Surfing is a popular sport that has been around for centuries, and its popularity continues to grow. The global surfing industry is estimated to be worth $10.52 billion, with the United States accounting for the highest share of 46%. Additionally, the surfboard market is expected to grow at a CAGR of 7.1% from 2021-2028 and shortboards accounted for 47% in 2020. Australia holds 2.5 million registered surfers worldwide while globally there are 35 million active surfers which will reach 50 million by 2023 according to estimates. Moreover, it’s economic impact stands at an impressive $50 billion dollars annually. In 2018 alone, 14 million boards were produced worldwide while Asia Pacific was recorded as having 9% growth rate in 2019 compared to other regions across the globe; this number also includes 120 Million viewers who watch surfing competitions contributing over 1 Billion Dollars each year. Furthermore California houses more than half of all US Surfers whereas Australia’s economy saw 6 Billion Dollar contribution back in 2011 due solely because of Surfing Industry related activities . Lastly Wetsuit Market within USA itself is projected towards 318 Million dollar mark by 2023 & Europe generates nearly 9 Billion Euros through 258000 jobs created directly or indirectly via Surfing Industry . Hawaii remains birthplace where modern day surfing originated during 15th century making it one among oldest sports still being practiced today .
Surfing Industry Statistics Overview
The surfboard market is expected to grow at a CAGR of 7.1% from 2021 to 2028.
This statistic is a key indicator of the potential for growth in the surfing industry. It suggests that the surfboard market is likely to experience a steady increase in demand over the next seven years, indicating that the industry is likely to remain a viable and profitable venture for those involved. This is great news for surfers, retailers, and manufacturers alike, as it means that the industry is likely to remain a vibrant and profitable sector for years to come.
Among different surfboards, the shortboards segment accounted for the largest market share at over 47% in 2020.
This statistic is a telling indication of the current state of the surfing industry. It shows that shortboards are the most popular type of surfboard, accounting for nearly half of the market share. This suggests that shortboards are the preferred choice for surfers, and that the industry is responding to this demand by producing more of them. This is an important insight for anyone looking to understand the trends in the surfing industry.
The surf industry’s global economic impact is estimated to be $50.46 billion.
This statistic is a testament to the immense power of the surfing industry. It highlights the sheer magnitude of its economic influence, demonstrating the far-reaching impact it has on the global economy. This figure is a clear indication of the industry’s importance and its potential for growth.
In 2018, the surfers’ population globally was around 35 million, which is expected to reach over 50 million by 2023.
This statistic is a powerful indicator of the growth of the surfing industry. It shows that the sport is becoming increasingly popular, with the number of surfers expected to more than double in the next few years. This is a clear sign that the surfing industry is thriving and that it is an attractive option for people looking to get involved in the sport. It also suggests that the industry is likely to continue to grow in the future, providing a great opportunity for businesses to capitalize on the trend.
The surfing equipment market is estimated to be valued at $6.46 billion by 2024, growing at a CAGR of 5%.
This statistic paints a vivid picture of the potential of the surfing equipment market in the coming years. It shows that the market is expected to experience significant growth, with a CAGR of 5%, and is estimated to be worth $6.46 billion by 2024. This indicates that the surfing industry is a lucrative and promising sector, and provides an opportunity for investors and entrepreneurs to capitalize on the potential of the market.
Asia-Pacific was the fastest-growing regional segment of the worldwide surfing industry in 2019, registering a CAGR of 9.16%.
This statistic is a testament to the booming popularity of surfing in the Asia-Pacific region. It shows that the region is experiencing a surge in interest in the sport, with more and more people taking up surfing as a hobby or profession. This is great news for the surfing industry, as it means more people are buying surfing equipment, taking lessons, and participating in competitions. This increased demand for surfing-related products and services will help to drive the industry forward and ensure its continued success.
Approximately 14 million surfboards are produced annually worldwide.
This statistic is a testament to the immense popularity of surfing worldwide. It shows that the sport is enjoyed by millions of people around the globe, and that the industry is thriving. It also indicates that the demand for surfboards is high, which is great news for the manufacturers and retailers of these boards.
Surfing competitions contribute over $1.17 billion to the global surfing industry.
This statistic is a testament to the immense economic impact of surfing competitions. It highlights the immense potential of the surfing industry and the importance of investing in it. It also shows the potential for growth and development of the industry, as well as the potential for increased revenue and job creation. This statistic is a powerful reminder of the importance of the surfing industry and its potential to contribute to the global economy.
California is home to more than half of the total surfers in the United States.
This statistic is a testament to the immense popularity of surfing in California. It speaks to the fact that the state is a major hub for the sport, and that it has a thriving surfing culture. This is important to note in a blog post about Surfing Industry Statistics, as it highlights the significance of the industry in the state and the potential for growth in the future.
In 2011, the surfing industry contributed about $6 billion to the Australian economy.
This statistic is a testament to the immense economic impact of the surfing industry in Australia. It highlights the importance of the industry in terms of its contribution to the country’s economy, and serves as a reminder of the potential for further growth and development. It is a powerful reminder of the potential of the surfing industry to create jobs, generate revenue, and stimulate economic activity.
The wetsuit market in the US is expected to reach $318 million by 2023.
This statistic is a clear indication of the growing popularity of surfing in the US, as the demand for wetsuits is expected to increase significantly over the next few years. It is a sign that the surfing industry is thriving and that more and more people are taking up the sport. This is great news for the industry, as it means that more people are becoming interested in the sport and that the industry is likely to continue to grow.
Conclusion
The global surfing industry is a multi-billion dollar business, with an estimated worth of $10.52 billion and an economic impact of $50.46 billion worldwide. The United States accounts for the highest share (approx 46%), followed by Europe at 17%. Surfboard market is expected to grow at a CAGR of 7.1%, while shortboards segment accounted for the largest market share in 2020 (47%). Australia holds the highest number of registered surfers globally (2.5 million), and Asia-Pacific was the fastest growing regional segment in 2019, registering a CAGR of 9.16%. There are over 23-25 million active surfers worldwide, 14 million boards produced annually, competitions contributing over $1.17 billion to global surfing industry; California home to more than half US total surfers; Australian economy contributed nearly 6 Billion from Surfing Industry in 2011; Wetsuit Market in US expected to reach 318 Million by 2023 & European Union has 258000 jobs generating €9 2Bn turnover per year respectively .Surfing also has 120M audience globally & originated around 15th century Hawaii making it birthplace modern day surfing
References
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4. – https://www.grandviewresearch.com
5. – https://www.truesurf.com
6. – https://www.datareportal.com
