LONDON--(BUSINESS WIRE)--The global stand-up paddleboard market size is expected to grow by USD 58.99 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Stand-up paddleboards (SUPs) help in creating a relaxing environment while practicing yoga and doing exercises. Many training facilities and instructors across the US and European countries have started offering SUPs for yoga classes. SUPs also serve as an alternative to fishing boats, kayaks, and canoes. The growing adoption of SUPs for such activities is hence, expected to boost the market growth during the forecast period.
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As per Technavio, the innovations in SUPs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Stand-up Paddleboard Market: Innovations in SUPs
Vendors in the market are shifting steadily from standardized all-use inflatable SUPs to premium purpose-oriented SUPs such as lightweight and high-performance variants for racing, and broad and stable ones for fishing or exercising. Manufacturers are adopting innovative technologies and using novel materials in their new SUP product ranges. Some of the latest innovations being incorporated into SUPs include attachment fixtures for action cameras, GPS units, and other gear. Such changes are geared towards making SUPs more user-friendly, durable, and give them greater utility, which in turn, is expected to boost the growth of the global stand-up paddleboard market.
“Factors such as the growing adoption of SUPs for adventure tourism, increasing popularity in emerging countries and partnerships and M&A’s in the SUP industry will have a significant impact on the growth of the stand-up paddleboard market value during the forecast period,” says a senior analyst at Technavio.
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Stand-up Paddleboard Market: Segmentation Analysis
This market research report segments the stand-up paddleboard market by product (inflatables and hardboards) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the stand-up paddleboard market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growing interest in recreational sports activities, rapid growth in surfing championships and events, and the presence of prominent vendors.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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