With Fame of Skateboarding Rising Rapidly across the United States, Korea, Japan, the United Kingdom, and 30+Countries, Find out with FMI Why Skateboard Footwear & Apparel is Becoming Essential for Enthusiasts!
Skateboard Footwear & Apparel Market Outlook (2023 to 2033)
The global skateboard footwear & apparel market value is projected to increase from US$ 3,095.5 million in 2023 to US$ 4,546.8 million by 2033. Over the projection period from 2033 to 2033, global skateboard footwear & apparel sales are likely to soar at 3.9% CAGR.
In 2022, the worldwide skateboard footwear & apparel industry was valued at US$ 2,990.9 million and for the projection period, it is set to witness a steady growth rate.
Key Factors Shaping the Market :
· Rising popularity of skateboarding is expected to boost the global skateboard footwear & apparel industry
· Growing participation and increasing skateboard events are set to uplift skateboard footwear & apparel demand
· Expansion of skateboarding parks and facilities globally is likely to bolster skateboarding footwear & apparel sales
· Celebrity endorsements and collaborations with mainstream fashion brands are likely to foster market development
· Continuous product innovation and development are anticipated to boost the target market through 2033
· Growing number of skateboarding events worldwide are anticipated to create lucrative opportunities for skateboard footwear & apparel manufacturers
Skateboard footwear & apparel refers to skate shoes, clothing, and other accessories specifically designed for skateboarders and their special needs. These products are not only fashionable but also functional. They provide comfort and flexibility to skateboarding activities.
Growing popularity of skateboarding as a recreational and competitive sport is driving demand for skateboard footwear and apparel. As more individuals take up skateboarding, there is an increased need for purpose-built products that cater to their specific needs. This growth in participation fuels the market and creates opportunities for new and established brands.
Several trends have influenced the market, including an increase in participation of women in skateboarding which directly impacts the target product adoption rate.
As skateboarding becomes more inclusive and diverse, there has been a surge in demand for skateboard footwear and apparel designed specifically for women and girls.
Skateboarding culture has heavily influenced streetwear fashion, with skateboarding footwear and apparel becoming a significant part of urban fashion trends.
Further, key players in the market collaborate with skateboard brands, footwear companies, and designers which has become a popular trend in the target market.
Limited edition releases and special collaborations create buzz and drive consumer interest. These exclusive releases often become highly sought-after items, attracting both skateboarding enthusiasts and fashion-conscious consumers leading to the growth of the global skateboard footwear & apparel industry.
2018 to 2022 Global Skateboard Footwear & Apparel Sales Outlook Compared to Demand Outlook Forecast from 2023 to 2033
According to Future Market Insights’ (FMI’s) latest analysis, global sales of skateboard footwear & apparel grew at a CAGR of around 2.2% historically from 2018 to 2022. It resulted in a market valuation of ~US$ 2,990.9 million at the end of 2022.
Looking ahead, the worldwide skateboard footwear & apparel industry is projected to expand at 3.9% CAGR during the assessment period. It is anticipated to cross a valuation of ~US$ 4,546.8 million by the end of 2033.
Rising interest in skateboarding and innovations in skateboard footwear & apparel are key factors driving the global market forward.
Skateboarding has gained immense popularity as a recreational activity and a sport worldwide. With its inclusion in the Olympic Games in 2021, the sport’s visibility and participation are expected to increase further. This rise in skateboarding’s popularity has a positive impact on the demand for skateboard footwear and apparel.
To meet the evolving requirements of consumers, key skateboard footwear & apparel companies are constantly innovating to improve performance, durability, and protection.
Technological advancements such as enhanced cushioning, impact protection, and durable materials are key drivers in the market. Various brands are also investing in research and development to develop skateboard-specific features that enhance performance and safety.
Comparative View of Adjacent Skateboard Footwear & Apparel Markets
The skateboard footwear & apparel industry is set to be impacted by the peer, or tangential markets in the industry. This includes the electric skateboard market. On analysis of these related industries Future Market Insights has found profound insights that will be helpful for developing unique differentiating strategies to pursue for growth and opportunity.
Key Dynamics in the Skateboard Footwear & Apparel Market
· Evolution of Skateboarding from a Recreational Activity to a Subculture and Lifestyle Fueling Market Expansion :
Skateboarding has evolved from a recreational activity to a subculture and a lifestyle that is embraced worldwide leading to an increase in the demand for skateboard footwear & apparel.
With skateboarding gaining mainstream attention and becoming a recognized sport, there has been a surge in demand for unique style, fashion, and identity associated with skateboarding driving the demand for specialized footwear and apparel.
Skateboarding enthusiasts are seeking high-quality, durable footwear that provides excellent grip, flexibility, and protection, while also expressing their personal style. This is expected to improve the global skateboard footwear & apparel market share.
· Rising Participation and Increasing Skateboard Events Fuelling the Growth in the Market :
Skateboarding has gained immense popularity as a sport worldwide with its inclusion in the Olympic Games in 2021. This has helped to increase participation and interest from diverse groups.
The number of skateboarding events and competitions worldwide is in turn creating a high demand for skateboard footwear & apparel, and the trend is expected to continue through 2033.
Further, there is a rising demand for specialized footwear and apparel designed to enhance performance, durability, and style driving the growth of the global target market.
· High Penetration of Social Media Positively Influencing Skateboard Footwear & Apparel Sales :
Skateboard footwear and apparel brands have established a strong presence and have wielded a significant influence on social media platforms, driving the growth and trends within the skateboard footwear & apparel industry.
Leading brands leverage their extensive reach and engagement on social media platforms like Instagram, and YouTube to connect with skateboard enthusiasts, professional skateboarders, and the broader youth culture.
Further, through captivating visual content, behind-the-scenes glimpses, athlete endorsements, and interactive campaigns, these brands effectively communicate their unique styles, technical innovations, and authentic skateboarding heritage.
Country-wise Insights
What is the Demand Outlook of the United States Skateboard Footwear & Apparel Industry?
Strong Skateboarding Culture and a Large Community of Skateboarders Fueling Demand in the United States Market
The United States skateboard footwear & apparel market is anticipated to thrive at a CAGR of 3.9% during the projection period. This is due to a strong presence of skateboarding culture and a large community of skateboarders.
The United States is considered the birthplace of skateboarding and has a well-established skateboard footwear and apparel industry. People across the country are showing a great interest in skateboarding which in turn is creating a high demand for skateboard footwear & apparel.
Further, the United States has a strong presence of leading brands, and the market benefits from a robust distribution network. These leading companies offer a wide range of product offerings, catering to the diverse consumer preferences driving business growth, and contributing to the growth of the market.
What is Boosting the United Kingdom Skateboard Footwear & Apparel Market?
Presence of Global and Local Skateboarding Companies Boosting the United Kingdom Market
The demand for skateboard footwear & apparel in the United Kingdom has generally been strong, due to the presence of skateboarders and dedicated skateboarding communities in the country.
Consumers in the United Kingdom value both style and functionality in skateboard footwear and apparel, often influenced by streetwear and fashion trends.
The United Kingdom’s market is characterized by a mix of local brands, international brands, and collaborations that cater to the diverse preferences of skateboarders in the market.
The market also reflects the growing demand for relevant footwear and apparel driving growth opportunities in the United Kingdom’s market.
Sales of skateboard footwear and apparel in the United Kingdom are also being influenced by the social media platforms that have played a crucial role in promoting the sport and its related products.
How is the Target Market Faring in Japan?
Increasing Recognition of Skateboarding as a Sport Leading to Market Growth in Japan
In recent years, Japan has presented significant growth opportunities for skateboard footwear and apparel manufacturers as skateboarding has gained recognition as a sport.
Growing skateboarding communities in the country are creating a high demand for relevant footwear and apparel. This in turn is expected to continue boosting the target market.
The influence of professional skateboarders, collaborations between skateboarding brands and fashion labels, and the adoption of skateboarding as a mainstream sport are expected to further boost Japan skateboard footwear & apparel industry.
Category-wise Insights
Which is the Highly Sought-after Product Type in the Target Market?
Demand to Remain High for Skate Shoes
By product type, demand is projected to remain high for skate shoes in the market. As per Future Market Insights (FMI), the target segment is likely to account for a market share of 62.1% in 2023.
Rising interest in skateboarding, especially across developed and developing regions along with innovations in skate shoes are key factors driving growth of the target segment.
As the sport continues to rise, skateboarders are seeking high-quality footwear that caters to specific needs, providing the necessary comfort, durability, and style for optimal performance making skate shoes prominent in the market.
Which Consumer Orientation Segment will Hold a Significant Market Share?
Men Segment Likely to Hold a Significant Share in the Target Market
In terms of consumer orientation, men segment is expected to register a 2.5% CAGR during the forecast period, holding around 48.2% market share in 2023. This is due to increasing number of male skaters globally.
Athlete endorsements and influencer marketing create awareness and credibility for specific brands and products, influencing consumer preferences and purchase decisions. These are some of the key factors propelling the growth of men category in the market.
Which Distribution Channel is Expected to Generate Leading Revenues in the Market?
Online Retailers Likely to Generate More Revenue in the Market
Based on the distribution channel, online retailers segment is expected to generate significant revenues in the market. As per the latest report, the target segment is expected to account for 6.5% and 16.5% market share of the market in 2023 and 2033 respectively.
Today, consumers’ buying preferences have changed and instead of buying skateboard footwear & apparel products through offline modes, they are focusing on buying products through online modes.
To cope with changing consumer preferences, leading skateboard footwear & apparel manufacturers are also moving their products to online shopping platforms. This will help them to increase sales revenues.
Competitive Landscape
The skateboard footwear & apparel industry has a fragmented competitive landscape with several players competing for market dominance. Companies are investing in research and development to create new skateboard designs, materials, and technologies that cater to the evolving needs and preferences of skateboarders.
Several companies are also inclined towards adopting strategies such as partnerships, acquisitions, mergers, collaborations, and alliances to expand their reach and increase their customer base.
Recent developments :
· In 2023, VF Corporation launched operations at its new distribution center in California.
· In 2023, Santa Cruz announced a new partnership with the skateboarding brand Blind. This partnership will see Santa Cruz release a limited-edition line of Blind skateboards.
These insights are based on a report on Skateboard Footwear & Apparel Marketby Future Market Insights.
