As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global electric surfboard market is estimated to reach a valuation of US$ 83.4 Mn in 2022, and expand at a promising CAGR of 6.9% by value over the assessment period of 2022 to 2032.
Rising participation in sports activities is likely to provide long-term benefits for electric surfboard manufacturers. According to research conducted by Fact.MR, in the United States, 16.3% of Gen-Z, 17.1% of Millennials, and 13% of Gen-X citizens were involved in water sports activities, as of 2021. Surging penetration of electric products among various age group will provide lucrative avenues for manufacturers over the next couple of years.
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Growing tourism is anticipated to push demand for water sports activities, especially in prominent regions such as Europe and North America. Increasing technological implementations such as product optimization and emergence of electric products in water sport equipment are boding well for market growth.
Continuous development in products by leading market players is likely to drive product penetration across the globe. For instance, a total 10,324 units of electric surfboards were sold in 2021, which is projected to soar to 20,980 units by the end of 2032.
Key Takeaways from Market Study
- By product type, hydrofoil electric surfboards are expected to remain the most dominant among consumers and surpass a valuation of US$ 98 Mn by the end of 2032.
- 20-40 kmph speed electric surfboards are projected to account for the highest demand, and witness a CAGR of 7.2% over the same period.
- On the basis of engine capacity, above 12 kw electric surfboards are likely to be the most attractive segment from the consumer end. This vertical is anticipated to surpass the mark of US$ 74.2 Mn by 2032.
- Recreational users are estimated to generate sales of US$ 56.2 Mn in 2022, due to increasing participation in water sports. Moreover, this segment is set to capture approximately 62% of the global market share by the end of 2032.
- Europe is expected to generate a valuation of more than US$ 45 Mn by 2032.
- North America is set to create an absolute $ opportunity of 32 Mn by the end of 2032.
“Carbon nano-fiber surfboards sold at competitive price points to provide competitive advantage to market frontrunners,” says a Fact.MR analyst.
Winning Strategy
Collaborative approach with rental companies has become the go-to strategy followed by various electric surfboard manufacturers aiming to increase their customer base in the market. Few market players have strengthened their consumer base by streamlining their product lines in conformity with rental agencies. The aforementioned strategy is likely to benefit market players in terms of strengthening their annual sales volume and capturing a larger share in the market.
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global electric surfboard market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (standard and hydrofoil), by body (inflatable and solid), by engine capacity (up to 10kw, 10-12 kw, and above 12 kw), by maximum speed (below 20k mph, 20-40 kmph, and above 40 kmph), by architype (individuals (baby boomers, gen X, millennials, gen Z), institutional and promotional), by user category (professional users (beginner, intermediate, and advanced) and recreational users), by sales channel (online sales (company-owned websites and e-Commerce websites) and offline sales (franchised & retail chains, sports variety stores, and modern trade channels), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Segments of Electric Surfboard Industry Research
· By Product Type:
- Standard Electric Surfboards
- Hydrofoil Electric Surfboards
· By Body:
- Inflatable Electric Surfboards
- Solid Electric Surfboards
· By Engine Capacity:
- Up to 10 kW Electric Surfboards
- 10-12 kW Electric Surfboards
- Above 12 kW Electric Surfboards
· By Maximum Speed:
- Below 20 Kmph
- 20-40 Kmph
- Above 40 Kmph
· By Archetype:
- Individuals
- Baby Boomers
- Gen X
- Millennials
- Gen Z
- Institutional
- Promotional
· By User Category:
- Professional Users
- Beginner
- Intermediate
- Advanced
- Recreational Users
· By Sales Channel:
- Online Sales of Electric Surfboards
- Company-owned Websites
- e-Commerce Websites
- Offline Sales of Electric Surfboards
- Franchised & Retail Chains
- Sports Variety Stores
- Modern Trade Channels
· By Region:
- North America Electric Surfboard Market
- Latin America Electric Surfboard Market
- Europe Electric Surfboard Market
- East Asia Electric Surfboard Market
- South Asia Electric Surfboard Market
- Oceania Electric Surfboard Market
- MEA Electric Surfboard Market
Fact.MR’s Domain Knowledge in Sports Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the sports domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help
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