The global surfboard market is expected to grow at a CAGR of more than 12% during the period 2018-2022, according to Global Surfboard Market 2018-2022, a new market research study by Technavio.
Going for glory
The study highlights surfing contests as a market driver. Several surfing competitions are hosted across the globe, in which surfers from across the globe participate to show their skills and win prizes to gain recognition. These surfers are required to display their skills and mastery of surfing on the waves and are judged based on their frequency of maneuvers, competency of how the wave is ridden, and level of difficulty. The WSL conducts a championship tour that the best professional surfing competitors attend.
Professional surfers often receive corporate sponsorships whereas recreational surfers perform for photographers and videographers. Several big companies such as Dakine specialize in sportswear and equipment. Stance, a lifestyle brand and Stubbies, a clothing brand, sponsor surfers or the competitions as a part of their marketing strategy, according to a senior analyst at Technavio for outdoor gear research.
Using improved materials
Market trends point to an increase in the use of improved raw materials, Technavio states.
Manufacturers are trying different materials to manufacture surfboards. For instance, Styrofoam core is used instead of polyurethane, and an epoxy resin is used instead of polyester to manufacture surfboards. These materials make the surfboards lightweight and strong and offer better impact resistance. Additionally, the epoxy resin produces less toxic fumes. But, the process to prepare resin is complex as it takes a longer time and is costlier. Graphite fiber cloth is another material that is used for reinforcement instead of glass fiber. However, it is costlier and produces surfboards only in black color, according to the study.
Adopting marketing strategies
The global surfboard market has several established players that make it a fragmented market. Product innovation is anticipated to be a major trend in the market, where the players compete on many different factors such as price, quality, brand, and variety, reports Technavio.
Some of the players in the market are:
- Beachbeat Surfboards
- Channel Islands Surfboards
- Firewire Surfboards
The study adds that companies are adopting different marketing strategies to increase their market share. The practice of sustainability is important for future production and is well-applied by the major competitors and other prominent competitors in the market. The market is expected to experience a sizable production capacity growth during the forecast period because the market competitors are expected to expand their presence in traditionally low-penetrated markets.
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