Market Sizes

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Market Sizes

While there is no pre-existing information to answer your request, we have compiled some related information and industry statistics that we were able to find. For surfboard rentals, it is known that "surfboard rentals are an essential source of income for surf shops and surf schools." For bicycles, 0.8% of the average dealer's revenue was from rentals in 2015. Bike-sharing programs have become popular in US cities, which may have had an impact on dealers' rental revenue. Further insights and methodology have been detailed below.

Methodology

Unfortunately, the markets for surfboard and bicycle rentals do not seem to be discussed at length online. Any market data that did exist for both industries did not separate sales from rentals. Many sites that could have potentially broken the data down further were behind a paywall, such as 24article, Statistic Brain, and IBIS World.

For surfboard rentals, we attempted to search market and data-related sites such as Statista, Strategyr, and Elsevier. We also searched surfing-related sites such as Surf Industries, as well as the websites of some large global rental companies, such as Grancanaria Surf, Portugal Surf Rentals and Euro Surf Rental.

For bicycle rentals, we attempted similar research strategies and looked through data-related sites like Statista, news portals, specialized sites, national organizations, and company websites. We found that while there wasn't a wealth of information on rentals specifically, there were many articles discussing the bike-share programs used in cities, which are similar to bike rentals. Thus, we have included insights based on these bike-share programs used by US cities.

Any information provided from over two years ago was included for any topic relevancy or insight, particularly due to the already lacking amount of information available on the subjects. For example, the data from 2007-2014 for bike-sharing programs was included to complement the data from 2010-2016 and show the drastic increase in program participation over the last decade.

Findings - Surfboards

Although the surfboard market was not separated by sales and rental revenue, we were able to find some general insights on the surfboard industry and any available rental trends.

GENERAL INDUSTRY INSIGHTS
- From 2018 to 2022, the global surfboard market is expected to have a CAGR growth rate of 12.24%.
- From 2017 to 2026, on the other hand, the global surfboard market is expected to have a CAGR of 6.7% instead. Market growth will be driven by the bulk surfboard purchases made by private sports institutions and surfing academies.
- By 2026, it is estimated that longboards (21%) and shortboards (35%) will account for a total of 56% of the global market shares.
- In 2016, there were approximately 2.79 million surfers in the US.
- The global surfing market is projected to be $9.5 billion by 2022.
- Electric features, such as battery-powered surfboards, are being developed in European countries (i.e., Germany) and are starting to gain traction in popularity.

SURFBOARD RENTALS
- It is known that "surfboard rentals are an essential source of income for surf shops and surf schools."
- Surfers may be hesitant about taking their surfboards with them on flights due to fees and inconveniences, and they may opt to just rent or buy a new surfboard at the vacation destination instead.
- Traveling with a surfboard, in general, require the right equipment and getting used to the process. Because of this issue, travelers may opt to just rent a surfboard instead.
- It is generally advised to try out a surfboard by renting it first before buying it. It is also recommended for beginners to rent boards to find out if they like the sport enough to purchase a board.

Findings - Bicycles

Although there was little to no information on the market size of bicycle rentals, we found that many cities in the US operate bike-share systems, which are defined as "publicly-available systems with at least 10 stations and 100 bikes." In 2016, there were 55 bike-share systems in the US, with a total of 42,000 bikes. The presence of these bike-share systems may be a factor in the minimal information on the bike rental market.

GENERAL INDUSTRY INSIGHTS
- In 2016, 12.4% of Americans were cycling on a regular basis, with a total of 66.5 million cyclists/bike riders overall.
- In 2016, cyclers aged between 6 and 17 decreased, while cyclers aged between 17 to 24 increased, reaching their highest figures, 5.7 million riders, in the last decade.
- The US cycling industry is worth around $5.9 billion, with independent dealers making up 52% of the industry's bike sales.
- Electric bikes are considered the fastest growing bike type, with $77.1 million in 2017 sales and a 91% growth rate from the previous year.

BIKE RENTALS AND BIKE-SHARES
- 0.8% of the average dealer's revenue was from bicycle rentals in 2015.

- From 2007 to May 2014, there were a total of 23 million rides in US cities' bike-sharing programs. Since then, this figure has risen significantly. From 2010 to 2016, there were 88 million bike-share trips in the US, with 2016 alone having over 28 million bike-share trips.

- According to NACTO, the top 5 largest systems generate 85% of all bike-share trips. The five largest bike-share systems in the US are:
1. Citi Bike - New York
2. Capital Bikeshare - Greater Washington DC
3. Citi Bike - Miami
4. Divvy - Chicago
5. Hubway - Greater Boston

- In the last decade, over 600 cities have collectively deployed 700,000 bicycles around the world through bike-sharing programs.

- Smart bikes, with necessary electronic accessories incorporated into the bike itself, were first launched in 2014 and had significant growth since its launch. However, most stations still use smart docks instead of smart bikes. In 2016, 31% of systems used smart bike technology, but only 13% of the bikes were smart bikes.

Conclusion

Although there was little to no information on the rental market size for the surfboard and bicycle industries, we were able to find some related insights instead. We included general industry insights, as well as any findings on rentals. Instead of bike rentals, we were able to find a wealth of data on bike-sharing programs used by US cities, which work similar to bike rentals.
Sources
Sources