Global Skateboard Market Overview, 2023-28

Global Skateboard Market Overview, 2023-28

Skateboard sales have increased as a result of increased awareness of the sport as a result of various competitions such as the X Games and Street League. Furthermore, the International Olympic Committee announced in 2016 that skateboarding would be included in the 2020 Summer Olympics. Furthermore, graphics play an important role in increasing consumer adoption of skateboards. Consumers' increasing preference for funky and appealing graphics displayed on the boards, particularly among teenagers, has increased their desire to ride on these boards. As a result, businesses use effective marketing strategies to popularise their brands as skateboard symbols. Companies also use popular market slogans and keywords to generate effective sales.

According to the report titled, “Global Skateboard Market Overview, 2023-28”, published by Bonafide research, the market was valued at USD 4312.87 Million in 2022 and it is anticipated to grow with a CAGR of 5.32% from 2023 to 2028. Rising demand for sporting activities among the younger generation will boost product demand in the market. The product demand is fuelled by increasing demand for skating as a sport in many countries. Apart from using it as a source of fun, it also provides flexibility and good physical shape to the body. Furthermore, the inclination towards fitness has resulted in increased outdoor sports activities, which acts as a key factor driving the market over the forecast period. Additionally, social media has increasingly evolved as a primary source for teenagers to get attracted to these sports. Moreover, the increasing adoption of newer sports by new generations such as Generation Z is playing a vital role in creating emerging markets for a variety of skateboards. However, according to the State of Skate, Generation Z is found unfaithful towards any brand or any sport. Therefore, companies strive for greater strategic efforts in order to maintain their interest in the activity.

There are numerous benefits of skateboarding such as it aids in burning calories and staying in great physical shape, it also offers flexibility to the individual’s body, it also helps in stress relieving and it is the main source of fun and quality time. The major opportunity in the Global Skateboard Market is the accessibility of specialized products. Growing demand for sporting actions among the younger generation will boost product demand in the market. The product demand is fuelled by cumulative demand for skating as a sport in many countries. Apart from using it as a basis for a fun, it also provides flexibility and good physical shape to the body. Furthermore, feeling towards fitness has resulted in enlarged outdoor sports activities, which acts as a key feature driving the market over the forecast period.

Factors such as growing preference for skateboarding, rising disposable income, increasing awareness about health and fitness as well as benefits of outdoor sports activities, and increasing preference for personal mobility are expected to drive market revenue growth over the forecast period. Governments around the world are focusing on improving sports infrastructure, which is expected to support market growth during the forecast period. For example, in September 2021, Anurag Thakur, Union Minister of India, announced a package of around 200 Crore INR to develop sports infrastructure in Jammu and Kashmir. In addition, the increasing participation of teenagers in a variety of sporting events and the rising disposable income of people in emerging economies, such as India, China, and South Korea, are expected to positively impact market revenue growth.

Covid-19 Impacts:
The global Skateboard market is projected to experience a temporary phase of sluggish revenue growth. Supply-chain disruptions caused as a result of this outbreak have hampered production activities across multiple industries. Several companies were forced to halt their operations temporarily, following the enforcement of stringent restrictions and other government orders aimed at containing the spread of the virus. Nonetheless, various industry players in the global Skateboard market are now increasing their focus on the establishment of successful collaborations, acquisitions, and/or joint venture activities as a means to enhance their respective customer bases. In doing so, these players are also increasing their supply capabilities to meet customer requirements on a local as well as global scale. This factor paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

Major Companies present in the market:
Bureo, Element Skateboards, Skate One, Absolute Board Co, Razor USA LLC., Alien Workshop, Zero Skateboards, Boosted Inc., Artprint, Sk8factory

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

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

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

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.