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.
Further key findings from the report suggest:
- 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.