Dublin, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The "Skateboard Market Size, Share & Trends Analysis Report By Product (Street Board, Long Board), By End-user (Kids, Teenagers, Adults), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global skateboard market size is expected to reach USD 4.25 billion by 2030 and is expected to grow at a CAGR of 3.5% from 2023 to 2030
The industry is expected to flourish in the near future due to several factors such as increasing awareness regarding newer sports and inclination toward outdoor sports activities. Increasing inclination toward fitness and athletics at a tender age has witnessed a reduction in overweight and obesity issues among children, which results in an increasing preference for skateboarding among children.
Various competitions taking place across the regions have also developed an attraction toward 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.
The rising construction of skate parks has also fueled the growth of the market. Increasing support for the construction of public skate parks has induced the governments to take initiatives for such construction. Therefore, the government is putting efforts into the construction of appropriate skate parks with proper design and standards.
For instance, in April 2015, the Indian government 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 planned to construct a world-class skate park. The park was a host for the 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 41.2% share of global revenue in 2022. Increased awareness regarding skateboarding as well as wide product availability in the region is driving the market. According to a recent survey, skateboarding 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.
Traditional skateboards are low in cost compared to electric skateboards making them easily accessible and affordable for consumers who opt for cost-effective products, including beginners. Traditional skateboards require less maintenance as it consists less mechanical components providing a simple hands-on experience to the user resulting in their high adoption. In addition, the adoption of the traditional skateboard also enables users to express their style and creativity through tricks, as traditional products require a high level of skill.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.22 Billion |
| Forecasted Market Value (USD) by 2030 | $4.25 Billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Skateboard Market Report Highlights
- The longboard segment is expected to grow at the fastest CAGR from 2023 to 2030. The segment growth is attributed to its longer dimensions and the convenience of flipping over. The product is comparatively faster on account of its wheel size, construction, and hardware material.
- By end-user, the kids segment is expected to grow at the fastest CAGR from 2023 to 2030 as skateboards are increasingly used as an easy and feasible mode of transportation among children
- Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to the increasing number of skateboarding communities in the region resulting in increased sales of skateboards
Companies Mentioned
- Boardriders
- Krown Skateboards
- Sk8factory
- Skate One
- Absolute Board Co.
- Alien Workshop
- Zero Skateboards
- CONTROL SKATEBOARDS INC.
- Razor USA LLC
- Almost Skateboards
For more information about this report visit https://www.researchandmarkets.com/r/ej3k12
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