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Owing to the Covid-19 pandemic, skate-boarding’s popularity has skyrocketed as health and fitness awareness is increasing across the globe, which will boost the market's growth and register a 3.88% CAGR. – Bonafide Research
Dec, 31
2022

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Owing to the Covid-19 pandemic, skate-boarding’s popularity has skyrocketed as health and fitness awareness is increasing across the globe, which will boost the market's growth and register a 3.88% CAGR. – Bonafide Research

 

Skateboarding is a popular youth sport and form of amusement in which a rider balances them while standing on a tiny board with wheels. Skateboarding is one of the so-called extreme sports, and it has a variety of competitions, including vertical and street-style ones. Aerial acrobatics are practiced in half-pipes that were originally created to mimic empty swimming pools in vertical skating, often known as "vert." Tricks done in a real or simulated urban setting including stairs, rails, ledges, and other obstacles are referred to as street style. Skateboarding has grown into a teenage subculture that values originality and ingenuity. It serves as a substitute for traditional team sports, which are more officially structured and predominately managed by adults. Different designs of skateboard decks have been developed and improved as skateboarding has progressed. Each of them was created to meet the requirements of various riding scenarios, such as tricking, cruising down the street, falling into a bowl or half-pipe, or accelerating down a hill. Based on product type, market is segmented into street skateboard, cruiser skateboard, long skateboard, electric skateboard, others skateboard. The Electric skateboard category is leading the market with more than 40% of market share.

According to the report titled, “Global Skateboard Market Outlook, 2028”, published by Actual Market research, the market was valued at more than USD 4448.34 Million in 2022 and it is anticipated to grow with a CAGR of more than 3% from 2023 to 2028. Skateboard sales have increased as a result of increased awareness of the sport as a result of various competitions such as the X Games and Street League. Furthermore, the International Olympic Committee announced in 2016 that skateboarding would be included in the 2020 Summer Olympics. Furthermore, graphics play an important role in increasing consumer adoption of skateboards. Consumers' increasing preference for funky and appealing graphics displayed on the boards, particularly among teenagers, has increased their desire to ride on these boards. As a result, businesses use effective marketing strategies to popularise their brands as a skateboard symbol. Companies also use popular market slogans and keywords to generate effective sales.

There are numerous benefits of skateboarding such as it aids in burning calories and staying in great physical shape, it also offers flexibility to the individual’s body, it also helps in stress relieving and it is the main source of fun and quality time. The major opportunity in the Global Skateboard Market is the accessibility of specialized products. Growing demand for sporting actions among the younger generation will boost product demand in the market. The product demand is fuelled by cumulative demand for skating as a sport in many countries. Apart from using it as a basis for fun, it also provides flexibility and good physical shape to the body. Furthermore, feeling towards fitness has resulted in enlarged outdoor sports activities, which acts as a key feature driving the market over the forecast period.

Based on region, the skateboard market is segmented into five major regions i.e., North America, Europe, Asia-Pacific, South America and Middle East & Africa. The North America region is dominating the market in 2022. The USA has a major contribution in the North America region and in the global market. According to the obtained data, in 2020, more than 50% of Americans (ages 6 and over) participated in outdoor recreation at least once, the highest participation rate on record. In 2017, reports reveal that there were more than 85 million skateboarders globally, of which more than 7 million skateboarders were riding in the United States. Asia Pacific has been showing growth in the market in upcoming years as it has the majority of the population of the world. Asia Pacific is anticipated to register a higher CAGR over the forecast period on account of increasing awareness towards outdoor sports activities.
In 2020, skateboarding made its Olympic debut in Tokyo. Skateboarding has become a street culture that grabs the attention of audiences around the world thanks to the athletes' exceptional skateboarding abilities in competition settings. The Street and Park course designs are featured in this Olympics' skateboarding competitions. Based on skill difficulty, height, speed, creativity, execution, and movement composition, the final score is calculated. Professional practice facilities are necessary for the development and training of athletes, but the construction of a skate park takes up a lot of room and money. As a result, the quantity and quality of skateboarding practice areas in the city have emerged as crucial factors in player development.

Skating is more than a hobby or a passion in North America; it's a way of life. It provides the population with an identity, a creative outlet, and a means of expression. Skateboarding is one of the most popular solo sports. Millions of people love it, and it is considered a very young and cool sport. North America emerged as the largest regional market, accounting for a higher market share of global revenue in 2022. Increased awareness regarding skateboarding and wide product availability across the region are among the key driving factors. According to the obtained data, 6.4 Million people participated in skateboarding in the U.S. in 2016. Moreover, the U.S. has the largest production of skateboards across the globe. Skateboarding is ranked third in the most popular sports category after football and basketball. The younger generation's interest in sports is growing as the number of competitions held annually in the region increases. In 2019, the 26th Annual Tampa Am in Florida, Jackalope Festival, Central Mass Skate Festival, and X Games Minneapolis took place across the region. Various competitions that are expected to take place in 2023 are the Canadian Tire National Skating Championship, the Toyota U.S. Figure Skating Championship, the World University Games, and the ISU World Junior Figure Skating Championships 2023.

As for the Europe region, the attraction of people towards recreational activities and skateboarding promotional events is expected to contribute to the growth of the skateboard ramp market. The government funds for the development of skate parks and skateboard ramps are anticipated to contribute to the growth of the market. The demand for separate skate parks and skateboard ramps by young enthusiasts and by parents to avoid on-street skateboarding is anticipated to drive the European skateboard market. The growing trend of artistic skating and recreational and fitness in-line skating will also provide a growth opportunity for the market in the forecast period. Rising demand for electric skateboards and rapid technological advancements are some key factors expected to continue to drive market growth in Europe. The UK, Germany, and France are the three major markets for skateboards in Europe.

Skate boarding’s popularity in the Asia-Pacific region is expected to grow significantly due to the health benefits associated with it, which is expected to increase product demand between 2023 and 2028. Growth of this regional market is being driven by rising disposable income and increasing awareness about skateboarding in countries such as India and China. Children under the age of five in the area experienced a 38 percent rise in the prevalence of childhood obesity between 2000 and 2021. Institutions and parents are encouraging kids to engage in outdoor sporting activities as a result. Additionally, skateboarding is promoted among children by raising awareness of the sport through various local, national, and international competitions. An increase in the fan base of popular sports events such as the Olympics, Asian Roller Sports Championship, ISI Skate Hong Kong, and others fuels the demand for skateboards, which drives the growth of the market in the region.

World Skateboarding Grand Prix (WSGP), the leading international skateboarding events management company, had announced plans to expand into South America in 2017 with National Championship events in 10 countries leading up to the first-ever South American Skateboarding Championships in September 2017. The 10 National Championship events were hosted in Brazil, Colombia, Argentina, Peru, Venezuela, Chile, Ecuador, Bolivia, Paraguay, and Uruguay. South America is the next hotbed for skateboarding, and the time is right to build out the infrastructure for a series of national championships leading up to the biggest skateboarding contest ever held in South America: the South American Championships. Some of the most important developments in the Brazilian skateboard market in the past few years have been higher-profile contests, like the annual World Cup Skateboarding events, and the disappearance of many bootleg brands. This is partly due to the increased investments U.S. skateboard companies are making in sending their teams to Brazil and opening proper distribution channels.

Additionally, in the Middle East and Africa, some people use skateboards to travel short distances, while the majority use them to perform stunts. Skateboarding is a sport, an art form, a way of life, and a culture all rolled into one. The market would benefit from increased demand for sporting activities among the younger population across the region. Skating as a sport is becoming more popular in many nations, which is fuelling product demand. Apart from using it as a source of fun, it also provides flexibility and a good physical shape to the body. Furthermore, inclination towards fitness has resulted in increased outdoor sports activities, which will act as a key factor driving the market over the forecast period. Statistics indicate a significant growth in the popularity of skateboarding since the pandemic's start, according to the research. Skateboarding has developed into an ideal activity since it can be safely done alone or with a small group of pals as social distance has been maintained in many parts of the world. Many people admire the programme that includes skateboarding for the first time in the Olympics. Skateboarding not only displays one's individuality and technical prowess, but it also relieves stress. According to studies, skateboarding significantly decreased psychological stress and boosted self-confidence during the COVID-19 era. A record-high number of skateboarders participated, which aided in the growth of the sport.

Recent Developments:
• In June 2021, Evolve Skateboards announced the launch of Hadean skateboard series. According to the company, these skateboards are equipped with dual 3000w motors and 21700 lithium-Ion battery cells that generate zero-carbon emissions and offer a travel up to 43 miles on single charge.
• In March 2019, rave skateboards have launched their 2019 summer collection including funky graphic based skateboards. In addition, Launch Snowboards have introduced their new skateboard line that consists of pintail longboards, drop through longboards, street decks, truck, and wheel kits.
• In 2018, Inter IKEA Systems B.V. launched its first skateboard as a part of its furniture and clothing line in Southern California.
• In 2016, at Paris fashion Week, Dior launched its winter collection on neon coloured skateboard catwalk ramp. In addition, several fashion designers and retailers use skateboard iconography. For instance, Santa Cruz Skateboards designer, Jim Phillips earned a renowned status in the California market.