Street Skateboards Accessories Market 2020 and Forecast 2021-2027

                                          
Report Overview: Street Skateboards Accessories Market


The global street skateboards accessories market size was valued at USD 211.2 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.2% from 2021 to 2027. Rising inclination toward fitness has resulted in increased outdoor sports activities, which acts as a key driving factor for the market for street skateboard accessories. In addition, the demand for street skateboarding accessories is fueled by the increasing popularity of skateboarding as a sport in many countries. While skateboarding is a fun outdoor sports activity, it also has multiple physical benefits; for instance, it provides flexibility and increases coordination.

Rising awareness regarding skateboarding as a result of various competitions held, such as X Games and Street League, has resulted in an increase in the sales of street skateboards and accessories. Furthermore, the World Skate Championship is an international skateboarding competition that crowns the skateboarding world champions among both genders every year in different locations. There are over 85.0 million skaters across the globe, wherein a majority of them are under the age of 18. Graphic prints play a integral role in increasing the adoption of skateboards by consumers.
Increasing popularity of outdoor sports and recreational activities among the younger generation can be attributed to a growing focus on health, fitness, and overall well-being. According to the Physical Activity Council Participation Report in 2019, outdoor sports among the U.S. population aged 6 and above witnessed a participation rate of 59.2% in 2018, compared to 53.9% in 2013. There has also been an increase in interest in various urban lifestyle sports, such as surfing, skateboarding, parkour, wakeboarding, jumping, kite surfing, and paddleboarding. Studies have shown that at least 10.0% of the adult population in England has an interest in lifestyle sports.

The 15-24 age group, particularly male and those from a higher socio-economic background, makes up for the majority of the participation in sports including a street skateboard. This scenario has benefited the skateboard and associated markets. According to the Outdoor Participation Report 2017 by Outdoor Foundation, skateboarding was the fourth favorite outdoor activity among youth aged 6-24 years in the U.S. in 2017. There were 36 average outings per skateboarder and overall 97.2 million outings in the overall age group of 6-17, and an average of 18 outings per skateboarder and 115.0 million total outings among the 18-24 age group.

Product Insights: Street Skateboards Accessories Market

In terms of revenue, decks lead the market with a share of 54.4% in 2019. This high share is attributable to the growing popularity of street skateboarding as a discipline of skateboarding that focusses on flat land tricks, grinds, slides, and aerials in public spaces and urban environments. Thus, increasing inclination of skaters towards street skateboarding drives the demand for decks. Street skateboard decks are typically manufactured with a dimension of 33 inches in length and 7.5-10 inches in width. Street skaters prefer narrow decks, while wider decks are preferred by vert and bowl skaters. These products are frequently used by beginners and are more economical as compared to their counterparts.

Apparel is expected to expand at a CAGR of 2.8% from 2020 to 2027 in the market for street skateboard accessories. The increasing popularity of skateboarding and rising participation of children and teenagers are likely to generate the demand for skateboarding apparel such as t-shirts, sweatshirts and hoodies, and pants. Over the past few years, skateboard clothing has witnessed considerable traction and this trend is foreseen to remain prevalent in the coming years owing to an increasing number of parents spending on skateboards and skateboard accessories for their children. For instance, according to SkateboardersHQ.com, an average U.S. family spends an estimated USD 390.0 on skateboarding each year, of which USD 109.0 is spent on equipment.
Process Insights

In terms of revenue, the direct selling process lead the market with a share of 82.3% in 2019. The direct selling method is projected to retain its lead in terms of revenue share in the market for street skateboard accessories throughout the forecast period. Most manufacturers prefer selling their products through their dedicated brand outlets or through other sporting goods stores. These retail outlets host valuable brands of skateboards, decks, apparel, and shoes, thereby providing high brand visibility and generating maximum revenue. Retailers also offer product discounts upon club memberships, which further influences the purchasing decisions of consumers regarding street skateboard accessories.

The fundraising sales process segment is expected to expand at a CAGR of 4.0% in the street skateboard accessories market from 2020 to 2027. The segment is foreseen to register the fastest growth over the forecast period owing to an increasing number of skateboarders and skateboarding companies setting up charity organizations. Skateboard companies are known to manifest their shared responsibility by giving back to society and this is being done in a multitude of ways.

Distribution Channel Insights: Street Skateboards Accessories Market

In terms of revenue, the offline channel of distribution lead the market with a share of 76.2% in 2019. This distribution channel offers consumers with rich experience and makes it easier for them to compare different products and find a suitable fit before making any significant investment. The availability of a variety of brands under one roof, which helps in easy product comparison regarding the price and specification, drives the purchase of street skateboard accessories through these stores. Furthermore, the assistance provided by skilled staff with knowledge of skateboarding and other information is foreseen to attract first-time buyers.

The online distribution channel segment is expected to expand at a CAGR of 4.2% from 2020 to 2027 in the market for street skateboard accessories. The online distribution channel is estimated to be the fastest-growing segment over the forecast period owing to its increasing popularity and consumer inclination toward online shopping. Millennials and Generation Z consumers are highly dependent on the internet and e-commerce platforms and prefer online portals and official websites to purchase skateboarding products. Value-added services, including convenient return policies, cash on delivery, and integrated and centralized customer services offered by online retailers are also attracting various customers to buy street skateboard accessories.

Regional Insights: Street Skateboards Accessories Market

North America lead the market with a share of 46.4% in 2019. This is attributable to the increased popularity of outdoor activities, especially in the U.S., and has been gaining acceptance among people around the world. In addition, increasing initiatives to organize sports-related facilities and events are also anticipated to propel the growth of the market for street skateboard accessories in the region. Canada, for instance, has been hosting various qualifying events for skateboarding championships and competitions over the last few years, such as the X Games qualifiers in Montreal in 2015 and the Vans Pro Skate Series Qualifiers in Vancouver in 2016. This scenario is boosting the adoption of various street style skateboarding apparel and footwear.

In Asia Pacific, the market for street skateboard accessories is expected to witness the fastest CAGR of 5.1% from 2020 to 2027 and is likely to generate revenue of USD 51.8 million by 2027. Increasing awareness regarding skateboarding as a result of different competitions and contests being held at the country and regional levels has been motivating kids and adults to engage in the sport. For instance, the inclusion of skateboarding at the Tokyo Summer Olympics has provided a boost to professional and amateur skateboarders. The Games, which were to be held in 2020, have been rescheduled to July 2021 amidst the global coronavirus pandemic. The Skate Philippines Summer Championship, the 31st Annual Skate Japan, and Skate Malaysia were some of the top competitions held in 2019.

Key Companies & Market Share Insights: Street Skateboards Accessories Market

The market for street skateboard accessories is highly competitive in nature. Key companies are focusing on expanding their product lines and are adopting innovative technologies owing to meet consumer demand for custom street skateboard accessories. Manufacturers of street skateboard accessories are increasingly partnering and collaborating to offer innovative products to their customers. This can be exemplified by the collaboration of Element Skateboard with Super7, a premier pop culture design house, and producer of lifestyle-oriented collectibles, apparel, and toys, in November 2019. Some of the prominent players in the street skateboards accessories market include:

Key companies Profiled: Street Skateboards Accessories Market Report

 	
Element Skateboards
 	
 Nike, Inc.
 	
 Adidas AG
 	
Skate One
 	
Santa Cruz Skateboards
 	
Sector 9
 	
Zero Skateboards
 	
Almost Skateboards
 	
Absolute Board Co.
 	
Plan B Skateboards

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global street skateboards accessories market report on the basis of product, process, distribution channel, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

 	
Decks
 	
Apparel
 	
Shoes

Process Outlook (Revenue, USD Million, 2016 - 2027)

 	
Fund Raising Sales
 	
Direct Selling

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

 	
Offline
 	
Online