New Study Indicates Global Surf Market Could Reach $3.9 Billion by 2027
In a recent report issued by Global Industry Analysts, Inc, they indicated that the global surfing market could reach $3.9 Billion by 2027. While we haven’t been provided access to their process or methodology, the highlights are worth considering, especially given the current pandemic and what we’re hearing from retailers and also what we saw in the most recent ActionWatch report about how hardgoods are offering up strong sales figures and trending upward.
Even in the midst of the COVID-19 crisis, the global market outlook for the surf market is estimated at $3.1 Billion for 2020. Surfboards are just one of the segments analyzed in the report, which is projected to grow at a 3% CAGR to reach $2.6 Billion by the end of the analysis period.
The study also touches on the apparel & accessories segment which it has readjusted to a revised 3.3% CAGR for the next 7-year period.
Currently, the study estimates the U.S. surf market in the U. S. to be $916.5 Million, or 29.4% of the global market.
China, the world's second-largest economy, is forecast to reach an estimated market size of $689.7 Million by 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 2.6% respectively over the 2020-2027 period.
Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while the rest of the European market (as defined in the study) will reach $689.7 Million by the year 2027.
Amid the COVID-19 crisis and the looming economic recession, the report indicates that the worldwide surf market will grow by a projected $745.2 Million, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3.1%.
Dennis Jarvis. Photo by Spyder Surfboards.
One big data point that stood out was the analysis on the growth of surfboards which the study says is forecast to grow and reach a market size of US$2.6 Billion by the end of the analysis period.
Some of the other interesting key market trends & drivers highlighted in the study are as follows:
- Wave Pools Bring Surfing to Landlocked Areas - Promising Growth in Store for Surf Apparel and Surf Gear Market
- Efforts to Transform Professional Surfing into Arena-based Sports Fans
- Carbon Technology to Improve Surfboards
- Hybrid & Uniquely-Shaped Surfboards: A Mix of Improved Performance, Convenience & Fun
- Innovation in Fin Designs Aimed at Improving Control & Steering of Surfboard
- Battery-driven Surfboard Powers Electric Surfing Market
- Health + Wellness + Surfing: The New Mantra for Success
- Luxury Surf Tourism: Spurring Growth in the Surfing Products Market
- Despite Competition from Online Channels, In-Stores Sales Hold Ground in Surfing Market
- Surf Forecasting Improves Participation
- Focus Shifts to Eco-Friendly Surfboard Materials & Production Techniques
- Sustainable Practices to Spur Growth
- Cost Pressure Increases with Newcomers Entering the Sport
- Alternate Sports & Leisure Activities Cap Consumer Base
- Adverse Impact on the Environment
- Hazards Associated with Surfing
Here's where you can purchase the report