Market Trends of Surfing Equipment Industry
Growing Interest Of People In Adventure Sports
The newest development in the tourism industry is adventure travel. Perhaps it's people's innate need to explore, or perhaps social media has made them more aware of possibilities available throughout the world. As a result, this has helped adventure sports gain popularity around the globe. The government is also keen on launching programs to promote adventurous activities like surfing in response to the public's growing interest in them, fostering the development of the market. For instance, in February 2021, the Morrison Government provided USD 9.7 million in additional funding to Surf Life Saving Australia (SLSA) as it continues to protect beachgoers and improve volunteer lifesaving skills. The Australian government announced that the budget would ensure local clubs have the ability to purchase vital equipment and medical supplies that they need to keep Australians safe on beaches while surfing. Such preventive measures taken up by various governments around the world are building trust to surf and increasing the number of surfers thus driving the market's growth. For instance, according to Clearinghouse, in 2021, there were approximately 724 thousand people who had surfed for sport or recreation in Australia which increased from 6000.2 thousand people in 2020. Such factors are expected to further boost the market's growth during the forecast period.
North America holds the Largest Share
In the North American region, majorly in the United States and Mexico, surfing is a well-liked pastime in coastal regions and, more recently, in the interior of the country due to the establishment of wave pools. It adds to a way of life and culture that millions of people live and are interested in. Additionally, the presence of perfect beach and wave pool locations in the region is further driving people to participate in the sport. For instance, according to surf-forecast.com, in 2022, California is the United States state with the most surfing locations, with 403 surf spots in total. This is perhaps unsurprising as the Golden State is well known for its surfing tradition, and the International Surfing Association has its headquarters there. The state with the second-most surf spots is Hawai'i, with a total of 267. Also, the region offers good climatic conditions that are better for all types of surfers like beginners, learners, and professionals. In general, California means up to 300 days of fantastic surfing conditions per year.
Moreover, with the growing trend and demand for the sport, the number of wave pools is increasing in the region. For instance, in October 2023, Surf Lakes established a New WaveGarden in America, with Austin-Texas announced as the first destination. With such factors increasing the demand for surfing equipment in the region, major players are launching more technological surfing equipment to grab the major market share. For instance, in June 2021, Wilmington-based Paper Plane Surf Co., launched its new 'Hello', SURF brand, which it claimed is a mid-level cost surfboard line that included eight different sizes, all geared toward the intro-level surfer.
