Bodyboarding: the sport will be worth $141.5 million by 2020 | Photo: Jimenez/ISA

A research company believes the bodyboarding market will grow 43 percent between 2015 and 2020.

Technavio expects that the bodyboarding market value will rise from $98.5 million in 2015 to $141.5 million by 2020. The estimated compound annual growth rate (CAGR) is 7 percent.

The firm says that the demand for outdoor sports continues to grow, and it will help push the water sport into the nine-digit valuation.

Technavio stresses three main global reasons for a 43 percent growth in just five years: an increase in surfing activities promoted by the International Surfing Association (ISA), promotion of bodyboarding through magazines, and a growth of adaptive surfing events and programs.

The research consulting firm also notes that three bodyboard-related events will impact on this sudden rise in market value: the emergence of new and advanced manufacturing techniques (CAD/CAM), the advent of a new environmentally-friendly foam technology, and the increase in the number of surf trade shows.

"According to this market study, North America was the largest market for bodyboards in 2015, accounting for a market share above 32 percent," explains Technavio.

The research analysis observes that "the global bodyboard market is highly competitive with the key players competing for market leadership (...) and the vendor competition will further intensify due to the constant change in consumer preferences."

Technavio identified four major players (Custom X Bodyboards, NMD Board Co, Pride Bodyboards, and Wham-O), and a second group of prominent vendors (4Play, Agit Global, ARIN Bodyboards, Ballistic, BANGA Boards, BruSurf, Funkshen Bodyboards, Genesis, Hubboards, JG Boards, Keeper Sports Products, Milk Bodyboards, No. 6, Primo, Turbo Surf Designs, and YUAN Sports).

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