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Surfing Apparel And Accessory Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global surfing apparel and accessories market was valued at USD 16.9 billion in 2022 and is expected to grow at a CAGR of 5.3% during the forecast period (2023-2030). The rising popularity of surfing sports, along with the growing demand for surfing apparel and accessories, has been driving the growth of the market. The growing popularity of surfing sports has been helping the market growth, as the demand for surfing apparel and accessories is increasing. Moreover, the growing demand for personalized products, such as custom-designed wetsuits and rash guards, is creating an opportunity for the surfing apparel and accessories market.
Furthermore, the rise of e-commerce platforms is expected to fuel the demand for surfing apparel and accessories. The availability of a wide range of products on e-commerce platforms has helped in the growth of the market. Moreover, the increasing popularity of social media platforms, such as Instagram and YouTube, is helping to generate awareness about surfing apparel and accessories. Additionally, the increasing popularity of surfing sports is driving the demand for performance-oriented apparel and accessories.
In addition, the growing popularity of beachwear fashion is expected to boost the demand for surfing apparel and accessories. The growing demand for beachwear fashion has been driving the growth of the market. Moreover, the increasing demand for sustainable products, such as eco-friendly wetsuits and rash guards, is expected to create an opportunity for the market. Furthermore, the increasing number of collaborations among the leading market players is expected to drive the growth of the market. For instance, in August 2021, Roxy and Quiksilver collaborated to create a unique collection of fashion-forward surf apparel and accessories.
Furthermore, the rising disposable incomes of consumers in emerging countries, such as China, India, and Brazil, is expected to drive the demand for surfing apparel and accessories. The growing popularity of surfing sports in these countries is expected to create an opportunity for the market. Moreover, the increasing number of new product launches by the leading market players is expected to provide an impetus to the market growth. For instance, in May 2021, Billabong launched a new collection of women’s surf apparel and accessories, targeting the surfers and beachgoers.
Product Insights
The wetsuits segment accounted for the highest revenue share of over 36.1% in 2020. Growing concerns regarding environmental protection, the emergence of high-performance surfing apparel and accessories, and enhanced comfort and flexibility are some of the factors driving the segment’s growth. Additionally, the growing popularity of water sports and the arrival of new technologies, such as neoprene and hydrophobic fabrics, are among the key factors driving the wetsuits market.
The surfboard segment is projected to expand at the fastest CAGR of 8.2% during the forecast period. The increasing popularity of surfing is one of the major factors driving the segment’s growth. According to the World Surf League, in 2020, the number of people participating in surfing activities rose by 20% compared to the previous year. Furthermore, the emergence of innovative surfboard technologies, such as carbon fiber and epoxy technology, is expected to drive the segmental growth.
Distribution Channel Insights
The offline distribution channel segment dominated the market in 2022 with a share of over 99.9%. The offline channel is the most preferred distribution channel for surfing apparel and accessories, as it is the only way to touch, feel, and view the product before buying. The physical stores have been offering a wide range of products to the customers, while also providing various discounts and offers to attract the customers. Apart from this, the customers can also avail product-related advice from the salespersons in the stores. The presence of specialty stores, large retail chains, and department stores are expected to drive the growth of the segment in the coming years.
The online segment is anticipated to expand at a significant CAGR of 10.9% during the forecast period. The growth of the segment is mainly driven by the rising use of the internet and smartphones. With the rising number of internet users, customers are increasingly buying products from e-commerce stores. Additionally, the convenience offered by the online stores is expected to drive the growth of the segment in the coming years. Moreover, the presence of various discounts, offers, and convenient payment options on the e-commerce stores are expected to drive the growth of the segment.
Type Insights
The apparel segment dominated the market with a revenue share of 75.7% in the year 2022. Increasing demand for surfing apparel and accessories from the youth and sports enthusiasts is driving the market. The surfing apparel and accessories’ manufacturers are focusing on product innovations, such as new designs and fabrics, to meet the trends and demands of the market. For instance, in October 2020, Billabong International, a leading surfing apparel and accessories’ manufacturer, launched a new product called the ‘Tropic’ collection, which includes a range of bright and vibrant pieces for women.
The accessories segment is anticipated to expand at the highest CAGR of 10.2% over the forecast period. The increasing demand for surfing accessories such as surfboards, fins, leashes, and fins from the surfers is driving the segment. The manufacturers are engaging in product innovation and design to meet the demand of the market. For instance, in March 2021, FCS, a leading supplier of surfing accessories, launched a new product called the ‘FCS II Leverlock’ fin system, which is designed to make it easier for surfers to attach and remove the fins from the board.
Regional Insights
The Asia Pacific region is expected to hold the largest market share in 2022. Countries such as Japan and China have high spending power and are witnessing a growing trend of activities such as water sports and beach activities among the population. Moreover, the presence of leading players such as Billabong, Quiksilver, and Rip Curl is driving the market growth in the region.
The North America region is expected to witness significant growth in the coming years. This can be attributed to the rising number of beach activities and surfing events in the region. Moreover, the presence of notable players such as Billabong, Quiksilver, and Rip Curl are offering an extensive range of apparel and accessories which is further supporting the growth of the market. Additionally, increasing disposable income among the population is supporting the growth of the market.
Financial Projections
In this part of the surfing apparel and accessory products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your surfing apparel and accessory products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a surfing apparel and accessory products business comes from the sale of products such as wetsuits, surfboards, apparel, and accessories. Other sources of income may include events, sponsorships, and collaborations.
Projecting Expenses
In this section, all the regular expenses related to keeping the surfing apparel and accessory products business running will be described. The list of operating expenses includes rent, wages, inventory costs, marketing and advertising, utilities, and insurance policies. Additionally, you may need to factor in the cost of research and development of new products, as well as transportation and delivery of your products.
Key companies & market share insights
Some of the key companies operating in the surfing apparel and accessory market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Quiksilver launched a new line of UV-protective rash guards and board shorts.
– In August 2022, Billabong launched a new range of sun-protective clothing designed for the surfers.
– In October 2022, Rip Curl launched a new collection of surf watches designed for both professionals and casual surfers.
Some of the prominent players in the surfing apparel and accessory market include:
– Quiksilver
– Billabong
– Rip Curl
– O’Neill
– Volcom
– Roxy
– Hurley
– Patagonia
– HIC Surfboards
– Sector 9 Skateboards
Global Surfing Apparel And Accessory Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global surfing apparel and accessory products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Wetsuits
– Rash Guards
– Footwear
– Headwear
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Specialty Stores
– Department Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: How is the Surfing Apparel and Accessories Market Segmented?
[A]: The market is segmented by product type, end-user, distribution channel, and geography. By product type, the market is segmented into apparel, boards, shoes, and accessories. By end-user, the market is segmented into men, women, and kids. By distribution channel, the market is segmented into online and offline. By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
[Q]: Who are the Leading Players in this Market?
[A]: Leading players in the market include Quiksilver, Inc., Billabong International Limited, VF Corporation, Rip Curl Group, O’Neill, Inc., Patagonia, Inc., SurfStitch Group Limited, Surf Hardware International, Ltd., and Volcom, Inc.
[Q]: What Factors are Driving the Growth of the Surfing Apparel and Accessories Market?
[A]: Increasing disposable incomes, the emergence of online retailing, and growing popularity of the sport are some of the key factors driving the growth of the surfing apparel and accessories market. Additionally, the increasing demand for surfing apparel and accessories in emerging economies, such as India and China, is also contributing to the market growth.
[Q]: What are the Challenges Faced by the Surfing Apparel and Accessories Market?
[A]: Factors such as the high cost of surfing apparel and accessories, the lack of availability of quality products, and the emergence of counterfeit products are some of the major challenges faced by the surfing apparel and accessories market. Additionally, seasonal fluctuations in the demand for surfing apparel and accessories also pose a challenge for the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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