Technavio, a leading provider of market research reports, has released its latest study on Skateboarding Equipment Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
According to Technavio, the global skateboarding equipment market is a segment of the broader global leisure products market, which falls under the umbrella of the household durables market. The household durables market encompasses various product categories, such as sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-driven games. The global household durables market size is determined by the consolidated revenue generated by manufacturers of household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. The expansion of the global leisure products market will be fueled by several key factors, including the surge in health and fitness club memberships, which have seen a consistent rise over the past decade. - The Skateboarding Equipment Market is experiencing significant growth, fueled by the Artificial intelligence (AI) integration with skateboard. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The market size is estimated to grow by USD 220.28 million, at a CAGR of 3.9% during the forecast period. Growing demand for electric skateboards | Technology advancements in skateboards | Growing interest of Gen-Z in skateboarding
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The skateboarding equipment market in North America experiences robust growth due to the region's thriving skateboarding culture and substantial consumer base. With numerous skate parks, events, and competitions, North America's skateboarding community, encompassing professionals and amateurs, continues to expand. The demographic reach of skateboarding is diverse, ranging from youthful enthusiasts to mature riders, ensuring a sustained demand for skateboarding equipment. North America's economic strength, particularly in the US and Canada, bolsters the market by enabling consumers to invest in high-quality, premium skateboarding equipment with their disposable income and consumer spending power.
The skateboarding equipment market caters to various segments, with teenagers being a significant consumer base. Freestyle skateboarding, which includes longboard dance and street boarding, is popular among this demographic. Notable figures like Sean Malto, Paul Rodriguez, and Eric Koston have made skateboarding a popular culture phenomenon. Brands like Mountain Dew, owned by PEPSICO INC, and Nike, Inc, have entered the market with sponsorships and collaborations. Santa Cruz Skateboards, known for its unique graphics, continues to be a favorite among skaters. Brands like Dior showcased skateboards at Paris Fashion Week, blurring the lines between fashion and skating. Scooters and electric skateboards have also gained traction, offering alternatives to traditional skateboards. Skating is not just a hobby but a form of physical fitness and expression. The International Olympic Committee recognized skateboarding as an official sport in 2020, adding to its growing popularity. Street League, X Games, and other outdoor sporting events provide platforms for skaters to showcase their skills. With brands continuing to innovate and collaborate, the skateboarding equipment market is expected to thrive among younger individuals.
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