LONDON--(BUSINESS WIRE)--The global stand-up paddleboard (SUP) market is expected to post a CAGR almost 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Manufacturers are focusing on widening their product portfolio by introducing premium purpose-oriented SUPs along with new SUP product ranges. Premium products are made from novel materials using innovative technologies. In addition, they are equipped with attachment fixtures for GPS units, action cameras, and other gears. These products offer high-performance as they are light in weight and ideal for racing. Manufacturers are also launching inflatable boards with hard board characteristics. Thus, the availability of such innovative SUPs will boost the growth of the stand-up paddleboard market during the forecast period.
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As per Technavio, the growing use of SUP for yoga and other leisure activities, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Stand-up Paddleboard Market: Growing Use of SUP for Yoga and Other Leisure Activities
Maintaining balance on SUPs by yoga practitioners is easy as it does not have a steep learning curve or extensive training regimen. This is encouraging numerous training facilities and instructors across the US and European countries to recommend yoga practitioners to adopt SUP for yoga classes. These products are multi-purpose as they are used as an alternative for canoes, kayaks, and fishing boats. Manufacturers are coming up with SUP boards with expansive deck pads and broader bases to enable yoga practitioners to improve their core strength and leg strength. Thus, with the availability of such products dedicated to yoga and exercises, the market for stand-up paddleboard is expected to showcase a positive outlook during the forecast period.
“Apart from the growing use of SUP for yoga and other leisure activities, growing adoption of SUPs for adventure tourism and SUP boarding sports in emerging countries are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Stand-up Paddleboard Market: Segmentation Analysis
This market research report segments the global stand-up paddleboard market by product (inflatables and hard boards) and distribution channel (sports goods retailers, department stores, and online retailers).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the increasing number of watersports participants and the presence of big brands, small-scale manufacturers, and private labels in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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