
manufacturers operating in the market. This market is highly competitive as the
key players are competing with each other to expand their market reach across
the globe through new and upgraded product offerings. The market is strongly
established in the region Americas and Europe due to presence of high degree of
professionalism and developed infrastructure. APAC & MEA are emerging
region in terms of professionalism& product expertise. Surfing as a sport
is gaining popularity every year. The growing interest among the people, easy
access to the sport through surf parks and pools along with technology
advancements in surfboards are strongly supporting growth in the market. Such a
growth in the market is attracting many players into the market. Entering
market is easy due to low cost of establishment, less number of players
operating and low regulations. However, gaining a substantial market share
among the popular and widespread brands is difficult. Quicksilver, Billabong,
Hurley, O'Neill, RVCA, Volcom, Reef Sports, Roxy, Ripcurl are few major
manufacturers in 2017. The major parameters on the basis of which the players
in the market compete with each other are technological innovations, product
performance, geographical presence and various other parameters.
The global Surfing
equipment market has been growing at a substantial rate over the review period,
2012-2017 and it is expected that the market shall experience similar growth
and will grow at a CAGR of ~% from 2018-2022. It is expected that the consumer
expenditure in the market shall reach USD ~ million by 2022.
Rise of surfing as a
lifestyle sport equally among all the age groups is regarded as the major
reason for the expected growth in the coming five years.
The market has been
anticipated to be evolved owing to the sustained efforts of surfing equipment
manufacturers, marketers and associations to make surfing much more accessible.
Moreover, in the recent years women participants in the sport has been on a
rise. This shall lead to the launch of more fashionable surf-gear and
surf-wear.
The region America is expected
to dominate the market with a share of ~% in terms of consumer expenditure,
with US contributing most of the region’s revenue, supported by the long
established surfing culture in the region and the resulting large base of
surfer population.
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