Overview of the global stand up paddle (SUP) board market
Technavio’s market research analyst predicts the global stand up paddle (SUP) board market to grow at a CAGR of over 15% between 2016 and 2020. The soft adventure sporting goods market, especially SUP board, holds great growth potential across the growth. Such noticeable growth can be attributed to the surging interest of consumers in outdoor recreational activities and the availability of a wide range of SUP boards. Moreover, the tourism industry has also encapsulated water sports among the various activities available for domestic and international tourists, which has led the global market to grow at a fast rate, witnessing considerable demand from the emerging regions. Moreover, the rising interest in SUP boarding has prompted several vendors to introduce new products for better SUP boarding experiences and water sporting activities. They are coming up with of multi-functional or multi-purpose SUP boards, which can be used in different environments. The growing interest in recreational water sports, including SUP boarding, is expected to be a major driver for the global SUP board market during the forecast period.
According to the stand-up paddleboard industry statistics, the Americas dominated the SUP board market and occupied the largest portion in 2015. Much of the region’s growth is due to the presence of a large consumer base along with the strong affinity toward water sporting activities of the people. Among the several paddle sports activities, kayaking and SUP boarding are the most popular activities among people, especially teenagers, in the region. Several initiatives are being taken to establish championships for SUP boarding, which will further augment the growth prospects for the stand paddle board market in the Americas.
Competitive landscape and key vendors
The current competition in the global SUP board market coupled with numerous technological advancements and rapidly changing consumer preferences pose serious challenges for vendors' operations. It is important for the vendors to differentiate their product and service offerings through a clear and unique value proposition To sustain themselves in such as intense competitive scenario. This market is dominated by the leading international players such as BIC Sport, Naish, Red Paddle, Starboard, and Tower. These vendors offer efficient SUP boards as part of their broad product portfolio.
Leading vendors in the SUP market are
- BIC Sport
- Naish
- Red Paddle
- Starboard
- Tower
Other prominent vendors in the SUP board market include AIRHEAD SUP, Aqua Marina, Imagine Paddle Surf Co., RAVE Sports, Solstice Sports, and Surftech.
Segmentation by product type and analysis of the SUP board market
- Paddle boards
- Paddles
- Paddle boarding accessories
The paddle boards segment occupies the largest share in the SUP board market and is expected to be growing at the fastest pace during the forecast period. The main reason for this segment’s growth is that the paddle boards are more expensive than other paddle boarding products and are essential products for pursuing and practicing the sports. All-round paddle boards are the most often used paddle boards, as they are used by beginners and for fishing purposes.
Segmentation by distribution channel and analysis of the SUP board market
- Sporting goods retailers
- Department stores, hypermarkets, and supermarkets
- Others (warehouse and online retailers)
The sporting goods retailers segment dominated the global SUP board market in 2015 and accounted for the maximum market share. Large sporting goods retailers offer popular brands of SUP boards, which makes them attractive shopping destinations for consumers. For example, Dick's Sporting Goods, a popular sporting goods retailer, has been investing in private labels over the past few years, and it expects an increase in its private brand sales revenue by 2017. The wide product availability makes these retail formats the most preferred sales channel for SUP boards.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global SUP board market?
- What are the key market trends impacting the growth of the global SUP board market?
- What are the challenges to market growth?
- Who are the key vendors in the global SUP board market?
- What are the market opportunities and threats faced by the vendors in the global SUP board market?
- Trending factors influencing the market shares of the Americas, Europe, and ROW.
- What are the key outcomes of the five forces analysis of the global SUP board market?
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