Surfboard Market

Global Surfboard Market Size (2024-2032):

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 8.25 billion by 2032 from USD 3.26 billion in 2024.

Current Scenario of the Global Surfboard Market

A surfboard is a long, narrow, buoyant board that is lightweight wood used in surfing, which is the sport of riding on the top of a wave while standing or lying on a particular board. Surfboards were constructed completely using wood in the olden days, but in the modern day, surfboards are manufactured using various materials such as foam, polyurethane, fiberglass, and epoxy. The global surfboard market accounted for moderate growth in the past years and is anticipated to grow substantially during the forecast period. The growing popularity of surfing as an entertainment and competitive sport is enhancing the demand for surfboards, which are being introduced in various shapes and sizes and contribute to global market revenue growth. The growing awareness among the people regarding the benefits of outdoor sports activities and rising interests is estimated to create growth opportunities in the coming years. According to the data provided by the International Surfing Association, in 2023, there will be between 20 and 35 million surfers worldwide. It also stated that the U.S. and Australian surf populations are estimated to be around 6 to 7 million, contributing to only 20 to 30% of surfers worldwide.

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.

MARKET RESTRAINTS

The rising trend of do-it-yourself and the high cost of surfing boards are majorly hampering the growth of the global surfboard market.

One of the major factors preventing the surfboard market 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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Surfboard Market Analysis By Product

The Balsa boards segment dominated the global surfboard market revenue with a prominent market share and is expected to dominate during the forecast period. Balsa wood is widely known for its traditional and environmentally friendly choice, and the constriction of the product is driving the segment growth. These woods offer a unique riding experience due to their lightweight and buoyant properties, maintaining water responsiveness and fueling balsa woods' adoption in product construction, leading to a market growth rate. Surfers seeking natural and aesthetic craftsmanship mostly prefer balsa boards, which positively impact revenue growth.

Due to its versatility and durability, the polyurethane board segment is expected to grow fastest during the forecast period. Most surfers seek responsiveness and a high degree of control, where polyurethane becomes a popular choice due to its lightweight nature, which boosts the segment revenue growth. The primary factor driving the segment is the balance between performance and durability, which makes it a suitable choice in the industry.

Global Surfboard Market Analysis By End-User

The entertainment segment held a significant share in the global surfboard market due to the rising interest in surfing for recreational purposes. Most manufacturers are constructing boards suitable for beginners and enthusiasts who want to experience surfing, boosting the segment's growth rate. Recreational boards are easy to use and have high versatility and stability, allowing individuals to have a relaxed and enjoyable time, which fuels the segment's growth.

The sports segment is estimated to have notable growth during the forecast period. The segment involves experienced and professional surfers engaged in competitive surfing. The sports-related boards are designed for high performance, considering various challenges like waves and dynamic surging conditions propelling the market growth in this segment. The surfboards for sports competitions are designed with precision using advanced materials, and these prioritize speed, responsiveness, and maneuverability, augmenting the segment's growth.

REGIONAL ANALYSIS

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 PLAYERS IN THE GLOBAL SURFBOARD MARKET

Companies playing a prominent role in the global surfboard market include Quiksilver, Hobie, Rusty Surfboards, Xanadu Surfboards, Haydenshapes, The Board Works Surf, Firewire Surfboards, Surftech, McTavish Surfboards, Keeper Sports and True North Gear.

RECENT HAPPENINGS IN THE GLOBAL SURFBOARD MARKET  

• In January 2023, NASCAR signed a partnership with action-sports brand Hurley, introducing a collaborative line of beach and surf apparel for men and women. The apparel blends the thrill of racing with the laid-back essence of surf culture.
• In June 2023, Agit Global Inc. and Mattel announced a collaboration between Wavestorm and Barbie for outdoor sporting goods.
• In December 2023, Starting Line Sailing and Hobie Cat Company mutually agreed to terminate the collaboration and license agreement they entered in 2022. The previous agreement states that Starting Line Sailing acts as a supplier for all Hobie Sailboats and Genuine Hobie Sailboat Parts and Accessories worldwide.
• In May 2022, WaveShark, producer of the world's fastest and longest-lasting electric surfboards, announced the launch of Jetboard 2 and Foil 2 lines, which can reach 60km in 1 hour and run continuously for 180 minutes.
• In October 2022, the Singapore-based Kinetic Option launched the all-new TKO 001, a carbon fiber electric surfboard that allows surfing without ocean waves. It is nearly six feet long.

DETAILED SEGMENTATION OF THE GLOBAL SURFBOARD MARKET INCLUDED IN THIS REPORT

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

By Product

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

By End User

• Entertainment
• Sport Competition
• Others

By Region

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