The global street Skateboards Accessory Market size is anticipated to reach USD 275.2 million by 2027, expanding at a CAGR of 3.3%, according to a new report by Grand View Research, Inc. Growing adoption of outdoor sports activities as a fit and healthy lifestyle has raised the scope of the skateboard as a sport, which is supporting the growth of the market. In addition, owing to the sleek design and wide variety of products available, an increasing number of college students are picking up the sport, thereby boosting the application of skateboard footwear as well as apparel.
Increasing inclination of consumers, particularly
teenagers, toward funky and attractive graphics displayed on the decks, has
increased their interest in skateboarding. As a result, companies are taking
constant efforts and strategize in order to gain popularity among consumers and
increase their share in the market through innovation. For instance, in 2016,
at the Paris Fashion Week, Dior launched its winter collection on a
neon-colored skateboard catwalk ramp. In addition, several fashion designers
and retailers use skateboard iconography. For instance, Santa Cruz Skateboards
designer Jim Phillips earned a renowned status in the California market.
Among the various skateboards available, longboards
witness maximum modifications and developments. For instance, Edgetrak, a
military-grade tracking technologies designer and manufacturer, in collaboration
with performance board producer Wefunk, offered the first telemetry-enabled
racing prototype longboard called Mach 1, which is the world’s first deck with
built-in telemetrics. The longboard has been designed with seven layers of
Formula One grade carbon fiber with an Airex and Ash core. The product offers
unmatched rigidity owing to the center channel with carbon fiber inlay. Thus,
significant technical developments in the product category have resulted in the
rising adoption of the product, thereby incurring strong growth prospects.
In terms of product, decks held a dominant position in
the market in 2019. An increasing number of major international competitions
such as Street League Skateboarding, World Cup Skateboarding, and World Skate
Oceania Street Championship, which include a street skateboarding event, is
foreseen to create an optimistic outlook for the demand for street skateboard
decks over the forecast period.
The direct selling segment dominated the market and
accounted for a revenue-based share of 82.3% in 2019. An increasing number of
street skateboard accessories companies have also started selling skateboard
decks, apparel, and shoes through their own websites or listing products on
third-party e-commerce sites. This not only helps companies establish a good
relationship with customers by offering them doorstep deliveries but also
improves the sellers’ profitability margin.
The offline channel segment dominated the market and
accounted for a revenue-based share of 76.2% in 2019. Skate shops and sporting
goods stores have become a symbol of genuine products, which is foreseen to
drive the sales of various street skateboard accessories. In addition,
on-demand customization provided by skate shops for decks, wheels, and trucks
is foreseen to drive segment growth in the coming years.
North America dominated the market with a revenue-based
share of 46.4% in 2019. The proliferation of streetwear across high streets in
North America has been pronounced, with many brands enjoying almost cult-like
followings. The percentage of skateboarders who prefer the streets the most has
been rising significantly, which is likely to present strong growth
opportunities for skateboard decks over the forecast period.
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Street Skateboards Accessory Market Report
Highlights
- The
deck product segment is expected to reach USD 155.0 million by 2027,
growing at a CAGR of 3.8% from 2020 to 2027
- The
fundraising sales segment was valued at USD 37.7 million in 2019 and is
expected to reach USD 51.7 million by 2027
- Asia
Pacific is expected to witness substantial growth over the forecast period
with a revenue-based CAGR of 5.1% from 2020 to 2027
- Top
players operating in the market are Element Skateboards, Nike, Inc.,
Adidas AG, Skate One, Santa Cruz Skateboards, Sector 9, Zero Skateboards,
Almost Skateboards, Absolute Board Co. and Plan B Skateboards.
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