Sport
Wingboards Market to Top US$ 526 Mn by 2032 Amid Increasing Participation in Recreation Sports
NEW YORK , July 7, 2022 /PRNewswire/ -- The global wingboards market size was valued at US$ 249 Mn in 2021 and is likely to touch a valuation of US$ 265 Mn in 2022.
With rising recreational sports activities, the overall sales of windboards are projected to increase at a robust CAGR of 7.1% during the forecast period between 2022 and 2032, totaling US$ 526n Mn by 2032.
Wingboards are just like wakeboards used to perform maneuvers in water and air. They have gained enormous traction over the last few decades due to increasing inclination towards recreational sports activities.
Rapid growth of travel and tourism industry across the world along with a surge in the number of windboard surfers is expected to push the demand for wingboards during the forecast period.
Similarly, introduction of customized wingboards with user friendly features and availability of windboards through rental services will further expand the global wingboards market size during the forthcoming years.
Leading wingboard manufacturers are continuously innovating to improve the material and design of their products to make them lightweight and efficient as well as to improve their stability.
Furthermore, increasing penetration of online shopping platforms such as Amazon and Walmart coupled with rising consumer inclination towards purchasing wingboards from these online platforms will provide a strong thrust to the growth of wingboards market during the forecast period.
According to Facty.MR, online sales of wingboards are anticipated to create an absolute $ opportunity of US$ 139 Mn by the end of 2032. Regionally, North America will continue to remain the most dominant wingboards market, reaching US$ 220 Mn by 2032.
Growth in North America wingboards market is attributed to rising number of sports enthusiasts in the U.S., Mexico , and Canada . This is due to availability of advanced wingboards with lightweight and durable features, and booming tourism sector.
Leading wingboards manufacturers are continuously focused on developing innovative solutions to meet end user demands. They are establishing strategic partnerships with retailers and service providers to gain a competitive edge in the global wingboards market.
Companies such as Gong Foil Board, Fanatic, and Swift Foiling are expanding their product offerings by introducing novel wingboards that are more efficient, light and durable.
In the latest study, Fact.MR offers a 360-degree view of the global wingboards market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the wingboards market through detailed segmentation as follows:
: The global demand for surfboards is slated to grow at a robust CAGR of 6.7% during the forecast period (2017-2026), owing to the rising water sports activities, introduction of ecofriendly boards, and booming surfing industry.
Fact.MR predicts electric hydrofoil surfboards market will register 5.8% CAGR between 2022 and 2032, reaching US$ 70.6 Mn by the end of 2032. Demand is driven by increasing number of recreational water sports enthusiasts, innovations in electric hydrofoil surfboards, and availability of rental electric hydrofoil surfboards at affordable rates.
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North America is estimated to dominate the fishing lure market share at 43%, followed by Europe . In the U.S., more than 49 million people are involved in recreational fishing, which is considered as the second-most popular outdoor activity in the country after jogging.
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