Press release
Electric Surfboard Market Projected to Grow at a CAGR of 6.9% During 2022-2032
Electric Surfboard Market
The electric surfboard market is witnessing significant growth, driven by advancements in technology and an increasing interest in water sports. These boards, powered by electric motors, offer a unique surfing experience with enhanced speed and control, making them attractive to both recreational users and professionals.
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One of the key drivers of this market is the adoption of advanced materials, such as carbon nano-fiber, which enhance the performance and durability of electric surfboards. These materials provide a competitive edge, allowing manufacturers to offer high-quality, long-lasting products. North America, particularly the United States, holds a significant share of the market due to its high disposable income and strong culture of water sports.
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.
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Major companies in the electric surfboard market, such as Radinn AB, Lift Foils Limited, Awake, Fliteboard Pty. Ltd., LAMPUGA GMBH, VeFoil., are focusing on innovation and product development to stay ahead of the competition. These companies are investing in research and development to create more efficient and powerful surfboards, catering to the evolving demands of consumers.
Market Segmentations
By Product Type: Standard Electric Surfboards, Hydrofoil Electric Surfboards
By Body: 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
By Archetype: Individuals, Baby Boomers, Gen X, Millennials, Gen Z, Institutional, Promotional
By User Category: Professional Users, Beginner, Intermediate, Advanced, 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
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Despite the promising growth, the market faces several challenges, including the high cost of electric surfboards and their limited battery life. These factors can deter potential buyers and limit the market's expansion. However, the rise of online sales channels and continuous product innovations present significant opportunities for growth. Manufacturers are increasingly using online platforms to reach a broader audience and offer customized products to meet specific consumer needs.
Furthermore, the market is benefiting from the growing trend of eco-friendly products. Electric surfboards, which produce zero emissions, align with the increasing consumer preference for sustainable and environmentally friendly products. This trend is expected to drive further demand for electric surfboards in the coming years.
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