Sport
France Stand Up Paddle Board Market is Expected to Grow at a 9% CAGR - States Fact.MR
NEW YORK , Jan. 13, 2022 /PRNewswire/ -- The global stand up paddle board market is expected to reach USD 1.5 billion in 2022 and USD 3.8 billion by 2032, with a CAGR of 9.7% between 2022 and 2032.
SUP boards were in high demand due to an increase in leisure sports activities in various places. As the market matures, a considerable number of young paddlers with a moderate income are entering the market. As a result, there will be more competition in the market, allowing producers to lower the price of SUP boards.
In 2020, the all round SUP board will account for a considerable amount of revenue, with a revenue share of more than 45 percent. Because of the increased consumer demand for all-around SUP, it is regarded the go-to paddle board.
Sales of recreational water sports equipment are increasing as more people participate in recreational activities. According to the National Marine Manufacturers' Association, more than 180 million people in the United States participated in water sports events in 2019. (NMMA). Another element driving this market is the growing popularity of SUP boards among young people who enjoy adventure and leisure activities.
The solitude and quietness of a surfing trip are described as a source of satisfaction for surfers. Such endorsements from sports professionals provide SUP board manufacturers the boost they need to enhance their sales.
According to the study, stand up paddle boarding accounts for around 10% of all surfing activities undertaken in France . According to the French Surfing Federation, there are a total of 6,80,000 active surfers in France , who participate in all types of surfing.
In comparison to France , the United Kingdom has roughly 500 thousand wave surfers, while Germany has approximately 420 thousand. The global demand for stand up paddle boards is being boosted by the expanding surfing population in Europe .
Over the last half-decade, increased sports penetration has resulted in rising demand for sports equipment. This quality is luring in newcomers to the business, such as customers, suppliers, and distributors.
To increase global penetration in profitable areas, the above-mentioned players are employing a mix of inorganic and organic growth strategies, such as the introduction of new products, product modification, and constructive collaboration and partnership with small manufacturers or startups to boost sales, increase profitability, and keep up with current trends in the standup paddle board industry.
Fact.MR provides an unbiased analysis of stand up paddle board market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global stand up paddle board market with a detailed segmentation on the basis of:
- The growth of electric water sports, particularly the electric surfboard, is predicted to change the face of the surfing business. Electric surfboards' improved qualities in terms of superior torque and higher water propulsion provide surfers with a better surfing experience than traditional surfboards, resulting in their growing popularity.
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The popularity of hoverboards has increased to some extent as a result of the growing interest in the device among the youth population. Hoverboards are predicted to grow in popularity in the next years, thanks to the rapid acceptance of battery-powered cars and the need to develop new ways of mobility.
Due to strong demand in the sports industry, the worldwide snowboarding equipment market is likely to grow at a rapid pace. The increasing number of prospective athletes has resulted in a significant demand for snowboarding equipment from producers.
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