Global Boardsports Market to Reach $20.5 Billion by 2017, According to New Report by Global Industry Analysts, Inc.

Share Article

GIA announces the release of a comprehensive global report on Boardsports market. World boardsports market is forecast to reach $20.5 billion by the year 2017. Although, the current global recession throws a temporary dampener on growth patterns, the boardsport market is expected to recover poise with recovery in world economy, and expansion in sport participation rates.

Boardsports: A Global Strategic Business Report

Boardsports refer to activities/games that inherently involve use of ‘board’ as primary equipment. The most popular boardsports include surfing, skateboarding, and snowboarding that require specially designed boards. Boardsports was historically regarded as a game of the youth indulged by juniors in the age group of 6 to 16 years. In recent years, boardsports have soared in popularity the world over, supported by strong economy, rising consumer wealth, and wide TV coverage. Driven largely by undying interest of hard-core participants, popularity of elite athletes, snowboarding’s inclusion in Winter Olympics, and pervasive exposure to ESPN’s X-Games, boardsports continue to gain popularity the world over. Globally, there are more than 100 million participants in boardsports across the globe. Although boardsports can be played worldwide, few countries have built reputation as prime boardsports destinations. Popular among them are United States, Canada, France, United Kingdom, Norway, Switzerland, Australia, and New Zealand. The multi-billion dollar boardsport industry dramatically differs across the globe with shifting regional dynamics throwing up a rich mixture of challenges and opportunities to market participants. Boardsport is still considered a nascent industry with lucrative potential for future growth, given the levels of economic growth and tourism development.

In the years 2008 & 2009, the boardsport industry has come to a screeching halt, after years of sturdy growth that the sport experienced since early 2000s. The continued fall in employment rates, reducing incomes, reduction in household wealth, falling disposable incomes, and plummeting per capita spends, together pushed growth patterns of the retail industry into a rough patch. Other reasons responsible for the withering of the boardsport industry include short-term, and long-term challenges manifested in the form of unfavorable weather conditions, rising competition, overproduction of boardsport apparel and equipment, escalating inventories, deep price discounting, and stagnating participation numbers. Reflective of the overall softness in the financial markets, manufacturing companies have shelved new product innovations and development projects. Shrinking discretionary spends also softened tourism boardsports and corporate money spent on promotional activities.

Boardsport equipment took the heaviest blow with fewer boards selling in the years 2008 & 2009. Boardsport apparel revenues decreased, despite a slight expansion in volume sales. This was due to stern competition and retailers’ discounting strategies, which restricted any potential price rises. In order to reduce inventory pile up, aggressive sales to discounters and sales offers were carried out under advantageous conditions for consumers, which resulted in a drop in revenues. The only bright spot in the gloomy market environment was boardsport accessories, as participants purchased plenty of gloves, helmets, hats, winter boots, parkas, sweaters, and fleece tops before hitting the slopes, trails and terrain parks.

Although, the current global recession throws a temporary dampener on growth patterns, a recovery in the financial scenario in the immediate future will push the market’s growth fundamentals back into the fore. As stated by the new market research report, Europe and United States accounted for a lion’s share of the global Boardsports market. Asian countries including Korea, China and India, Central and Western European nations, and South Africa hold the key to future growth. By segment, Summer Boardsports is the largest contributor to global market revenues for Boardsports. Global market revenues from Snowboarding are expected to surge at a fastest CAGR of 5.9% over the analysis period.

Major players in the global marketplace include Aloha Boardsports Inc, Billabong International Limited, Body Glove International LLC, Globe International Ltd, Gul Surf Co, Meta-Sports CO Ltd, Nike Skateboarding, Hurley International, O'Neill, Quiksilver Inc, Rip Curl Inc, Salomon Snowboarding, SKF Bearings, Volcom Inc, The Burton Corporation, among others.

The research report titled “Boardsports: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Millions) for major geographic markets including the United States, Europe, and Rest of World. Product segments analyzed include Summer Boardsports, and Snowboarding.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Boardsports_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
E-mail: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Public Relations
Visit website

Media