Asia-Pacific Skateboard Market Outlook, 2028

Asia-Pacific Skateboard Market Outlook, 2028

As the name suggests, a skateboard is a narrow board attached to small wheels at both ends. The deck is a flat board on which the rider stands while skateboarding, and it can be made of maple wood, aluminum, composites, nylon, foam, fiberglass, and other materials. The truck is a T-shaped metal piece that holds the skateboard wheels to the deck. Skateboarding is helpful in relieving stress and enhancing flexibility and the shape of the body. Skateboarding’s popularity in the Asia-Pacific region is expected to grow significantly due to the health benefits associated with it, which is expected to increase product demand between 2023 and 2028. The growth of this regional market is being driven by rising disposable income and increasing awareness about skateboarding in countries such as India and China.

According to the research report, Asia-Pacific Skateboard Market Outlook, 2028, published by Bonafide Research, the market is anticipated to witness significant growth with a 7.04% CAGR for 2023–2028 due to rising interest in outdoor activities. Children under the age of five in the area experienced a 38 percent rise in the prevalence of childhood obesity between 2000 and 2021. Institutions and parents are encouraging kids to engage in outdoor sporting activities as a result. Additionally, skateboarding is promoted among children by raising awareness of the sport through various local, national, and international competitions. The decision to include skateboarding in the Tokyo Summer Olympics in 2021, for example, has inspired all skateboarders to excel in their sport. The 31st Annual Skate Japan, Skate Malaysia Summer Championship, and Skate Philippines Summer Championship are more competitions that occurred in 2021.

Owing to the increasing awareness of skateboarding in the region, the market is estimated to witness higher growth. Growing urbanization and developing infrastructure are some of the factors responsible for market growth. The growing inclination of the younger generation towards skateboarding is expected to accelerate market growth over the forecast period. Over 60% of the world's youth live in Asia and the Pacific. Youth make up about 19% of the region's total population. This equates to over 750 million young women and men aged 15 to 24. India and China are two countries with significant youth participation in sports, which is expected to grow at the fastest CAGR during the forecast period.

An increase in the fan base of popular sports events such as the Olympics, Asian Roller Sports Championship, ISI Skate Hong Kong, and others fuels the demand for skateboards, which drives the growth of the market in the region. In addition, owing to the sleek design and wide variety of products available, an increasing number of college students are picking up the sport, thereby boosting the application of skateboard footwear as well as apparel. The increasing inclination of consumers, particularly teenagers, toward funky and attractive graphics displayed on the decks has increased their interest in skateboarding. As a result, companies are making constant efforts and strategizing in order to gain popularity among consumers and increase their share of the market through innovation.

For instance, Element Skateboards, Krown Skateboards, SK8 Factory, and Skate One are the key manufacturers of skateboards. The market is constantly updated with new products to maintain interest. This is due to the increasing popularity of outdoor sports and the desire for more diverse activities in many regions. As part of their strategy to increase market share, some industry players are innovating their products. In 2019, Rave Skateboards launched its 2019 summer line, which includes funky graphics-based skateboards. Launch Snowboards has also introduced its skateboard line, which includes pintail longboards and drop-through longboards, as well as street decks, trucks, and wheel kits.
Ever since the conversation around adding the sport to the Olympics began, more people seem to be willing to get on board with the sport. Skateboarding is a favorite pastime, lifestyle marker, and countercultural wave, and now Olympic-recognized sport has quickly moved from the outskirts of Chinese consumer consciousness into mainstream acceptance in recent years. In addition to that, Asia-Pacific is likely to witness rapid growth in the electric skateboard market due to the rise in technology and rising disposable income. Cost-effectiveness is anticipated to further encourage individuals to purchase electric skateboards in developing economies. Furthermore, the rise in pollution and the quick increase in fuel prices will further boost the growth of the electric mobility market in the region during the forecast period.

Covid-19 Impacts:
The coronavirus pandemic has placed tremendous pressure on businesses and sectors across the globe. Governments from all countries have implemented a lock-up to detect the spread of infectious diseases. The contribution of these regulations has created a negative impact on the market. Public transportation restrictions and the disruption caused by the lockdown would be detrimental to the market. Most of the sectors are not functioning properly due to the influence of COVID-19, which has had an adverse impact on the Asia-Pacific skateboard market. However, changes in consumer preference and growing awareness regarding various sports are expected to boost market growth during the forecast period.

Major Companies present in the market:
Element Skateboards, Skate One, Absolute Board Co, Razor USA LLC., Boosted Inc., Absolute Board, Blind Skateboards, Evolve Skateboards

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific skateboard market with its value and forecast along with its segments
• Countries-wise skateboard market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Product:
• Street Skateboard
• Cruiser Skateboard
• Long Skateboard
• Electric Skateboard
• Others Skateboard

By End-User:
• Kids
• Teenagers
• Adults

By Distribution Channel:
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the skateboard industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.