Wingboards Market to Top US$ 526 Mn by 2032 Amid Increasing Participation in Recreation Sports
Online Sales of Wingboards to Create an Absolute Incremental Opportunity of US$ 139 Mn by 2032
Fact.MR latest report on wingboards market gives an in-depth analysis of industry size, market dynamics, technological advancements, regional gamut, and revenue estimations for the forecast duration (2022-2032). It provides significant details of emerging opportunities across various segments including board size, kite size, user category, sales channel, and region.
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.
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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.
Key Takeaways:
- By user category, demand for wingboards from recreational users is expected to grow at a healthy CAGR of 7.6% during the forecast period.
- By sales channel, online sales of wingboards segment currently accounts for over 58.1% market share, surpassing US$ 154 Mn by the end of 2022.
- North America accounted for the largest share of around 39.5% of the global wingboards market in 2021 and is likely to grow at 7.7% CAGR over the assessment period.
- With rapid rise in recreational sports activities, the U.S. wingboards market is projected to grow at a robust CAGR of 7.8% during the forecast period.
- Italy wingboards market is anticipated to progress at a CAGR of 8.5% between 2022 and 2032, reaching around US$ 18 Mn in 2022.
Growth Drivers:
- Rapid growth of travel and tourism industry worldwide is playing a key role in pushing the demand for wingboards.
- Increase in recreational sports activities especially across developed regions will continue to boost the growth of wingboards market during the forecast period.
- Introduction of rental services for wingboards is expected to provide a strong thrust to the growth of wingboards market.
- Advancements in wingboard materials and design will create lucrative opportunities for the wingboards manufacturers in future.
Restraints:
- High cost of wingboards is restraining the market growth to some extent.
- Low water sports activities across developing and underdoped regions is also hampering the growth of wingboards market.
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Competitive Landscape:
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.
Key Companies Profiled by Fact.MR
- Swift Foiling
- MB Boards
- F-one
- Freedom Foil Boards
- Gong Galaxy
- North Kiteboarding
- PPC Foiling
- Sling Shot
- Cabrinha
- Fanatic
- SAB group Srl
- Armstrong Foils Ltd
- Naish
More Valuable Insights on Wingboards Market
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:
By Board Size:
- <130 cm Wingboards
- 131 – 140 cm Wingboards
- 141 – 150 cm Wingboards
- >150 cm Wingboards
By Kite Size:
- <8 Meter Wingboards
- 9 – 13 Meter Wingboards
- 14 – 18 Meter Wingboards
- >18 Meter Wingboards
By User Category:
- Professional Users
- Beginners
- Intermediates
- Advanced
- Recreational Users
By Sales Channel:
- Online Sales of Wingboards
- Company-owned Websites
- e-Commerce Websites
- Offline Sales of Wingboards
- Franchised & Retail Chains
- Sports Variety Stores
- Modern Trade Channels
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Wingboards Market Report
- What will be the demand outlook for the wingboards market in 2022?
- What is the projected growth rate of the global wingboards market during 2022-2032?
- Which are the key drivers bolstering growth in the wingboards market?
- Which factors are hindering the growth in the wingboards market?
- Which region is expected to exhibit the fastest growth in the global wingboards market during 2022-2032?
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