Stand Up Paddleboard Market to Hit $3.37 billion by 2028, at a CAGR of 10.1%, says Coherent Market Insights
Burlingame, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The global stand up paddleboard market, valued at 1.72 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 3.37 billion dollars by 2031, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Stand up paddling provides full-body workout and is an effective low-impact exercise. It builds core strength and balance while helping reduce stress. Further, growing consumer preference for eco-friendly boards made from sustainable materials such as bamboo will also support the market expansion during the forecast period.
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Market Dynamics:
The growing popularity of stand up paddleboarding among people of different age groups is fueling the market growth. Stand up paddleboarding is an engaging water sport that provides full body workout and allows people to enjoy scenic views, which is attracting young population as well as middle aged people. Furthermore, increasing tourism activities near beaches, lakes and rivers is boosting the adoption of stand up paddleboards for recreation purposes. Additionally, manufacturers are introducing innovative stand up paddleboards designed for convenience, stability and portability, which is positively impacting the market expansion.
Stand Up Paddleboard Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $1.72 billion |
| Estimated Value by 2031 | $3.37 billion |
| Growth Rate | Poised to grow at a CAGR of 10.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Size, By Application, By Sales Channel: |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Need for Adventure and Fun Outdoor Activities • Growing Health Consciousness |
| Restraints & Challenges | • Weather Dependent Activity • Lack of Skilled and Experienced Professionals |
Market Trends:
Electric paddleboards are gaining traction in the market, thanks to advantages such as easy maneuverability and efficient battery life. Leading brands are launching electric stand up paddleboards equipped with rechargeable lithium-ion batteries to offer the fun of paddling with less effort. For instance, Starboard introduced an electric hydrofoil paddleboard called the E-Foil that uses an electric motor and hydrofoil designed for high-performance gliding experience. Furthermore, inflatable stand up paddleboards are witnessing strong demand owing to qualities like lightweight, durability and portability. Inflatable paddleboards can be easily deflated, packed and carried, making them an ideal option for travel and storage. Their growing popularity is projected to create new market opportunities over the forecast period.
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The solid SUP boards segment held a market share of over 60% in 2023. Solid SUP boards are more durable and stable as compared to inflatable boards. They perform well in both calm and rough waters. Moreover, solid boards provide more control and stability to paddlers. Their rigid construction makes learning the sport easier.
The inflatable SUP boards segment is expected to witness double digit growth during the forecast period. Inflatable boards are lighter and more portable as compared to solid boards. They can be deflated and easily carried or stored. Their flexible nature makes them durable and less prone to damage. Inflatable boards are a cost-effective option for recreational users and travelers looking for a board they can pack in their car.
Key Market Takeaways:
The global stand up paddleboard market is anticipated to witness a CAGR of 10.1% during the forecast period 2024-2031, owing to the growing popularity of water sports among millennials and increasing health awareness. On the basis of type, the solid SUP board segment is expected to hold a dominant position, owing to its durability and stability. By size, the less than 9 feet segment accounts for the largest share as these boards are suitable for flatwater paddling and easy to handle.
On the basis of application, the surfing segment holds the highest market share due to the rising number of surfers globally. In terms of sales channels, the online segment dominates due to the convenient shopping experience. Regionally, North America is expected to hold a dominant position over the forecast period, due to higher consumer disposable income and growing participation in outdoor sports.
Key players operating in the stand up paddleboard market include C4 Waterman, Boardworks Surf and Sup., Cascadia Board Co., Goodhill Co., Ltd., Hobie Cat Co., Imagine Nation Sports LLC, LAIRSTANDUP, Mistral Red Dot Division B.V., Naish International, Neil Pryde Ltd., RAVE Sports, Red Paddle Co. Ltd., Starboard, SUP ATX LLC., SurfTech LLC., and Tahe Outdoors France. These companies are focusing on new product launches and mergers & acquisitions to gain a competitive edge in the market.
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Detailed Segmentation:
By Type:
- Solid SUP Board
- Inflatable SUP Boards
By Size:
- Less than 9 Feet
- 9 to 12 Feet
- Greater than 12 Feet
By Application:
- Surfing
- Recreational/Touring
- Racing
- Fitness
- Others
By Sales Channel
- Online
- Offline
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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