Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Surfing Apparel & Accessories market.
Trusted Business Insights presents an updated and Latest Study on Surfing Apparel & Accessories Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Surfing Apparel & Accessories market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Surfing Apparel & Accessories Market
The global surfing apparel and accessories market size was valued at USD 1.92 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2027. Significant increase in the market growth is attributed to growing interest in surfing among adventure enthusiasts globally. In addition, supportive initiatives by surfing associations and equipment and accessories makers to promote surfing as a much more approachable sport by rolling out several public surfing facilities and artificial reefs will further enhance the market growth.
For instance, in October 2018, Surf Lake, an Australia-based wave pool company, launched a full-scale prototype in Queensland. This wave pool makes use of central wave machine to artificially produce multiple waves of varying length, difficulty, and size simultaneously around a specially designed lake.
Increase in the number of surf schools, growing trend of surfwear and surf-inspired clothing, and acceptance of surfing as a trendy and lifestyle sport among all the age groups are among the prominent reasons expected to drive the market for surfing apparel and accessories during the forecast period. Moreover, renowned surfing associations including National Scholastic Surfing Association, International Surfing Association, and European Surfing Federation have been continuously working towards enhancing the visibility of surfing through annual and seasonal competitions, promotional events, and educational programs designed to pique new surfers interest.
Lately, increasing technological innovations to develop several artificial surf pool concepts have been proliferating surfing as a sport. This has enhanced the accessibility and affordability of surfing as a sport among people and attracted a significant number of sports enthusiasts from various demographic clusters beyond just the younger generation. This has encouraged many artificial wave companies, such as Murphys Waves, American Wave Machines, CityWave, Kelly Slater Wave Company, and Wavegarden, to design man-made surf pools, surf machines, and surf parks.
Although demand for surf apparel and accessories has been growing, the industry witnesses fluctuations in demand, which are mainly driven by seasonality of the sport and changing fashion trends among consumers. Besides, other major factors influencing the demand for surfwear or apparel are consumer economic conditions, demographics, and levels of disposable income.
Product Insights: Surfing Apparel & Accessories Market
Surf apparel accounted for the largest share of 77.3% in 2019 and is expected to maintain its lead over the forecast period 2021-2027. Prominent manufacturers in the surfing apparel and accessories market including Quiksilver, Channel Islands Surfboards, Firewire Surfboards, and Billabong International Limited have been focusing on the production of innovative materials and technical fabrics to design trendy and high-performing surfwear or apparel, which has positively impacted the market growth. For instance, Billabong offers thermal solar panel enabled wetsuits, which utilize the suns energy to heat water. The front and back panels of the apparel are especially designed to keep the body warm during winters. This technology is claimed to be 30% warmer than most of the nylon covered neoprene based suits.
Manufacturers of surf apparel and accessories have been opting for innovative strategies to develop eco-friendly outdoor clothing, which do not have any negative impact on the environment and support the idea of sustainable development. For instance, Finisterre, a U.K.-based company focuses on designing re-cycling clothing and apparel, such as new wetsuits from old wetsuits, wrist warmers from old jerseys, and surfing backpacks, which are designed from leftover factory scraps. In November 2019, the company collaborated with both Innovate UKs Knowledge Transfer Partnership and the University of Exeter to design wetsuit techniques that would save close to 380 tons of discarded wetsuits sent to landfill every year in the U.K.
Surf accessories are expected to expand at the fastest CAGR of 4.6% from 2021 to 2027. Increasing demand for accessories, such as wetsuit booties and reef socks, among professional surfing enthusiasts has been driving the segment. These accessories are designed to keep the toes warm as well as protect the feet from sharp rocks, reefs or sea urchins during the surfing expedition.
Distribution Channel Insights: Surfing Apparel & Accessories Market
Offline distribution channel accounted for a leading share of 84.7% in terms of revenue in 2019. Key players in the market for surfing apparel and accessories including Walmart, Target, and SPAR have been increasing their store location across the lucrative markets, including Germany, U.K. China, India, and the U.S., to expand their customer care. A considerable amount of consumers prefer to purchase surf apparel and accessories while shopping for surfing equipment. As these products are highly-priced, consumers mainly opt to physically verify the quality and durability of these apparel and accessories in the stores.
In addition, most of the offline stores including hypermarkets, supermarkets, and departmental stores are intentionally set up at the center of the cities and other crowded locations to draw the attention of a large number of consumers. These factors are among the key reasons for enhancing the sales of surf apparel and accessories through offline channels.
Online distribution channel is projected to expand at the fastest CAGR of 4.8% from 2021 to 2027. Online purchasing of surf apparel and accessories has been gaining traction among consumers owing to various factors, such as free product delivery, easy payment method, after-sale customer service, and hassle-free return policies offered by e-retailers. Online retailers offer a wide range of surfing apparel and accessories with special pricing and great discounts seasonally offered, which is a key factor enhancing the segment growth.
In addition, online vendors offer a facility to the consumers to review comments posted by the other consumers, which help them to decisively opt for quality clothing and accessories before finalizing their purchase. Moreover, established online sales channels, such as Amazon and Walmart.com, offer a great sales platform to the small and medium manufacturers to promote their surf accessories and clothing worldwide without the need for an actual distributor in a specific region.
Regional Insights: Surfing Apparel & Accessories Market
North America emerged as the largest regional market for surfing apparel and accessories and accounted for a share of 47.3% in 2019. Presence of established manufacturers of surf accessories and clothing, such as ONeill, Hurley International, Roxy, and Volcom LLC, coupled with predominating presence of a well-established water sports/surfing infrastructure in the region, is a major factor driving the market for surfing apparel and accessories. Moreover, growing popularity of surf camps and schools, such as Paskowitz surf camp, Coreys Wave, and Billabong surf school, in the region has attracted a large number of surfing enthusiasts. These institutes offer instructor based teaching sessions, which are designed for people of all ages, stressing on surf etiquette and safety.
Asia Pacific is anticipated to be the fastest-growing market for surfing apparel and accessories with a CAGR of 6.0% from 2020 to 2027 as a result of changing consumer viewpoint towards adventure water sports. Expanding geographical presence of major manufacturers, such as Rip Curl and Quiksilver, in South East Asia, intensifying surfing camps, and expansion of online retailing for surfing accessories and apparels are other factors contributing to the growth of the surfing apparel and accessories industry in Asia Pacific.
Key Companies & Market Share Insights: Surfing Apparel & Accessories Market
The global market is fragmented due to the presence of a large number of regional players. Major manufacturers of surf apparel and accessories are adopting various market strategies, including expansion of distribution channels and introduction of an innovative product line, in order to capture the maximum market share and expand their customer base across the globe. For instance, in July 2019, Billabong, an Australia-based company announced the launch of graphene-enhanced surfing apparel named Furnace Graphene inspired by surf and skateboarding culture for both men and women. The apparel is intelligently designed where graphene wrapped yarns trap and retain heat more efficiently, offering warmth to the wearer. Some of the prominent players in the surfing apparel and accessories market include:
Key companies Profiled: Surfing Apparel & Accessories Market Report
- Billabong International
- Globe International
- Reef Sports
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global surfing apparel and accessories market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
- Surf Apparel
- Surf Accessories
Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
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