The paddleboard market is expected to exceed USD 3.8 billion by 2032, growing at a CAGR of 9.7% during 2022-2032
France is expected to be worth USD 210 million by the end of 2022 and grow at a CAGR of just over 9% over the forecast period
USA, January 18, 2022 /EINPresswire.com/ — The global paddleboard market is estimated to be worth USD 1.5 billion in 2022 and is expected to exceed USD 3.8 billion by 2032, growing at a CAGR of 9.7% during 2022-2032.
The versatile SUP board accounted for a large share with a revenue share of more than 45% in 2020. It is considered as the go-to paddle board as the consumer demand for the versatile SUP is higher. North America leads the global SUP board market and is poised to create an absolute dollar opportunity of USD 960 million during the forecast period. According to the Outdoor Industry Association survey, it was found that over 3 million people have participated in stand up paddleboarding events in the past few years. The resurgence of recreational sports activities in the different regions has raised the request for SUP boards. As the market matures, young paddlers with modest incomes are making a massive inroad into this market. This now creates competition in the market, allowing manufacturers to reduce the price of SUP boards.
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According to the latest report from Fact.MR, the global paddle board market is poised to create an absolute opportunity of nearly $2.2 billion during the forecast period. Countries like United States, Germany, France, United Kingdom, and Spain are some of the major regions contributing to the growth of the market.
With the increase in the end user base for this sport internationally as well as the presence of various organizations hosting broad spectrum sporting events, this provides a positive movement in the sales of the SUP product. As part of the sales channel, franchise sports stores are poised to witness the highest growth of 2.6 times during the forecast period 2022-32.
What is the increase in demand for Stand Up Paddle Board?
Sales of recreational water sports items are increasing with more participants congregating at recreational activities. In 2019, more than 180 million people in the United States participated in water sports events according to data from the National Marine Manufacturers’ Association (NMMA). Another driving factor for this market is the growing popularity of SUP boards among young people with a penchant for adventure and leisure activities.
Surfing enthusiasts point to the joy experienced in the solitude and tranquility of a surf trip. Such recommendations from sports professionals provide a much-needed boost to SUP board manufacturers to increase their sales numbers.
How does growing recognition in international sports act as a pillar of Stand Up Paddle Board sales?
Government-supported sports programs and competitions around the world are expected to push unit sales of SUP boards to new heights. The major economies of North America and Europe spend millions of dollars in these organizations to organize such recreational events as well as free training sessions offered by sports professionals.
The increase in the penetration of sports has led to an increased demand for sports equipment over the past half-decade. These attributes are attracting new entrants to this industry including buyers, suppliers, and distributors.
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Why are inflatable SUP boards gaining demand around the world?
Stand-up paddle boards are evolved by evolution into inflatable paddle boards which mainly have the main advantages over hard boards as they can be used in big waves due to their increased safety.
Under segment board type, inflatable SUP boards are propelled to grow with a CAGR of over 9.5% over the forecast period. Easy transportation, less storage space and long shelf life increase the sales of the product in the near future.
Why is plastic preferred in the type of material for making Stand Up Paddle Board?
Plastic is widely used as a raw material when manufacturing stand up paddle boards. Plastic as a material is poised to capture around 70% of the revenue share by the end of the assessment period.
The plastic SUP board is easy to handle, durable and has an extended lifespan. The factor that has attached manufacturers to this material is that the plastic material reduces the cost of the product and increases the demand for stand up paddle boards. Which ensures that every consumer can afford to buy this product.
According to market analysis, the top stand up paddle board manufacturers are Anhui Light Industries International Co. Ltd, SURFTECH, LLC., Tahoe SUP, Tahe Outdoors, Starboard, and Hobie Cat Company.
To increase global penetration in profitable areas, the above mentioned players are opting for a combination of inorganic and organic growth strategies that include new product launch, product modification and constructive collaboration and partnership with small manufacturer or a startup to increase their sales and increase the turnover of the company. profitability and correspond to the latest trends in the stand up paddle industry.
• In 2021, Blue Planet Surf announces the takeover of the management of Tropical Rush Store. This development is expected to increase sales of its stand-up paddle boards and demand for the company’s stand-up paddle board rental services.
• In 2019, Funky Sup launched a new stand up paddle with 2D and 3D photos of sea animals for children.
• In 2021, Dunn-rite Products released a new floral inflatable paddle board with a maximum weight capacity of 435 lbs and a width of 32 inches.
Likewise, recent developments related to companies offering stand-up paddle boards have been tracked by the Fact.MR team, which are available in the full report
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Profiled Key Companies
• Ben Buckler boards
• Blue Planet Surfing
• Super Sup
• Dunn-Rite Products
• Hobie Cat Company
• Aquaspro Sports & Leisure Company Limited
• C4 Waterman
• Honu stand up paddle boards
• Imagine Nation Sports, LLC.
• Gili Sports
• Anhui Light Industries International Co. Ltd.
• DWF Sports Co., LTD.
• Kona Enterprises Inc.
• Standing Laird
• Simmered Style
• Cascadia Board Co.
• Silver surfboards
• SURFTECH, LLC.
• Tahe outside
• SUP Tahoe
• Ocean sports
• Rave Sports Inc.
• Red Paddle Co.
• Ride the tide
• Sea Eagle Boats, Inc.
• Tower Paddle Boards LLC
• Whitehall Reproductions Canada Ltd. Dba
• YOB Australia
• Yolo Board LLC
• Zeal Surfing
Stand-up paddleboard market: North America’s dominance wins with strong consumer affinity towards water sports activities
North America continues to lead the way in terms of revenue from stand up paddle board sales. Much of the region’s dominance can be attributed to the wider consumer base coupled with their strong affinity for various water sports activities, and stand-up paddleboarding is no exception. Among the various paddle sports, kayaking and paddle boarding are the most popular among water sports enthusiasts in the region, especially among young people.
Initiatives by global water sports associations, such as the International Surfing Association, to establish SUP championships, such as the National Standup Paddleboarding Championship in North America, have attracted more and more people to practice SUP. this sport. This is and will continue to bode well for SUP board sales worldwide.
The report finds that independent sports stores support a lucrative distribution channel for stand-up paddleboards. These outlets carry a wide variety of popular paddleboard brands, making them an attractive destination for SUP enthusiasts.
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