The
report titled “Global
Surfing Equipment Market Outlook to 2022 - by Equipments (Surf Board and Surf
Gear & Accessories), by Region (Americas, Europe, APAC & MEA), by New
& Existing Demand and by Distribution Channel” provides a
comprehensive analysis of global surfing equipment market. The report covers
introduction, value chain and market size on the basis of consumer expenditure,
market segmentation by Equipments (Surf Board and Surf Gear & Accessories),
by Region (Americas, Europe, APAC & MEA), by New & Existing Demand and
by Distribution Channel (Company Stores and Specialty Stores, Online,
Hypermarkets and Others). The report also includes government regulations,
competitive landscape, company profiles for major players (O'Neill,
Quicksilver, Billabong International, Body Glove International, Gull Water
sports, Hurley International and Channel Islands Surfboards) and market share
along with analyst recommendation.
The
report facilitates the readers with an identification and in-depth analysis of
the existing and future trends and issues that impacts the industry. It
provides the readers an idea regarding growth in the future depending upon
changing industry dynamics in coming years. The report is useful for water
sports equipment manufacturers, surfing equipment manufacturers, distributors,
specialty sporting goods stores, department stores, e-commerce portals,
customers and other stakeholders to plan their market centric strategies in
accordance with the ongoing and expected trends in the future.
Global
Surfing Equipment Market Size and Overview
Market Overview:
International
tourist arrivals and tourist expenditure has been increasing at a steady pace
over the review period (2012-2017), globally. Coupled with an increase in
interest of people towards soft adventure sports, rising popularity of surfing
& adventure sports and growing awareness regarding fitness-benefits of
opting surfing has supported growth in this industry. Americas has been the
biggest market in terms of expenditure incurred by consumers in surfing
equipment’s followed by Europe, APAC and Middle East & Africa. Increase in
demand has also been affected by growing base of Millennial, higher per capita
income in major markets, presence of well-established players and expanded
distribution network in new regions/countries.
Market Size: Major
players have been using diverse product portfolios and aggressive marketing
& sales strategies to position themselves in the market with increase in
variety of surfing equipment’s available in the market, primarily, in terms of
size, quality, capacity and utility. This has helped the market to grow at a
CAGR of close to 4% during 2012-2017. Increased trade has been observed amongst
major producing and consuming countries. Several leading manufacturers have
invested huge amount in research & development segment to foster product
innovations to increase durability and sturdiness of surfing equipments. By and
large, Global surfing equipment market has increased by significant amount in
the review period.
Market Segmentation
By
Equipment: Surf boards have captured a major market segment in 2017. Major
reason for surf boards to hold higher revenue share in the market is its bulk
sales, high price and high replacement demand. These equipments are bought by
surfing professionals, retail/recreational clients as well as by large-scale
and small scale water surf training institutes in large quantities. Surf gear
and accessories together accounted for a lower share in the market. The gear
and accessories required for surfing is not highly priced moreover, it is not
mandatory for a surfer to wear gears and accessories to indulge in the sport.
This primarily justifies its lower share in the market. 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.
By Region: The global
surfing equipment market was dominated by Americas in the year 2017. The region
occupies the largest share owing to the presence of well-established water
sports/surfing infrastructure and large number of surfing enthusiasts. In the
recent years, surfing has been adopted as a recreational activity along with
being taken-up professionally. Europe accounted for the second largest share in
the surfing equipment market. The presence of increased number of water
sporting sites across Europe makes it the second-largest revenue contributor.
APAC region also witnessed growth in demand for surfing equipments with an increase
in both consumption and production especially in Australia, China, India, New
Zealand, Vietnam and Indonesia. Middle East and Africa has accounted for the
lowest share in the surfing equipment market in 2017. Major reasons to support
such low revenue generation are lack of natural resources and water bodies to
support the sport, low participation rates, less number of surfing facilities
available and low awareness amongst population regarding surfing as a sports
event.
By Distribution Channel:
Company Stores and Specialty Stores dominated the market in 2017. This sales
channel has been highly popular since major large scale manufacturers of
surfing equipments usually operate through own brand stores that exclusively
sell equipments of their brand. The purchase of sports equipments online has
been gaining high popularity over the years and has accounted for second
largest share in the market. Some of the major online retailers selling sports
equipments are Amazon and Alibaba. Hypermarkets, department stores and
supermarkets have accounted for double digit share in terms consumption
expenditure. Some of the well-known stores include Walmart and Tesco.
Competitive Landscape
Competition
in the global surfing equipment market is highly fragmented due to the presence
of large number of regional players. In the Americas, the competition in the
concentrated however, majority of market leaders have substantial control over
market share in 2017. Majority of manufacturing facilities are based in this
region leading to large exports to countries such as UAE, South Africa and
India. Similar scenario is in Europe. The major players in the market are
involved in both manufacturing as well as trading. Competition in APAC and
Middle East & Africa is still in the growing phase & highly fragmented.
There are about 5-10 major surfing equipment manufacturers operating in the
global market. Majority of manufacturing clusters of these major manufactures
are located in North America and Europe. These players compete against each
other on the basis of price, product differentiation (product portfolio size
and product innovations), distribution network, geographical
penetration/geographical presence and research & development activities.
Major players include Quicksilver, Billabong, Hurley, O'Neill, RVCA, Volcom,
Reef Sports, Roxy, Ripcurl and others.
Future Analysis and Projections
Global
surfing equipment market has been anticipated to showcase a sound growth at a
CAGR of close to 6% during the forecast period (2017-2022E). Growth during this
period is expected to be supported by the rising popularity of surfing as a
recreational and profession activity, increase in the number of surfing
championships and tournaments, increase in demand from Millennial, increased
awareness regarding fitness benefits of surfing, expanding geographical
presence of major manufacturers, intensifying distribution channels, expansion
of online retailing, new product launches, government initiative to promote the
usage of protective surfing equipments and others.
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