NEW YORK, Nov. 10, 2021 /PRNewswire/ -- According to the research report " Global Stand-up Paddleboard Market - Forecast and Analysis Report 2021-2025," the market is expected to have a YOY growth rate of 5.09% in 2021 and is expected to grow at a CAGR of 6% between 2020 and 2025.
North America is the largest market for Global Stand-up Paddleboard. The growing interest in recreational sports activities, an increasing number of overseas and domestic tourists, rapid growth in surfing championships and events, and the presence of prominent vendors will facilitate the stand-up paddleboard market growth in North America over the forecast period.
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Vendor Insights
The Global Stand-up Paddleboard market is fragmented in nature due to the presence of several global and regional players.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
Few Vendors with Key Offerings -
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Geographical Market Analysis
North America will provide maximum growth opportunities in the Global Stand-up Paddleboard market during the forecast period. According to our research report, the region currently holds 38% of the global market share and is expected to dominate the market through 2025.
In addition, countries such as the US, France, Canada, Germany, and Australia are expected to emerge as prominent markets for Global Stand-up Paddleboard during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions - https://www.technavio.com/report/stand-up-paddleboard-market-industry-analysis
Key Market Trends & Challenges:
The innovation in SUPs is a major factor supporting the stand-up paddleboard market share growth. Major industry players are shifting steadily from standardized all-use inflatable SUPs to premium purpose-oriented SUPs such as lightweight and high-performance variants for racing and broad and stable ones for fishing or exercising. Vendors have begun focusing on adopting innovative technologies and using novel materials in their new SUP product ranges. Some latest innovations being incorporated into SUP design include attachment fixtures for action cameras, GPS units, and other gear. Numerous innovations have come up in the last few years that aim to make SUPs more user-friendly and durable and give them greater utility.
The competition from low-cost vendors is a major challenge for the stand-up paddleboard market. The SUP manufacturing industry is saturated with several low-quality manufacturing businesses that primarily compete on product pricing. These manufacturers price their SUP products at extremely competitive rates to attract more customers but fail to meet industry standards in terms of materials used and process quality.
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Stand-up Paddleboard Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of almost 6% |
Market growth 2021-2025 |
USD 108.21 million |
Market structure |
Fragmented |
YoY growth (%) |
5.09 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, France, Canada, Germany, and Australia |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Airhead Sports Group, Boardworks Surf and Sup., Cascadia Board Co., LAIRDSTANDUP, Red Paddle Co., Starboard, SUP ATX LLC, Tahe Outdoors France SASU, Tower, and Wenonah Canoe |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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