BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Skateboard Trucks Market size at USD 2.89 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Skateboard Trucks Market size to expand at a CAGR of 4.50% reaching a value of USD 4.06 billion by 2030. An increasing demand for customized skateboards and the expanding appeal of street culture and skateboarding are key drivers of growth in the Global Skateboard Trucks Market. Moreover, it is also projected that the growing incorporation of sustainable materials into skateboards would propel the growth of Global Skateboard Trucks Market over the forecast period.
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Opportunity - Increasing Number of Female Skateboarders
The increase in female participation offers an immense growth opportunity for the major players in Global Skateboard Trucks Market. The skateboarding community, which has historically been dominated by men, is changing as more women and girls take an interest in the sport. As companies come to understand the value of inclusion, products made especially for female skaters—like boards with sizes and patterns tailored to their tastes—are emerging. The market need for skateboard trucks is being driven by this shift in demographics, which is also opening up new opportunities for skateboard makers.
Impact of Escalating Geopolitical Tensions on Global Skateboard Trucks Market
The escalating geopolitical tensions could negatively impact the growth of Global Skateboard Trucks Market. Geopolitical conflicts create supply chain disruptions that result in shortages or delays in vital parts that are imported from other nations and utilized in the production of skateboard trucks, such as different metals. Furthermore, trade restrictions and tariffs imposed by other nations may cause a jump in the cost of manufacturing and raw materials, which might impede the expansion of the industry. Additionally, geopolitical tensions have an impact on consumer behavior and purchasing power. This might lead to a slowdown in the demand for skateboards, which would ultimately reduce the market for skateboard trucks.
Supermarket Distribution Channel Holds Largest Market Share
The supermarket segment holds leadership position in Global Skateboard Trucks Market by distribution channel. The easy access to a large selection of skateboards in various sizes, colors, and brands, as well as the abundance of supermarkets around the globe, contribute to the segment's growth. However, during the period in analysis, it is expected that the Internet sales category will grow at the fastest rate. Skateboard trucks have seen an increase in online sales due in part to the rising use of online payment methods and e-commerce sites like Amazon.com. The other major segments in Global Skateboard Trucks Market by distribution channel include specialist retailers.
North America Dominates Global Skateboard Trucks Market
North America holds the largest market share in Global Skateboard Trucks Market, owing to the high popularity of skateboarding in the United States. There are now several skating events staged across the country, as a result of skateboarding’s rising appeal as a sport and recreation. Moreover, the market is expanding, due to skateboarding’s development as a "distinct culture" in the United States over the 1990s.
Competitive Landscape
Global Skateboard Trucks Market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Independent Trucks, Wever Co., Ltd, Quest Boards, Thunder Trucks, Venture Trucks, TENSOR Trucks, Krux Trucks, Mini-Logo Skateboards, Bear Trucks, Caliber, Paris Trucks, and 2HEX.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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