How The Global Surfing Equipment Market Is Positioned?
The Global Surfing Equipment 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 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.
Which is the best selling surfing equipment?
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.
Which Region Has Contributed Highest Among Surfing Equipments?
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.
Surfing Equipments Market- Competitive Landscape
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.
Surfing Equipments Market- Future Projections
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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Ankur Gupta, Head Marketing & Communications