Stand Up Paddle Board Market Witnessing High Penetration of Inflatable SUP Boards – Fact.MR Analysis
The global stand up paddle board market is estimated at USD 1.5 Billion in 2022 and is forecast to surpass USD 3.8 Billion by 2032, growing at a CAGR of 9.7% during 2022-2032.
All round SUP board has accounted for significant share with generating revenue share of more than 45% in 2020. It is considered as the go-to paddle board as the consumer demand for all round SUP is higher.
North America leads the global SUP board market and is poised to create absolute dollar opportunity of USD 960 Million during the forecast period. According to Outdoor Industry Association survey, it has been found that more than 3 million individuals have participated in stand up paddle board events during the recent years.
How is the Increasing Recognition in International Sports Acting as Pillar for Stand Up Paddle Board Sales?
Government-aided sports programs and competitions all around the world is expected to push unit sales of SUP boards to new heights. Leading economies in North America and Europe are spending millions of dollars on these organization for organizing such recreational events along with free training sessions offered by sports professionals.
Increasing sports penetration has resulted in higher demand for the sports equipment over past half-decade. This attributes is attracting newcomers to tis industry, including buyers, suppliers and distributors.
According to the market analysis, the top manufacturers of stand up paddle board are Anhui Light Industries International Co. Ltd, SURFTECH, LLC., Tahoe SUP, Tahe Outdoors, Starboard and Hobie Cat Company.
To increase the global penetration in the profitable areas, the above mentioned players are opting for combination of inorganic and organic growth strategies which include launching of new products, product modification and constructive collaboration and partnership with small manufacturer or startup to boost their sales and increase Company’s profitability and match the latest trends in the standup paddle board industry.
- In 2021, Blue Planet Surf announced the takeover of the management of Tropical Rush Store. This development is expected to increase the sales of its standup paddle board and the demand for the company’s standup paddle board rental services.
- In 2019, Funky Sup launched a new standup paddle board with 2D & 3D photos of sea animals for kids.
- In 2021, Dunn-rite Products launched new floral inflatable stand up paddle board with a maximum weight capacity of 435lbs and a width of 32 inches.
Similarly, recent developments related to companies offering stand up paddle board have been tracked by the team at Fact.MR, which are available in the full report
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