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Global Stand-up Paddleboard Market 2019-2023

Global Stand-up Paddleboard Market 2019-2023

  • February 2019
  • 118 pages
  • ID: 5741953
  • Format: PDF

Summary

Table of Contents

About this market
Adventure tourism is a niche growing segment of the tourism industry that focuses on traveling and exploring remote areas or places difficult to access and includes a lot of physical activity. Adventure tourism includes backpacking; climbing; rafting; paddle boarding; mountain biking, and snowboarding. The use of SUPs is growing in adventure tourism activities; and this is expected to drive market growth during the forecast period. SUPs can be used as a means to cruise in rivers, lakes, and oceans and are finding increasing use in adventure tourism activities. The with the number of guides and agencies offering stand-up paddle boarding adventure packages increasing. the demand for SUPs is also expected to grow during the forecast period. Technavio’s analysts have predicted that the stand-up paddleboard market will register a CAGR of almost 7% by 2023.

Market Overview
Adoption of stand-up paddle boarding sports in emerging countries
The stand-up paddle boarding is gaining popularity in emerging countries such as China, India, and Thailand, including other countries across Asia and South America. The adoption of new and novel global trends among younger generations in emerging countries is also growing, and this is enhancing the demand for SUPs and related equipment. Such developments are expected to boost the growth of the global SUP market during the forecast period.
Competition from low-cost vendors
A major factor expected to challenge the overall SUP manufacturing industry is the influx of low-quality SUPs in to the market. The SUP manufacturing industry is saturated with several low-quality manufacturing businesses that primarily compete on product pricing. The easy availability of sub-standard SUP boards in the market has forced major SUP manufacturers to cut down on product pricing to remain competitive, and such a move has eroded their profit margins.
For the detailed list of factors that will drive and challenge the growth of the stand-up paddleboard market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.

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