South Korea Skateboard Market Research Report, 2028

South Korea Skateboard Market Research Report, 2028

Actual Market Research 31-12-2022 64 Pages Figures : 5 Tables : 13 Region : Asia-Pacific Country : Korea South Category : Consumer Goods & Services Leisure

In South Korea, skateboarding popularity is expected to grow significantly due to the health benefits associated with it, which is expected to increase product demand between 2023 and 2028. Rising disposable income and increased skateboarding awareness in South Korea are driving growth in this market. As the name suggests, a skateboard is a narrow board attached to small wheels at both ends. The deck is a flat board on which the rider stands while skateboarding, and it can be made of maple wood, aluminum, composites, nylon, foam, fiberglass, and other materials. The truck is a T-shaped metal piece that holds the skateboard wheels to the deck. Skateboarding is helpful in relieving stress and enhancing flexibility and the shape of the body. Electric skateboards with connected features, such as infrared connections, Wi-Fi, and Bluetooth, are gaining popularity in the global market. Technological advancements are emerging in the development of innovative and AI-powered electric skateboards. It offers riders greater speed control as well as precise handling, allowing them to ride more efficiently in less time. As governments focus more on smartening up their cities, they are looking for viable transportation solutions that can decrease traffic congestion while also creating a cleaner environment for the entire community. According to the research report, "South Korea Skateboard Market Research Report, 2028," published by Actual Market Research, the market is anticipated to add USD 23.46 million by the end of 2028. The growing popularity of skateboarding as a recreational activity, as well as the emergence of extreme sports, is expected to boost the South Korean skateboard industry. Furthermore, the rising use of skateboards in schools and colleges as part of physical education curricula is likely to fuel skateboard demand throughout the forecast period. Rapid technological advancements and a rise in disposable income have increased the demand for skateboards. The increasing number of skate parks and competitions is also driving the skateboard market ahead. The skateboarding fad in South Korea originated as a result of boredom during the COVID-19 lockdown, but it quickly spread over many parts of the country as one of the fastest-growing. Rising demand for electric skateboards and rapid technological advancements are some key factors expected to continue to drive market growth in the country. Rising demand for sporting activities among teenagers will boost product demand in the market. The product demand is fueled by the increasing demand for skating as a sport in many countries. Apart from using it as a source of fun, it also provides flexibility and a good physical shape to the body. Furthermore, the inclination towards fitness has resulted in increased outdoor sports activities, which will act as a key factor driving the market over the forecast period. As per World Bank, the population of South Korea was 51,744,876 Billion in 2021, of which 25,842,376 were male and 25,902,500 were female. Of the total population, 6,153,685 are under the age of 14. The population with an age range of 15–64 is 36,975,274. The urban population is 42,127,573 and the rural population is 9,617,303. South Korea GDP in 2021 was USD 1.81 Trillion and the per capita income was US $34,997.8. The increasing Youth Population and the rising popularity of skateboarding among teenagers are major factors in the growth of the Skateboard Market in South Korea. Skateboarding was finally introduced as an Olympic sport in Tokyo in 2020, Korea had yet to form a national team, mainly due to a lack of proper training facilities. Fast-forward to January 2022, after a competition in Chuncheon was held to nominate the official members of Korea's first skateboarding team, and Team Korea was formed, comprised of six young skateboarders, all under the age of 16. Outside of the capital region, there are more and more skate parks being built, the largest one being the Chuncheon Songam Leisure Park (where the national competition was held), which boasts all the amenities for any X-games-style competition. However, as it is open to the public, it doesn't suit the needs of a dedicated Olympic-level training facility. The role of social media is crucial in the penetration of novel sports among the last miles of society. The major participants in this sport are the youth segment which remains active on social media where they keep exploring new types and equipment needed for skating. The millennial population is a major follower of sports news channels and sports celebrities on social media platforms which is anticipated to grow the popularity of these sports in the forecast period. Furthermore, Graphics play a vital role in increasing the adoption of skateboards by consumers. Increasing inclination of consumers, particularly teenagers, towards funky and attractive graphics displayed on the boards has increased their interest to ride on these boards. The offline sector led the market in terms of distribution channels due to the massive presence of retail establishments across the country. Timber Shop, Skateboard Tussa, Stallboards, Ramp Factory, and 1love skate shop Seoul are some South Korean skateboard retailers. Due to growing internet penetration, convenience, time savings, and other factors, the online category is expected to grow significantly during the projected period. Covid-19 Impacts: The coronavirus pandemic has placed tremendous pressure on businesses and sectors across South Korea. Governments from all countries have implemented a lock-up to detect the spread of infectious diseases. The contribution of these regulations has created a negative impact on the market. Public transportation restrictions and the disruption caused by the lockdown would be detrimental to the market. Most of the sectors are not functioning properly due to the influence of COVID-19, which has had an adverse impact on the South Korean skateboard market. However, changes in consumer preference and growing awareness regarding various sports are expected to boost market growth during the forecast period. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea skateboard market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product: • Street Skateboard • Cruiser Skateboard • Long Skateboard • Electric Skateboard • Others Skateboard By End-User: • Kids • Teenagers • Adults By Distribution Channel: • Offline • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the skateboard industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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