SKATE ECONOMY
As the popularity of skateboarding grows, so the skateboarding economy prospers. This breakdown looks at the financials behind the subculture, reporting on the global distribution of skateboarding revenue, and assesses the demographic analysis that suggests the outlook for this market is healthy indeed.
The value of the global skateboard market reached the landmark high of 2 billion dollars in 2019, and its steady growth has continued since then. By the end of this year, it is estimated that the industry will be worth 2.12 billion dollars, steadily rising to 2.4 billion by 2025. These indicators highlight the robustness of the skate economy, which appears to be immune to crises and downturns. Skateboarding enthusiasts young and old are ever-ready to spend their bucks on decks, trucks, wheels and accessories. They buy online and in-store, from websites and shops offering a huge variety
of equipment for this acrobatic and passion-fuelled sport. The market’s buoyancy is clearly illustrated in a report by the consultancy firm Grand View Research. Last December, the company updated its global forecasts for skateboarding accessories, which it predicts to command a market size of 275 million dollars by 2027, compared to just under 200 million in 2020. Purchases of skate helmets, shoes and apparel are following an unerring upward trend. This paints an extremely positive outlook for the specialist equipment makers, and is also an enticing opportunity for the giants like Nike and Adidas that have long included skateboarding in their portfolio of represented sports.
Going through the numbers, it’s probably not too surprising to discover that the United States – where skateboarding first began – is driving the market to account for around a third of worldwide spending on skateboards. However It’s also worth noting that the number of Americans riding skateboards has fluctuated over recent years. In 2006 there were 10 million skaters in the US, and by 2011 that figure had dropped by almost half to 5.83 million. Since then the number has gradually increased, albeit never returning to its earlier high. According to the most recent survey, in 2019 there were 6.61 million participants in skateboarding in the US, or 1 in 50 people of the entire population. The Asia-Pacific region is forecast to be the market of greatest growth, the report states: “on account of increasing awareness towards outdoor sports and activities”.
For the skateboarding clothing and accessories sector, this surge in interest in the outdoors is expected to result in an average annual growth rate of 5.1 per cent between now and 2027, compared to the global average of 3.3 per cent. Europe is also a major factor in the skate economy equation. According to the analysis company Fior Markets, the continent’s consumption market share for the period 2019-2024 will amount to 28 per cent, placing it in second place behind America’s 32 per cent. The international findings tend to focus on the UK, Germany and Nordic countries, whose populations are historically more receptive to alternative forms of transport. That leading pack of European skateboard nations does not as yet include Italy. Incidentally, the once diverse Italian market for forms of powered personal transport (monowheels, e-skateboards and hoverboards) is becoming dominated by the e-scooter category (see the following article). According to GfK’s Market Intelligence data, the turnover of e-skateboards in Italy in 2020 was down by 53.9 per cent year on year. Turning back though to traditional unpowered skateboarding, Grand View Research states that the world’s most popular skateboards are “street boards”, which account for half of all skateboard sales. Grand View states in its report that street boards “are frequently used by beginners and are available at a much cheaper price compared to other kinds”.
From now to 2025 it predicts that longboards will be the fastest-growing product category in skateboarding with an estimated expansion of 3.8 per cent per year. This phenomenon, it says, is being driven by the rise of new trends: “Longboard dancing and freestyle are emerging as popular styles.” The report by Grand View Research also offers insights into skateboarding’s demographics: “Teenagers emerged as the largest segment, accounting for a 44.1 per cent share of overall revenue… Social media has increasingly evolved as a primary source attracting teenagers towards these sports.” By posting their skate tricks on Instagram, TikTok and other social networks, skateboarders are transmitting their passion to their peers and inspiring them to test their skill on a board of their own. There could be no better guarantee of longevity and prosperity for the skate economy.