ASEAN: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in ASEAN

The ASEAN water-skis and surfboards market declined to $X in 2022, which is down by -5.8% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -12.6% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Water-Skis And Surfboards Production in ASEAN

In value terms, water-skis and surfboards production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 30%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Water-Skis And Surfboards Exports

Exports in ASEAN

In 2022, shipments abroad of water-skis, surfboards and sailboards increased by 5% to X units, rising for the second consecutive year after three years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 47% against the previous year. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, water-skis and surfboards exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Thailand represented the key exporting country with an export of around X units, which amounted to 55% of total exports. Malaysia (X units) took the second position in the ranking, distantly followed by Vietnam (X units), Indonesia (X units) and Singapore (X units). All these countries together took near 41% share of total exports. Cambodia (X units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to water-skis and surfboards exports from Thailand stood at -2.3%. At the same time, Indonesia (+35.9%), Cambodia (+18.3%), Vietnam (+10.3%) and Singapore (+1.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +35.9% from 2012-2022. Malaysia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Indonesia, Vietnam and Cambodia increased by +7.8, +5.3 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest water-skis and surfboards supplier in ASEAN, comprising 62% of total exports. The second position in the ranking was held by Vietnam ($X), with a 9.7% share of total exports. It was followed by Malaysia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand totaled +1.0%. In the other countries, the average annual rates were as follows: Vietnam (+13.1% per year) and Malaysia (+4.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2020 an increase of 20%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.2%), while the other leaders experienced more modest paces of growth.

Water-Skis And Surfboards Imports

Imports in ASEAN

In 2022, supplies from abroad of water-skis, surfboards and sailboards decreased by -7.3% to X units for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, saw a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 29%. As a result, imports reached the peak of X units, and then fell in the following year.

In value terms, water-skis and surfboards imports contracted to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

Indonesia represented the key importer of water-skis, surfboards and sailboards in ASEAN, with the volume of imports resulting at X units, which was approx. 44% of total imports in 2022. Malaysia (X units) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (14%) and Singapore (14%). The Philippines (X units) and Vietnam (X units) followed a long way behind the leaders.

Indonesia was also the fastest-growing in terms of the water-skis, surfboards and sailboards imports, with a CAGR of +23.0% from 2012 to 2022. At the same time, Malaysia (+15.2%), Thailand (+7.9%), Vietnam (+2.9%) and Singapore (+1.5%) displayed positive paces of growth. By contrast, the Philippines (-5.4%) illustrated a downward trend over the same period. Indonesia (+30 p.p.) and Malaysia (+7.7 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam, Thailand, the Philippines and Singapore saw its share reduced by -2.3%, -2.8%, -13% and -17.4% from 2012 to 2022, respectively.

In value terms, the largest water-skis and surfboards importing markets in ASEAN were Singapore ($X), Indonesia ($X) and Malaysia ($X), with a combined 69% share of total imports.

Indonesia, with a CAGR of +22.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, growing by 4.2% against the previous year. Over the period under review, the import price, however, showed a mild shrinkage. The pace of growth was the most pronounced in 2014 an increase of 11% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+17.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform