As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global electric surfboard market is estimated to reach a valuation of US$ 83.4 Mn in 2022, and expand at a promising CAGR of 6.9% by value over the assessment period of 2022 to 2032.
Rising participation in sports activities is likely to provide long-term benefits for electric surfboard manufacturers. According to research conducted by Fact.MR, in the United States, 16.3% of Gen-Z, 17.1% of Millennials, and 13% of Gen-X citizens were involved in water sports activities, as of 2021. Surging penetration of electric products among various age group will provide lucrative avenues for manufacturers over the next couple of years.
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Growing tourism is anticipated to push demand for water sports activities, especially in prominent regions such as Europe and North America. Increasing technological implementations such as product optimization and emergence of electric products in water sport equipment are boding well for market growth.
Continuous development in products by leading market players is likely to drive product penetration across the globe. For instance, a total 10,324 units of electric surfboards were sold in 2021, which is projected to soar to 20,980 units by the end of 2032.
Key Takeaways from Market Study
- By product type, hydrofoil electric surfboards are expected to remain the most dominant among consumers and surpass a valuation of US$ 98 Mn by the end of 2032.
- 20-40 kmph speed electric surfboards are projected to account for the highest demand, and witness a CAGR of 7.2% over the same period.
- On the basis of engine capacity, above 12 kw electric surfboards are likely to be the most attractive segment from the consumer end. This vertical is anticipated to surpass the mark of US$ 74.2 Mn by 2032.
- Recreational users are estimated to generate sales of US$ 56.2 Mn in 2022, due to increasing participation in water sports. Moreover, this segment is set to capture approximately 62% of the global market share by the end of 2032.
- Europe is expected to generate a valuation of more than US$ 45 Mn by 2032.
- North America is set to create an absolute $ opportunity of 32 Mn by the end of 2032.
The global electric surfboard market is estimated at US$ 83.4 Mn in 2022, and is forecast to reach US$ 165.6 Mn by the end of 2032, expanding at a CAGR of 6.9% during 2022-2032.
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Awake, CabraTec, Electric Surf Sports, eSurf, Fliteboard Pty. Ltd., Hison, Jetsurf, LAMPUGA GMBH, Lift Foils Limite, Olo Boards, Onean, Radinn AB, TORQUE JET BOARDS, VeFoil, Waterblade, Waydootech, and YuJet are major manufacturers of electric surfboards.
Prominent players have started including carbon nano-fiber incorporated electric surfboards in their product portfolios. Integration of carbon nano-fiber technology in surfboard equipment enhances product lifecycle.
- Ravik 3 (a product offered by AWAKE) can outstretch the mark of 50 kmph from rest, within a span of 5 minutes.
In addition to this, some of the leading manufactures such as ESURF, Jetsurf, and others are following the personality-based marketing strategy. Tier-2 and tier-3 players have ample opportunities to follow this strategy for capital expansion and improving their geographical footprint.
Market players are continuously enhancing customer experience through product optimization and customization solutions. This strategy is likely to increase product awareness, attracting new customers in the near future.
Fact.MR has provided detailed information about the price points of top manufacturers of electric surfboards positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.
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Key Segments of Electric Surfboard Industry Research
By Product Type:
- Standard Electric Surfboards
- Hydrofoil Electric Surfboards
- Inflatable Electric Surfboards
- Solid Electric Surfboards
By Engine Capacity:
- Up to 10 kW Electric Surfboards
- 10-12 kW Electric Surfboards
- Above 12 kW Electric Surfboards
By Maximum Speed:
- Below 20 Kmph
- 20-40 Kmph
- Above 40 Kmph
- Baby Boomers
- Gen X
- Gen Z
By User Category:
- Professional Users
- Recreational Users
By Sales Channel:
- Online Sales of Electric Surfboards
- Company-owned Websites
- e-Commerce Websites
- Offline Sales of Electric Surfboards
- Franchised & Retail Chains
- Sports Variety Stores
- Modern Trade Channels
- North America Electric Surfboard Market
- Latin America Electric Surfboard Market
- Europe Electric Surfboard Market
- East Asia Electric Surfboard Market
- South Asia Electric Surfboard Market
- Oceania Electric Surfboard Market
- MEA Electric Surfboard Market
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