The Global Surfing Apparel & Accessory Market size is expected to reach $2. 1 billion by 2027, rising at a market growth of 7. 2% CAGR during the forecast period. Surfing has gained high popularity as a game of youth and has become a sign of active and physically thrilling sports among the youth population.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Surfing Apparel & Accessory Market By Product, By Distribution Channel, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06177787/?utm_source=GNW
Motivated by the potential exist in this market, various new players are entering into the market with an aim to design technological sophisticated apparel and accessory, thereby creating bright growth prospects for the global surging apparel and accessory market over the forecasting period. For example, in October 2016, Trinity Board Sport launched a surfboard by taking the help of parabolic rail system technology. The board provides 20%-30% more volume as compared to the traditional surfboard, hence providing better balancing and substantial performance benefits.
Factors such as the surge in the popularity of water sports and adventure sports on a worldwide scale are responsible for the growth of the market. The demand & growth of surging equipment like surfboards, apparel, gear, and accessories would be fueled by the upsurge in the preference & interest for surfing among adventure enthusiasts, particularly millennials. In addition, the sport has gained high prominence in nations having long coastlines like Australia, Portugal, New Zealand, Indonesia, some parts of the U.S. and Canada, and Sri Lanka.
With the increasing cases of COVID-19 across various countries of the globe, governments globally decided to put in place stringent lockdown measures and guidelines with an aim to prevent the spread of the transmission of the infection. Due to this scenario, the retail stores, malls, and other brick & mortar stores were remained closed during the pandemic period. Therefore, it was quite difficult to find the surfing equipment. Thus, the COVID-19 pandemic has slowed down the sales of the surging apparel & accessory market.
Moreover, the sales of these products had hampered due to the disruptions in the supply chain and the close of manufacturing units. Furthermore, many surfs apparel companies have stopped manufacturing throughout the closedown of non-essential industries. Thus, the COVID-19 had created uncertainty in the global surging apparel & accessory market throughout the period. However, with the relaxation in the restrictions and the reducing number of COVID-19 cases, the market is expected to revive very soon.
Market Growth Factors:
Surfing enhances mental health and sleep quality
In this modern age, almost every person goes through some or other kind of stress. As the modern generation is highly engrossed in digital activities with the help of smartphones and the Internet, people usually forget how it feels to disconnect and let go. Spending a large amount of time on plenty of fresh air and water clears the mental and physical body. Thus, surfing also contributed to the mental wellbeing of the person.
The health benefits of surging are likely to boost the market growth
During the surging, the body twists and turns many times in various positions due to the power of the waves. This stretching increases the flexibility and mobility of the body, thereby providing much-required health benefits to the surfers. In addition, surfing needs the consistent usage of the arms as a person paddle around. Moreover, it is also an excellent workout for the back, chest, and shoulder muscles.
Market Restraining Factor:
Low penetration of these products in the under-developed countries
These products have low penetration in many developing as well as under-developed countries. Moreover, consumers residing in these countries have low disposable income, hence purchasing non-essential items like surfing apparel & accessory. This factor has hampered the growth of the global market in the last couple of years. In the beginning, surfing can be exhausting for a person. Hence, it needs a bit of training before a person actually goes out for surfing so as to avoid any unpleasant incident.
Based on Product, the market is segmented into Surf Apparel and Surf Accessories. Sustainable methods/materials are being utilized by surfing apparel companies to design eco-friendly products, like allSisters, a brand based in Barcelona, develops expensive swimsuits with superior quality recycled textiles and collects funds for the non-profit Surfers Against Sewage, that fight against plastic waste. Kelly Slater, a surfer who started the company named Outerknown, is an eco-friendly surfwear company that aims to integrate design and function in a sustainable manner.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Offline and Online. The online platforms target those customers who are willing to buy things without physically examining them. The majority of the makers have shifted to a direct sales approach in order to increase product sales and profit margins. The customers are motivated to purchase clothes and accessories from online channels due to the high availability of a wide range of global brands, free delivery, high discounts, and easy return policies. Online shops provide various types of surging items at different prices, thereby making it convenient to fulfil the requirements of a broad range of customers, mainly those on a budget.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the surging apparel & accessory market by obtaining the maximum revenue share in 2020. The growth of the regional market is expected to be driven by the massive popularity of surging among the people who are young and prefer adventure activities. Moreover, the region is likely to exhibit a similar dominating trend even during the forecast period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include O’NEILL, Globe International Ltd., Rip Curl, Inc., Volcom, LLC (Authentic Brands Group LLC), Reef (The Rockport Company), Boardriders, Inc., and Hurley, Inc. (Bluestar Alliance LLC).
Recent Strategies Deployed in Surfing Apparel and Accessory Market
Partnerships, Collaborations, and Agreements:
Jul-2021: Volcom entered into a partnership with Outer Banks, a popular Netflix show. Following the partnership, the entities introduced an iconic apparel collection that display an assortment of men’s, women’s, and gender-neutral products.
Jul-2021: Authentic Brands Group formed a partnership with Liberated Brands, the operating company for Volcom. Under this partnership, Liberated Brands would assume outerwear and apparel sourcing, product design, marketing, wholesale, e-commerce, and retail store operations across the U.S., Canada, Japan, Australia, New Zealand, U.K., Russia, and some parts of the European Union.
Jun-2021: Hurley came into collaboration with LoveShackFancy, a New York City-based lifestyle brand. This collaboration aimed to extend the boundaries of what a conventional capsule appears, and allow the creativity to pour into various categories. The release of Hurley Girls, Skateboards, and Beach Accessories combined with fairy-tale prints of LoveShackFancy creates beautiful product and story.
May-2021: REEF partnered with Life is Good, a positive lifestyle and apparel brand. Through this partnership, the companies would bolster their efforts to motivate individuals to live comfortably, contribute to their community and have a positive perspective every day.
Apr-2021: Volcom joined hands with Metador Travel Equipment, the award-winning producer of high-performance travel equipment. The collaboration aimed to integrate Volcom’s heritage within the surf community and Matador’s expertise in lightweight travel. In addition, the companies would provide ultra-light, packable solutions, including a Packable Towel Poncho and a Packable Beach Towel.
Apr-2021: Authentic Brands Group (ABG) entered into a partnership with Versa Group, a leading manufacturer and marketer of private label and branded men’s dress, casual, and sportswear. Under the partnership, the Versa Group would create, produce and distribute men’s woven sport shirts, knit tops, and sweaters for Jones New York and Nine West. The products would be available at various department stores, specialty retailers, and online across the U.S. and Puerto Rico.
Apr-2021: REEF came into the collaboration with OPI, the world’s leading salon nail care brand. Through this collaboration, the companies would develop a unique sandal line that features three of OPI’s most beloved shades –including a sweet and icy-cool, Gelato on my Mind, and pastel blue.
Mar-2021: Quiksilver came into the partnership with Alaia Bay, the newest wave garden pool in Sion, Switzerland. Through this partnership, Quiksilver would bring surfing to the center of the Swiss Alps which implies top-quality snow and top-quality waves are now available at the same place.
Jul-2020: Volcom, a subsidiary of Authentic Brands Group teamed up with the new local licensee China Ting Group. Under this collaboration, Volcom opened two new stores in China, which expanded it reach across the region. In addition, the company would also focus on target board sports as well as beach culture enthusiasts with a complete collection of lifestyle apparel and accessories for men, women, and teens.
Feb-2020: Hurley brand signed a multi-year licensing agreement with hybrid apparel, a diversified US-based premier apparel company. The agreement aimed to create, manufacture and sell women’s apparel for surf-brand leader, Hurley.
Acquisitions and Mergers:
Sep-2020: Authentic Brands Group (ABG) along with SPARC Group completed the acquisition of Brooks Brothers, the oldest apparel brand in continuous operation in the United States. The acquisition was a part of ABG’s development strategy to expand its retail and ecommerce reach.
Product Launches and Product Expansions:
Aug-2021: REEF released the Paipo style, the newest, highly exclusive, and limited quantity product of the company. This new product became the first to integrate sustainably sourced high-quality materials such as 100 percent authentic wood and full-grain leather with excellent comfort and a classic look that focuses on craftsmanship and design.
May-2021: O’Neill developed a line of women’s swimwear made with Hyosung’s Mipan regen nylon under its latest O’Neill Blue sustainable collection. This launch strengthened the company’s mission to reduce the impact on the plant and become a leader in sustainability.
May-2021: REEF unveiled its third Pride Collection. This collection displays a symbolic rainbow design on men’s and women’s styles, wherein half of the profits throughReef.com would benefit PFLAG, the first and biggest organization for LGBTQ+ people, their parents and families, and associates.
Mar-2021: Quiksilver rolled out its new initiative Made Better. The new initiative was a part of the long-term efforts of the company to find better methods of creating apparel for men as well as women. The company’s new Men’s collection would display the company’s new ways of eco-friendly and sustainable manufacturing across the latest product launches.
Scope of the Study
Market Segments covered in the Report:
• Surf Apparel
• Surf Accessories
By Distribution Channel
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Globe International Ltd.
• Rip Curl, Inc.
• Volcom, LLC (Authentic Brands Group LLC)
• Reef (The Rockport Company)
• Boardriders, Inc.
• Hurley, Inc. (Bluestar Alliance LLC)
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