Despite COVID-19 Disruptions, Surfing Industry Drops a $4,000,000,000 Goal Before 2030

When COVID-19 came and went, it adversely affected trade and commerce throughout the world. The surfing industry was also not immune during the lockdown. Due to travel restrictions, many coastal regions that thrived on surfing as their bread and butter suffered. Beaches were barren, and the entire Championship Tour was postponed. It was a dire situation all around. While other industries might still be feeling the after-effects of COVID, it seems like surfing has started to recover.

With surfing enthusiasts locked in their homes, brands suffered due to a lack of sales. Now that people are free to ride the waves again, trade is back on track. A report published in January 2023 has shown that targets set for 2022 have been met, and projections show that the value of the global surfing market will likely double til 2030. Notable growth has been witnessed in the surfboard market specifically.

Surfboards are projected to sell like hotcakes

The surfboard industry has been a mecca of innovation and evolution during the previous decade. There have been considerable changes in the designs of surfboards, with 2018 marking the advent of electric surfboards as well. This novelty, coupled with the freedom post-COVID-19, has given rise to the size of the global market of this equipment.

In 2022, when the after-effects of the pandemic were still fresh, the global surfing board market was estimated to be the size of $2.6 billion. However, now that progression is in full swing, the global market for boards is expected to become a revised size of $4 billion by the time 2030 arrives. According to a study conducted by ReportLinker, the surfboard market will grow at a Compound Annual Growth Rate (CAGR) of 5.6% during the period 2022-2030. Shortboards are one of the leading criteria in this assessment and will record a CAGR of 5.6% with an expected size of $2.6 billion by 2030.

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On the other hand, the longboard market will grow at a CAGR of 5.2% over the 8-year period. In 2022, the U.S. market formed a major chunk of the $2.6 million. Over the 2022-2030 period, other geographical locations, such as the Asia-Pacific market, will show considerable growth which has been pegged at 6.2% CAGR. Other locations that will show considerable growth are expected to be Europe and Canada, each at 5.2% and 5.0% over the assessment period. The market for surfboards is not the only segment that has showcased an expected increase in the coming period.

Surfing retail to reach new heights

The surfing apparel industry is also experiencing an unprecedented boom, with brands such as Quiksilver, Vans, and Rip Curl taking full advantage and creating various growth opportunities. With the increase in demand, they have started the manufacture different kinds and styles of board shorts, surf boots, and wetsuits that can help surfers stay warm and are comfortable and made of innovative fabrics.

In the period 2021-2028, the North American region is expected to grow the fastest when it comes to apparel. This is largely due to activities such as surfing, parasailing, swimming, and jet skiing, which have become extremely popular along the coast. The Asia-Pacific (APAC) region has also shown potential for regional growth till 2028. With such healthy growth trends, the entire surfing industry will probably shake off the effects of any slowdown due to COVID-19 completely by 2030.

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