Global Stand-up Paddleboard Market 2019-2023
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.
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.
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.
Technavio Announces the Publication of its Research Report – Global Stand-up Paddleboard Market 2019-2023
Technavio recognizes the following companies as the key players in the global stand-up paddleboard market: BIC Sport, Naish International, Red Paddle Co., Starboard, SUP ATX LLC, Tower.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing innovations in SUPs.”
According to the report, one of the major drivers for this market is the growing use of SUPs for yoga and other leisure activities.
Further, the report states that one of the major factors hindering the growth of this market is the rise in paddleboard fatalities.
Red Paddle Co.
SUP ATX LLC
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