Advent of electrical skateboards and technological advancements are some key factors driving market revenue growth
Market Size – USD 2.30 Billion in 2020, Market Growth – at a CAGR of 3.3%, Market Trend – Increasing preference for personal mobility
The global skateboard market size is expected to reach USD 3 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to latest report by Reports and Data. Factors driving market revenue growth include ongoing technological advancement, advent of electrical skateboards, rising demand for graphic skateboards, increasing awareness about body fitness and outdoor sports activities, and growing preference for personal mobility.
A skateboard is basically a narrow board attached with small wheels at both ends. Skateboarding helps to relieve stress, enhance body flexibility, and maintain shape of the body. Some most commonly used skateboards are street boards, park boards, carve skateboards, double kick skateboards, cruiser boards, mini cruiser skateboards, and long boards. Carve skateboards imitate the behavior of surfboards and thus, help improve balance over the board, along with surfing style. Double kick skateboards are the most widely used skateboards among teenagers, and they work on almost every type of surface, such as skate parks, streets, and others.
Street board segment accounted for largest revenue share in the global market in 2020, which can be attributed to rising demand for street boards and presence of a large number of teenage skateboarders around the world. Rapid urbanization and rising focus on maintaining a fit body are some other factors that are encouraging people across the globe to participate in a variety of sports activities including skateboarding. Additionally, supportive government policies to promote outdoor activities among youth, as well as rising investments in research & development activities to develop advanced sporting facilities, are supporting market growth.
However, some unfavorable factors are expected to restrain market growth to a certain extent. For example, high risk of injuries while skateboarding and availability of alternative options such as scooters are some key factors expected to negatively impact market revenue growth during the forecast period.
Some major companies operating in the global market include Element Skateboards, Krown Skateboards, Blind Skateboards, Skate One, Alien Workshop, Zero Skateboards, Control Skateboards Inc., Razor USA LLC, Boosted Inc., and Almost Skateboards.
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Some Key Highlights From the Report:
In June 2019, Walnut Tech announced the launch of a new series of electric skateboard Spectra X. The series offers skateboards equipped with swappable batteries, anti-theft GPS location tracking, and 3D posture control system.
Teenagers segment is expected to account for a significantly large revenue share over the forecast period. Increasing number of teenage participants in skateboarding and growing awareness about health benefits of skateboarding, such as stress relief, improvement in body flexibility, and others, are major factors driving revenue growth of this segment.
Skateboard market in Asia-Pacific is expected to register fastest revenue CAGR over the forecast period, which can be attributed to rising disposable income and increasing awareness about skateboarding events in emerging economies in the region.
Europe skateboard market accounted for the second-largest revenue share in 2020, driven by technological advancements and rising demand for electric skateboards. In addition, presence of established manufacturers in the region is expected to contribute to market growth in Europe.
For this report, Reports and Data has segmented the global skateboard market based on product, distribution channel, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
Key Advantages of Skateboard Report:
Identification and analysis of the market size and competition
Qualitative and quantitative analysis of the market data
Data validated by industry experts after extensive primary and secondary research
Extensive regional analysis of the Skateboard industry
Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
Feasibility analysis and investment analysis to enable strategic investment decisions
Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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