Stand Up Paddle Board Market Highlights Growth Prospects and Future Opportunities till 2028
Fact.MR’s new analytical report envisages the global Stand Up Paddle Board Market record a notable 11.9% value CAGR between the period of forecast 2018 and 2028.
[UKPRwire, Tue Jul 16 2019] Fact.MR’s new analytical report envisages the global Stand Up Paddle Board Market record a notable 11.9% value CAGR between the period of forecast 2018 and 2028.
Stand up paddle (SUP) boarding industry will continue to march progressively forward, driven by new developments and technologies coming thick and fast. The Outdoor Industry Association stated that over 3 Mn individuals participated in the sport in North America and Latin America combined. Stand up paddle board manufacturers are responding accordingly, while the industry rides high on the barreling wave of enthusiasm.
Recent studies have demonstrated that early adopters who purchase high-performance, expensive gear are gradually giving way to popular consumers at low-price point. As the paddle boarding industry matures, young paddlers with moderate income are foraying the market in large numbers, which in turn will lead the industry to perceive downward pressure regarding price points.
With rapid progress in stand up paddle board developments, product designers and manufacturers are currently taking a “user-friendly hand-on” approach, in a bid to bring novel products designed specifically for novice end consumers. This is further expected to facilitate accessibility of consumers to the sport. This is unlike the trend in the past, wherein watersports such as windsurfing illustrated a robust decline on account of product developments focused toward elite users.
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Progression of carbon materials with high young’s modulus has been complementing the development of lighter yet stiffer racing stand up paddle boards. Technology advancement is gaining greater emphasis as the industry matures, and brands are discovering and incorporating stand up paddle board-specific materials, such as the Red Paddle Co.’s MSL technology.
According to analysis of the report on the brands operating in the stand up paddle board market, the ongoing trend of high accessibility of boards to entry-level participants, and increased focus on gear will continue to augment the market’s growth. Increased momentum of high-performance stand up paddle boards with the option of flex, which are becoming a vital part of the equipment, is a key implication of enthusiasts’ focus toward gear.
Leading sports associations are taking efforts toward enhancing the popularity of SUP boarding, by endorsing trade shows. For example, the SUP Industry Association (SUPIA) in the U.S. endorses two annual shows of Surf Expo in Orlando and the Summer Market of Outdoor Retailer in Salt Lake City. Additionally, in Europe, Germany’s Paddle Expo has been gaining immense momentum since the recent past, and is currently on the cusp of becoming the leading SUP Tradeshow in the region. Such endorsements will result in increased participation in the sport, thereby boding well for stand up paddle board sales.
The stand up paddle boarding industry is no more at its infancy stage, as it perceives robust growth benefitting from past watersports industries’ insights regarding imperativeness of foresight. A lengthy & bright future is associated with the SUP industry, with experience players sharing a common agenda of ensuring every new participant leaves with positive experience. This will significantly influence participation in the sport, and fuel sales of stand up paddle board in the near future.
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