Consumer Goods

Skateboard Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR409

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 2.97 Billion

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Forecasted Value (2030)

USD 3.93 Billion

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CAGR (2023 - 2030)

3.67%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Product

Street Board, Cruiser Board, Long Board, Others.

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By End User

Kids, Teenagers, Adults.

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By Distribution Channel

Online, Offline.


Market Perspective

The global Skateboard Market was valued at USD 2.97 billion in 2022 and is projected to reach USD 3.93 billion by 2030, growing at a CAGR of 3.67% from 2023 to 2030.

The global skateboard industry has witnessed substantial expansion in recent times, attributed to the surging interest in skateboarding as both a leisure pursuit and a means of getting around. Furthermore, skateboarding has transformed from being a specialized sport into a mainstream cultural trend, boasting a dedicated and passionate global community of enthusiasts. Consequently, there is a growing need for top-notch skateboards and associated accessories, which has further propelled the growth of the global skateboard market.

In addition, companies have acknowledged this trend and promptly capitalized on the opportunity by providing an extensive selection of innovative and fashionable skateboarding merchandise. Additionally, the growing prominence of skateboarding in mainstream culture, including films, music videos, and social media, has further increased its popularity, thereby contributing to skateboard market expansion.

Analyst’s Review on Skateboard Market

The growth of the global skateboard market is primarily attributed to the increasing popularity of skateboarding as a recreational activity, along with the growing number of skateboarding events and competitions worldwide. In addition, the rising interest in skateboarding among the younger generation, coupled with the increasing number of skate parks and facilities, is fueling the skateboard market growth. Furthermore, technological advancements have played a significant role in the growth of the skateboard industry.

Additionally, the emergence of electric skateboards and intelligent skateboards has attracted the attention of a new group of knowledgeable consumers who are seeking novel and effortless ways to partake in the sport. These advancements in technology have not only improved the overall skateboarding experience, but have also increased accessibility to a broader range of individuals. Consequently, the skateboard market is projected to experience rapid growth in the near future, presenting profitable prospects for businesses involved in the skateboard sector.

Market Definition

A skateboard is a recreational and athletic product comprising a short board mounted on small wheels. It requires balance and skill to maneuver and can be used for coasting and performing tricks. Skateboards are made of various materials and come in different shapes and designs to cater to specific riding styles.

Skateboarding has evolved into a lifestyle choice for numerous passionate individuals who form tight-knit communities and engage in competitive events. The growth of skateboarding culture has further spurred the creation of specially designed skate parks, providing riders with a platform to display their abilities and push the limits of what is achievable on a skateboard. Blending artistry, athleticism, and individuality, skateboarding continues to serve as a timeless source of inspiration and fascination for people of all generations across the globe.

Market Dynamics

The growth of the skateboard market can be attributed to the rising popularity of skateboarding. Participation in this activity has been increasing among individuals of various age groups, whether as a sport or a recreational pursuit. Consequently, there has been a noticeable increase in the demand for skateboards and associated equipment. Skateboarding enthusiasts who have developed a deep knowledge of the sport seek skateboard options that align with their individual riding styles and preferences. This demand for specialized skateboards has led to a surge in sales and market expansion. Furthermore, the rising prominence of professional skateboarders, who have garnered substantial recognition, has played a crucial role in propelling the popularity of skateboarding and subsequently driving the growth of the skateboard market.

Furthermore, the rise of social media platforms has played a crucial role in the promotion of skateboarding and its associated products. Skaters now possess the ability to showcase their skills and share their experiences with a global audience, inspiring others to embrace the sport and fueling the demand for skateboards. Moreover, the online availability of skateboard has allowed the companies to reach a wider customer base and engage with their target audience on a more personal level, leading to increased sales and brand loyalty. As a result, the skateboard market is expected to grow in the coming years, with innovations and designs constantly being introduced to meet the evolving needs of skaters.

However, limited accessibility and liability concerns associated with skateboards are anticipated to hamper the growth of the skateboard market. In addition, the lack of designated skateboarding areas in many cities restricts the ability of skateboarders to fully enjoy their sport. This not only limits their access to safe and suitable areas for riding, but also increases the risk of accidents and injuries. Moreover, the rising concerns regarding legal liability for accidents involving skateboarders have led to stricter regulations and enforcement, making it difficult for skateboard manufacturers and retailers to expand their market reach.

Segmentation Analysis

The global skateboard market is segmented based on product, end-user, distribution channel, and geography.

Based on product, the market for skateboards is bifurcated into street boards, cruiser boards, long boards, and others. Among these, street boards accounted for the largest market share in 2022 due to their versatility and ability to maneuver. Skateboarders have traditionally favored street boards as they offer a wide range of tricks and provide opportunities for creative expression. The popularity of street skateboarding is driven by the presence of a close-knit community and local skateboarding areas. Effective branding and marketing efforts also play a crucial role in the dominance of the street skateboarding segment.

Based on end user, the market is bifurcated into kids, teenagers, and adults. The teenagers segment dominated the market in 2022, as skateboarding has become increasingly popular among teenagers as a form of self-expression and a way to showcase their individuality. In addition, the rebellious and adventurous nature of skateboarding resonates with the preferences of this age group, who are drawn to activities that allow them to societal norms and express their unique personalities. Furthermore, teenagers typically possess more free time and disposable income compared to other age groups, making them a key target demographic for skateboard brands. These factors are anticipated to drive the growth of the segment in the forthcoming years.

Geographical Analysis

Based on region, the global skateboard market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America dominated the market in 2022 due to various factors. One of the significant factors is the rich history and culture of skateboarding in the region. Cities such as Los Angeles and New York have iconic skate spots and have given rise to legendary skaters. Additionally, North America boasts a robust skateboarding infrastructure, including numerous skate parks, skate shops, and skateboarding events that contribute to the sport's growth and popularity. The presence of major skateboard brands and companies headquartered in North America further solidifies the region's dominance in the skateboard market.

Asia-Pacific is projected to experience rapid growth in the market over the forecast period due to its large and continuously expanding young population, which leads to an increased demand for skateboarding products. Additionally, the development of skate parks and facilities in countries such as China and India, driven by urbanization and modernization, has created a favorable environment for skateboard enthusiasts. Furthermore, the rising popularity of skateboarding as a sport and recreational activity has fueled the demand for skating products across the region.

Competitive Landscape

The global skateboard market study will provide valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

The major players in the skateboard Market are:

Key Developments

  • June 2023 (Partnership): Hot Wheels Skate announced its partnership with X Games and Tony Hawk's Vert Alert to demonstrate its backing for the Hot Wheels Skate line.
  • September 2022(Partnership): Rovio Entertainment announced its partnership with Capsule Skateboards to launch a new range of skateboards featuring Angry Birds.

The global Skateboard Market is segmented as:

By Product

  • Street Board
  • Cruiser Board
  • Long Board
  • Others

By End User

  • Kids
  • Teenagers
  • Adults

By Distribution Channel

  • Online
  • Offline

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global skateboard is projected to reach USD 3.93 billion by 2030, growing at a CAGR of 3.67% from 2023 to 2030.
The global skateboard market was valued at USD 2.97 billion in 2022.
The major driving factor for the market growth are advances in skateboard technology, availability and accessibility of skateboard products through physical stores, online retailers, and local skate shops play a significant role in growth of the market
Top manufacturers of skateboard market are Boardriders, Krown Skateboards, Sk8factory, Skate One, Absolute Board Co, Alien Workshop, Zero Skateboards, Razor USA LLC, Almost Skateboards, and CONTROL SKATEBOARDS INC., among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By product, street board segment will hold the maximum share in the skateboard market in forecast period.
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