Skateboard Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2025|Grand View Research, Inc. |Grand View Research, Inc.



The global skateboard market size is expected to reach USD 2.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. The industry is expected to flourish in future due to several factors such as increasing awareness regarding newer sports and inclination towards outdoor sports activities.
Increasing inclination towards fitness and athletics at a tender age has witnessed reduction in overweight and obesity issues among children, which results in increasing preference for skateboarding among children. Various competitions taking place across the regions have also developed an attraction towards 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.
Rising construction of skate parks have also fueled the growth of the market. Increasing support for construction of public skate parks has induced the governments to take initiatives for such construction. Therefore, government is putting efforts in the construction of appropriate skate parks by proper design and standards. For instance, in April 2015, the Indian government has 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 has planned to construct a world class skate park. The park was a host for 2017 Canadian Skateboarding Championship and is also expected to host all future national and international skateboarding events.
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Emergence of electric skateboards as an upgraded version also acts as a key factor driving the product demand in the market. Electric boards are enabled with sensory controls and weight determination, which can be powered or controlled by a remote or an app through a smartphone. These boards entail speed control with faster commute benefits and are also equipped with safety brakes that help the skater to keep the board in control. Growing trend of digitally equipped sports is also fueling the demand for skateboarding as a sport activity.
Further key findings from the study suggest:
·         By product, long board is projected to ascend at a CAGR of 3.8% over the forecast period
·         By end user, teenagers dominated the global market with an overall revenue share of 44.1% in 2018
·         North America dominated the global market in 2018 and accounted for 31.7% share of the overall revenue. This trend is projected to continue over the next few years
·         The skateboard market is highly competitive in nature with the main players including Element Skateboards, Krown Skateboards, SK8FACTORY, Skate One, and Absolute Board Co.
Street board emerged as the largest product segment, accounting for 50.7% share of overall revenue in 2018. These skateboards are also known as popsicle board and are predominant in street skating. Street boards are typically manufactured with dimension of 33 inches in length and 7.5 - 8.75 inches in width. The wheels of the board are smaller and harder as compared to other types of skateboards owing to the uneven and rough surface of roads. These are frequently used by the beginners and are available at much cheaper price as compared to other kinds. Companies are investing in manufacturing of skateboards in order to ascertain some percent of market share. For instance, in 2018, Inter IKEA Systems B.V. launched its first skateboard as a part of its furniture and clothing line in Southern California.
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Long board is the fastest growing product, expanding at a CAGR of 3.8% from 2019 to 2025. The segment growth is attributed to its longer dimensions and convenience of flipping over. These boards are longer in dimension consisting of 44 inches in length and 22 - 26 inches of width and are available in a wide variety of shapes and sizes. The product is comparatively faster on account of its wheel size, construction, and hardware material. he End users of longboards comprise cruising, travelling, and downhill racing. Longboard dance and freestyle are emerging as popular styles, which help the rider to experience free fluid like movements.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.







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