USD 2.71 billion
Report ID: SQMIG25J2054 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 62 | Figures: 75
Global Skateboard Market size was valued at USD 2.71 billion in 2021 and is poised to grow from USD 2.83 billion in 2022 to USD 4.16 billion by 2030, growing at a CAGR of 4.38% in the forecast period (2023-2030).
The growing popularity of skating as a sport across many nations is driving up product demand. Along with being enjoyable, it also helps the body stay flexible and in good physical form. An additional element boosting the skateboard market over the forecast period is the increase in outdoor sporting activities brought on by a tendency toward fitness. Skateboard sales have increased as a result of more people becoming aware of skateboarding as a result of events like the X Games and Street League. In addition, the International Olympic Committee declared skateboarding will be a part of the 2021 Summer Olympics in 2021. Additionally, graphics are crucial in boosting consumer adoption of skateboards. Customers' preferences for cool and appealing artwork on the boards, especially among teens, have increased interest in riding on these boards. As a result, businesses use successful marketing strategies to make their brands well-known on skateboards. To generate efficient sales, businesses also use a variety of catchphrases and market-popular keywords. Teenagers are becoming more and more attracted to these activities as a result of social media. Additionally, younger generations, including Generation Z, are increasingly taking up fresh sports, which is helping to develop new markets for various types of skateboards. However, the State of Skate claims that Generation Z is unfaithful to any brand or activity. Therefore, in order to keep their interest in the activity, businesses aim for larger strategic initiatives.
Skateboard sales are expanding, but the popularity of scooters is increasing, which is a concern. As opposed to skateboards, scooters are more likely to be preferred by young people. Additionally, because of the rising amount of injuries brought on by the sport, consumers are choosing other sports as a safety precaution. To achieve popularity in innovation and grow their market share for skateboards, businesses develop ongoing efforts and strategies. For instance, Dior debuted its winter collection on a ramp of neon-colored skateboards during Paris Fashion Week in 2021. Additionally, skateboard iconography is used by a number of fashion designers and businesses. For instance, Jim Phillips, the designer of Santa Cruz Skateboards, became well-known in the California market. Additionally, well-known businesses fund athletes to help them sell their goods. For instance, Eric Koston, Paul Rodriguez, and Sean Malto are well-known skateboarders who have received sponsorship from companies like Nike, Inc., PepsiCo, and Mountain Dew. As a result, the brand has gained popularity and prominence in the skateboard market.
US Skateboard Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.71 billion
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Global Skateboard Market is segmented based on Product, End User, and Region. Based on Product the Skateboard Market is further sub segmented into Street Board, Long Board. Based on End User the Skateboard Market is further sub-segmented into Kids, Teenagers, Adults. Based on Region, the market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA .
Skateboard Market Analysis by Product
Street board, which accounted for 50.7% of total revenue in 2021, became the most popular product category. These skateboards usually referred to as Popsicle boards, are most commonly used for street skating. The standard dimensions for street boards are 33 inches in length and 7.5 to 8.75 inches in width. Due to the uneven and rough surface of highways, the board's wheels are smaller and harder than those of other varieties of skateboards. These are widely used by beginners and are considerably more affordable than other varieties. In order to secure a particular percentage of the market, businesses are investing in the production of skateboards. For instance, Inter IKEA Systems B.V. introduced its first skateboard in Southern California in 2021 as a component of its clothes and furniture business.
The long board is the product that is increasing the fastest, with a CAGR of 3.8% from 2021 to 2028. Because of its greater size and ease of flipping over, the segment has grown. These boards come in a wide range of shapes and sizes and have lengthier dimensions, measuring 44 inches in length and 22 to 26 inches in width. The product's wheel size, design, and hardware material all contribute to its relative speed. Longboards are mostly used for cruising, travel, and downhill racing. Freestyle and longboard dancing are growing in popularity as they allow riders to move freely and fluidly.
Skateboard Market Analysis by End Use
Teenagers grew to be the largest category, with 44.1% of total sales in 2021. Teenagers fall within the 12 to 17 year old age range. The big population in the relevant age group is blamed for the sector expansion. For instance, in 2021, children in the United States between the ages of 12 and 17 made up 34% of all children under the age of 18. Millions of children prefer skateboarding over other sports because it is a viable, difficult, and enjoyable activity.
The market for skates is also being driven by the use of skateboards for transportation by various college students inside college grounds. Additionally, the market for electric skateboards is expanding due to the powered mechanism's higher level of comfort. Additionally, it has the capability of weight sensor controls or a handed throttle to regulate the board's speed. Teenagers that use skateboards demonstrate a tendency toward rebelliousness, which gives them the drive to ride.
Kids are expected to grow at a CAGR of 3.7% between 2021 and 2028 because to an ageing population. Kids are defined as those between the ages of 0 and 9. The global population between the ages of 0 and 9 totaled 1.3 million in 2021, up from 1.2 million in 2000, according to the United Nations Department of Economic and Social Affairs (UN DESA). Furthermore, parents who encourage their children to participate in sports are becoming more concerned about the health effects of obesity and physical inactivity. It also has the added benefit of charging no fare or coaching, making it an affordable and convenient method of transportation for kids.
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With a share of global revenue of 31.7% in 2021, North America became the largest regional skateboard market. The main driving forces are a rise in skateboarding's popularity and a broad range of product availability in the area. The results show that 6.4 million Americans engaged in skateboarding in 2021. Additionally, the United States produces the most skateboards globally. Skateboarding is ranked third in the most popular sports category, behind basketball and football, according to a recent survey. The younger generation is becoming more interested in the sport as a result of an increase in the number of events held there each year. The 26th Annual Tampa Am in Florida, the Jackalope Festival, the Central Mass Skate Festival, and the X Games Minneapolis are among the events that are expected to take place in 2021.
Due to growing interest in outdoor sports, Asia Pacific is predicted to grow at a CAGR of 4.1% over the projection period. Between 2000 and 2021, the region saw a 38% increase in the prevalence of childhood obesity among children under the age of five. Additionally, the WHO reports that in 2021, there were more than 340 million people aged 5 to 19 who were overweight or obese. As a result, institutions and parents are enticing children to partake in outdoor sporting pursuits.
Kids are encouraged to participate in skateboarding by increasing awareness of the activity as a result of several national and regional events and contests. For instance, the decision to include skateboarding in the 2021 Summer Olympics in Tokyo has encouraged all skateboarders to achieve in their sport. Other contests that will take place in 2021 include the Skate Malaysia Summer Championship, the 31st Annual Skate Japan, and Skate Philippines Summer Championship.
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To expand their product range and maintain a dominant position in the skateboard market, major manufacturers are concentrating on implementing critical business strategies like collaboration, acquisition, and new product releases. Multiple international and local players are present in the various segments of the global electric skateboard market. Since increasing their market share is the main objective of most market participants, innovation is being included in both their products and acquisitions.
Skateboard Market Top Player’s Company Profiles
Skateboard Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Street board segment dominated the global Skateboard Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Skateboard Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 2.71 billion|
|Market size value in 2030||USD 4.16 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Skateboard Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Skateboard Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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