16 Jul, 2019, 07:05 ET
SAN FRANCISCO, July 16, 2019 /PRNewswire/ -- The global skateboard market size is expected to reach USD 2.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. The industry is expected to flourish in future due to several factors such as increasing awareness regarding newer sports and inclination towards outdoor sports activities.
Key suggestions from the report:
- By product, long board is projected to ascend at a CAGR of 3.8% over the forecast period
- By end user, teenagers dominated the global market with an overall revenue share of 44.1% in 2018
- North America dominated the global market in 2018 and accounted for 31.7% share of the overall revenue. This trend is projected to continue over the next few years
- The skateboard market is highly competitive in nature with the main players including Element Skateboards, Krown Skateboards, SK8FACTORY, Skate One, and Absolute Board Co.
Read 80 page research report with TOC on "Skateboard Market Size, Share & Trends Analysis Report By Product (Street Board, Long Board), By End User (Kids, Teenagers, Adults), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/skateboard-market
Increasing inclination towards fitness and athletics at a tender age has witnessed reduction in overweight and obesity issues among children, which results in increasing preference for skateboarding among children. Various competitions taking place across the regions have also developed an attraction towards the sport. It helps to streamline the aggression and frustration of teenagers and adolescents as a result of high competition among skateboarders. For instance, X Games, Street League, and Summer Olympics 2020 have provided a boost to the upcoming skaters and manufacturers of skateboards to flourish in the market.
Rising construction of skate parks have also fueled the growth of the market. Increasing support for construction of public skate parks has induced the governments to take initiatives for such construction. Therefore, government is putting efforts in the construction of appropriate skate parks by proper design and standards. For instance, in April 2015, the Indian government has funded to open the country's first government funded skate park in Pune city. Furthermore, in July 2016, the World Skateboarding Federation in partnership with Montreal Olympic Park has planned to construct a world class skate park. The park was a host for 2017 Canadian Skateboarding Championship and is also expected to host all future national and international skateboarding events.
North America emerged as the largest regional market, accounting for 31.7% share of global revenue in 2018. Increased awareness regarding skateboarding as well as wide product availability in the region is driving the market. According to a recent survey, skateboard is marked at the third position in the most popular sports category after football and basketball. Asia Pacific is considered to be the fastest growing market on account of increasing awareness regarding outdoor sports activities.
Emergence of electric skateboards as an upgraded version also acts as a key factor driving the product demand in the market. Electric boards are enabled with sensory controls and weight determination, which can be powered or controlled by a remote or an app through a smartphone. These boards entail speed control with faster commute benefits and are also equipped with safety brakes that help the skater to keep the board in control. Growing trend of digitally equipped sports is also fueling the demand for skateboarding as a sport activity.
Grand View Research has segmented the global skateboard market on the basis of product, end user, and region:
- Skateboard Product Outlook (Revenue, USD Million, 2015 - 2025)
- Street Board
- Cruiser Board
- Long Board
- Skateboard End User Outlook (Revenue, USD Million, 2015 - 2025)
- Skateboard Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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