The global skateboard market size is expected to reach $4.25 billion by 2030, marking a compound annual growth rate (CAGR) of 3.5 percent from 2023 to 2030, according to a new study by Research and Markets.
Growth is fueled by an increasing interest in newer sports and an inclination toward outdoor sports activities. Furthermore, various competitions taking place around the world have developed an attraction toward the sport. Events like the X Games, Street League and Olympic Games 2020 have attracted upcoming skaters and manufacturers of skateboards, said the experts. The rising construction of skate parks has also fueled the growth of the skateboard market.
North America is currently the largest regional market, accounting for a 41.2 percent share of global revenues in 2022. According to a recent survey, skateboarding is the third most popular sport in the region after football and basketball.
Asia Pacific is expected to grow at the fastest CAGR from 2023 to 2030 due to the increasing number of skateboarding communities in the region and increasing awareness regarding outdoor sports activities.
By product type, the longboard segment is expected to grow at the fastest CAGR during the forecast period.
By end-user, the kid’s segment is expected to grow at the fastest CAGR from 2023 to 2030 as skateboards are increasingly used as a mode of transportation among children.
Image: Shawn Henry on Unsplash
