As per MRFR analysis, the Electric Hydrofoil Surfboards Market Size was estimated at 38.77 (USD Billion) in 2022. The Electric Hydrofoil Surfboards Market Industry is expected to grow from 40.62 (USD Billion) in 2023 to 63.60 (USD Billion) by 2032. The Electric Hydrofoil Surfboards Market CAGR (growth rate) is expected to be around 5.8% during the forecast period (2024 - 2032).
Factors spurring the development of the electric hydrofoil surfboards market include rising interest in recreational water sports, the need for sustainable forms of leisure, and the improvement of battery technology for increased riding periods. Areas that need further exploration and exploitation include the development of other designs, such as foldable or modular surfboards and the movement into new sectors, such as rentals and tours.
The latest developments in the electric hydrofoil surfboard market are the creation of lightweight electric boards, more sophisticated development of electric board navigation, and enhancing the supply of accessories like electric board bags and chargers. Furthermore, there is an increasing demand for accessories supporting safety features, including emergency switches, emergency cut-off functions, and materials that can avoid severe impact damage. These transitions reveal an evolution of ‘aesthetic’ electric hydrofoil surfing to ‘function and use’ oriented electric hydrofoil surfing.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The rising popularity of water sports, namely surfing, wakeboarding, and kitesurfing, has resulted in an increased demand for electric hydrofoil surfboards. Being one of the most engaging and exciting leisure activities, the hydrofoil surfboard allows its riders to enjoy the thrill of gliding along a water surface with minimal effort. Furthermore, it is much easier to learn hydrofoil surfing than its traditional counterpart, which means that an even bigger number of customers will be interested in this product.With the growing interest in water sports, the demand for electric hydrofoil surfboards will increase as well.
The development of more powerful and efficient batteries has been a key factor in the growth of the electric hydrofoil surfboard market. These batteries allow riders to enjoy longer ride times and higher speeds. As battery technology continues to improve, electric hydrofoil surfboards will become even more appealing to consumers.
Governments around the world are increasingly supporting the development of sustainable water sports. This support includes funding for research and development, as well as subsidies for the purchase of electric hydrofoil surfboards. As governments continue to promote sustainable water sports, the electric hydrofoil surfboard market is expected to grow significantly.
By Application, the market is segmented into Recreational and Commercial. The recreational segment is estimated to dominate the market by occupying over 70% of the revenue shares in 2024. The commercial segment is expected to register a higher CAGR over the forecast period. The demand for electric hydrofoil surfboard is increasing with the growing popularity of water games across the globe. The recreational segment is expected to dominate the market as the trend along beaches in the US, European and Asian countries is increasing owing to participation in beach parties while riding electric hydrofoil surfboards.In addition, the demand for e-foils to resolve personal modes of transportation for easy and efficient riding on a river, beach, or lake is increasing. The commercial segment is also expected to grow as the demand for e-foils from businesses such as rental companies, tour operators, resorts, and beaches across the globe is also rising. Thus, the recreational segment is also predicted to occupy around USD 3.1 billion of the revenue by 2024, and the commercial segment to hold around USD 1.4 billion during the same year. Revenue Revenue from the recreational segment Revenue from the commercial segment CAGR The Electric Hydrofoil Surfboards Market is expected to grow at a CAGR of 14.2% over the forecast period, 2018-2028.The recreational segment is expected to grow at a CAGR of 13.8% over the same period, while the commercial segment is expected to grow at a CAGR of 15.1% over the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The Propulsion System segment of the Electric Hydrofoil Surfboards Market is classified into Direct Drive and Gear Drive. The Direct Drive segment had a larger share in 2023 and it accounted for 62.3% of the Electric Hydrofoil Surfboards Market revenue by 2023. This is the case because of higher efficiency and lower maintenance cost received with the Direct Drive systems. However, the Gear Drive segment will have a higher CAGR of 14.2% throughout the forecast period because of the ability to comply with high torque and power requirements.By 2032, this segment will hold a sufficient market share of 38.7% after the increasing use of high-performance electric hydrofoil surfboards.
The range segment is a key factor in determining the price and performance of electric hydrofoil surfboards. The 'Less than 5km' range segment accounted for the largest share of the Electric Hydrofoil Surfboards Market revenue in 2023, owing to its affordability and suitability for recreational use. The '5-10km' range segment is expected to witness significant growth in the coming years, driven by the increasing popularity of electric hydrofoil surfboards for commuting and leisure activities. The 'More than 10km' range segment is expected to gain traction in the long term, as battery technology improves and demand for high-performance electric hydrofoil surfboards increases.Key players in the Electric Hydrofoil Surfboards Market are focusing on developing innovative products with extended range capabilities to meet the evolving needs of customers. Data shows that the Electric Hydrofoil Surfboards Market is expected to continue its growth trajectory in the coming years, with the '5-10km' and 'More than 10km' range segments expected to contribute significantly to the overall market growth.
The Electric Hydrofoil Surfboards Market can be segmented on the basis of Board Type as Inflatable and Rigid. Inflatable Electric Hydrofoil Surfboards are gaining popularity due to their portability and ease of storage. They are also more affordable than Rigid Electric Hydrofoil Surfboards. Rigid Electric Hydrofoil Surfboards, on the other hand, offer better performance and stability, making them more suitable for experienced riders. In 2023, the Inflatable Electric Hydrofoil Surfboards segment is expected to account for a larger share of the market due to its affordability and convenience.However, the Rigid Electric Hydrofoil Surfboards segment is expected to grow at a higher CAGR during the forecast period, owing to its superior performance and stability.
The regional segmentation of the Electric Hydrofoil Surfboards Market offers valuable insights into the market's geographical distribution and growth potential. North America is projected to dominate the market, capturing over 35% of the revenue share in 2023 and maintaining its leadership position through 2032. The region's well-established water sports industry, coupled with increasing disposable income and a growing population of adventure enthusiasts, drives the market growth. Europe follows closely, accounting for around 28% of the market share, driven by the presence of key manufacturers and a strong surfing culture.The Asia-Pacific region is anticipated to witness significant growth over the forecast period, owing to the rising popularity of water sports and increasing investment in tourism infrastructure. South America and the Middle East and Africa regions represent emerging markets with untapped potential, offering opportunities for market expansion.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The Electric Hydrofoil Surfboards Market is expanding owing to consumer demand for innovative and eco-friendly water sports equipment. The most prominent players in the electric hydrofoil surfboards market are continually investing in analyzing needs and developing new products aimed at outstanding electric hydrofoil surfboards. In addition to research and development, the Electric Hydrofoil Surfboards Market's major players are exploring additional levers for sustainable growth, such as acquisitions and international expansion.
Among the players operating in the Electric Hydrofoil Surfboards Market, Lift Foils company has already emerged as an innovative and customer-oriented business due to its high-performance electric hydrofoil surfboards, which are stable and easy to ride.
Another successful player in the Electric Hydrofoil Surfboards Market is Fliteboard, which offers a range of electric hydrofoil surfboards tailored to all skills and needs in the competitive Electric Hydrofoil Surfboards Market.
The Electric Hydrofoil Surfboards Market is projected to reach USD 11.24 billion by 2032, exhibiting a CAGR of 13.86% during the forecast period (2024-2032). The growing popularity of water sports and increasing demand for personal watercraft are driving the growth of the market. Key industry participants are focusing on product innovation and strategic partnerships to strengthen their market position. Recent news includes the launch of new electric hydrofoil surfboard models by Fliteboard and Lift Foils, and the acquisition of electric hydrofoil manufacturer eFoil by Taiga Motors. Government initiatives promoting water sports and tourism are also contributing to the market's growth.
| Report Attribute/Metric | Details |
| Market Size 2022 | 38.77 (USD Billion) |
| Market Size 2023 | 40.62 (USD Billion) |
| Market Size 2032 | 63.60 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.8% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Makai Ocean Engineering, JetSurf, Foil, Radinn, Lift Foils, Efoil.one, Waydoo, Awake Boards, Lampuga, Taiga Motors, Fliteboard, Onean |
| Segments Covered | Application, Propulsion System, Range, Board Type, Regional |
| Key Market Opportunities | 1 Increased demand for sustainable marine recreation2 Government incentives for eco-friendly water sports3 Growing popularity of adventure tourism4 Advancements in electric motor technology5 Enhanced surfing experience and exhilaration |
| Key Market Dynamics | Rising popularity of water sports Growing demand for eco-friendly surfing experiences Technological advancements in battery technology |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Electric Hydrofoil Surfboards Market is expected to reach USD 40.62 billion in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2032, reaching USD 63.60 billion by 2032.
The key regions for the Electric Hydrofoil Surfboards Market are North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to hold the largest market share in 2023, followed by Europe and Asia-Pacific.
The key applications for Electric Hydrofoil Surfboards include recreational use, professional surfing, and military and law enforcement.
The key competitors in the Electric Hydrofoil Surfboards Market include Fliteboard, Lift Foils, Takuma, Onean, and Radinn.
The key trends in the Electric Hydrofoil Surfboards Market include the increasing popularity of electric water sports, the growing demand for sustainable and eco-friendly products, and the advancements in battery technology.
The challenges facing the Electric Hydrofoil Surfboards Market include the high cost of production, the limited availability of charging infrastructure, and the safety concerns associated with using electric water sports equipment.
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