Convergence of Lifestyle Sports Culture & Tourism Development Drives the Global Market for Board Sports
Emergence
of sporty lifestyles as vital for health and well-being coupled with the
intersection of sports and tourism and the resulting increase in skiing,
surfing, and snowboarding vacations are poised to drive the global Board Sports market to
exceed US$21 billion by 2024.
Historically
regarded as a game of youth, mostly indulged by juniors in the age group of
6-16 years, board sports now enjoy a broad customer base, encompassing young
adults as well as mature, grown-up individuals, largely owing to a rise in
consumer spending, improving global economic conditions, rising focus on
leading active and healthy lifestyle, growing popularity of elite athletes, and
undying interest of hard-core participants. Snowboarding's inclusion into the
Winter Olympics clearly illustrates the rising popularity of boardsports. The
board sports market is benefiting from increasing participation of women who
represent a lucrative consumer base for sporting equipment, apparel, and
accessories. Media coverage is a key factor catalyzing the popularity of board sports,
with manufacturers leveraging print and digital media as well as the bustling
e-commerce and social media platforms for building appeal for the sport.
Steady
growth is projected for the market in the coming years driven by continued
efforts by manufacturers on the development of innovative materials and
electronics to improve overall comfort, safety, and protection offered by
boardsports equipment, apparel, and accessories. Board designs continue to
evolve in sync with changing consumer interests, while clothing and apparel
trends follow convenience and comfort with designers promoting slim/relaxed
fits, articulated cuts and light breathable fabrics. Snowboard gear today are
equipped with a wide range of features like Bluetooth earphones, remote
controlled GoPro cameras, smartwool,
ultra-waterproofing, thermo-protection, rubberisation, and laminates, among
others. Launch of environment-friendly sporting gear with higher content of
recycled and renewable materials also augurs well for the market. Other factors
benefiting market prospects in the near term include ongoing efforts to
popularize surfing in emerging economies in Asia, Central and Eastern Europe,
and Africa; beach nourishment programs in luxury tourist destinations in the
United States and the Netherlands; and rise in the number of amateur and professional wakeboard
events and
establishment of clubs to promote the sport. Requiring just smooth flat waters
and dependable winds, kiteboarding is also expected to witness increasing
participation in the coming years, largely due to the ease of the sport that
appeals to amateurs.
As
stated by the new market research report on Board Sports, the United States and
Europe represent the largest regional markets worldwide. Growth in these markets
is supported by a large enthusiastic base of urban lifestyle surfers and pro
surfers with access to major hotspot locations; steadily rising demand for
premium board sports equipment, apparel, and accessories; increasing consumer
participation in recreational sports and fitness activities such as surfing,
skiing, and snowboarding, and growing prominence of specialty stores. Asia-Pacific
ranks as the fastest growing market with a CAGR of 5.3% over the analysis
period supported by the rise of newly emerging base of affluent middle class
population with a growing penchant for lifestyle sports.
Major
players in the market include adidas AG, Aloha Boardsports, Inc., Boardriders
Inc., Billabong International Limited, Body Glove International, LLC, Burton
Snowboards, Capita, Flow Sports, Inc., Forum Boardshop, Globe International
Ltd., Gul Watersports Ltd., Hurley International, K2 Snowboarding, Mervin
Manufacturing, Meta-Sports CO Ltd., Never Summer Industries, Nike
Skateboarding, Nitro USA, Inc., North Kiteboarding, O'Neill, Rip Curl, Inc.,
Salomon Snowboards, and Volcom, Inc., among others.
The
research report titled “Board Sports: A Global
Strategic Business Report” announced by Global Industry Analysts
Inc.,
provides a comprehensive review of trends, drivers, challenges, issues,
mergers, acquisitions and other strategic industry activities of leading
players worldwide. The report provides market estimates and projections for
major geographic markets, including the United States, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific,
and Rest of World. Product segments analyzed in the report include Summer
Boardsports and Snowboarding.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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