Skateboard Bearing Market

Market Overview

The global skateboard bearing market was valued at USD 1,680.42 million in 2022. It is estimated to reach USD 3068.66 million by 2031, growing at a CAGR of 3.78% during the forecast period (2023–2031). The expanding popularity of skateboarding as a competitive sport as well as a leisure activity is anticipated to drive the global skateboard bearing market. Moreover, there has been a notable surge in technological developments and product enhancements that enhance the performance and quality of skateboard bearings, thereby augmenting the global market expansion.

Skateboard bearings are small, round constituents that are important for the operation of a skateboard. The wheels are inserted onto the skateboard's axle to enable unrestricted rotation. Bearings minimize the resistance caused by friction between the wheel and the axle, facilitating seamless and effective motion. Typically, these objects are constructed from ceramic or stainless steel materials, each with distinct merits and drawbacks in terms of their longevity, frictional properties, and capacity to resist corrosion.

Skateboard bearings generally include a circular casing known as a "race" that contains seven to eight steel or ceramic balls. The prevailing kind of bearing employed in skateboards is the 608 bearing, characterized by its dimensions of 22mm (outer diameter), 8mm (inner diameter), and 7mm (width). Regular maintenance is necessary for skateboard bearings to ensure optimal performance. This entails the process of cleansing and applying lubrication to them to avert the negative effects of dirt and debris, which can impede the smooth rotation of the wheels.

Market Dynamics

Global Skateboard Bearing Market Drivers:

Growing Popularity of Skateboarding

The growth of the skateboard-bearing market is fueled by the rising popularity of skateboarding as both a competitive sport and a recreational activity. Skateboarding is a demanding activity requiring exceptional proficiency, skill, and ingenuity. It also offers many advantages, including enhanced physical fitness, mental well-being, and opportunities for social engagement.

Skateboarding is a very popular and widely practiced extreme sport, with active enthusiasts in nearly every country worldwide. It is globally ranked as the sixth most popular sport. As per the International Association of Skateboard Companies (IASC), the global count of skateboarders exceeded 20 million in 2020, with projections indicating a continued increase in the upcoming years. Moreover, the inclusion of skateboarding in the 2020 Summer Olympics in Tokyo was announced in 2016, with separate teams for male and female participants. These factors are expected to bolster the market expansion.

Technological Advancements 

In recent years, there has been a significant increase in technological advancements and product improvements that boost the performance and quality of skateboard bearings. Skateboard manufacturers continuously introduce novel features and designs that enhance skateboard bearings' durability, speed, and smoothness. For instance, Bones Bearings, an established brand in the industry, has created Swiss Ceramic Bearings. These bearings are constructed with top-quality ceramic balls that effectively minimize friction and heat, enhancing speed and durability.

In addition, in January 2022, Koyo Bearings, a subsidiary of JTEKT Corporation, is a specialized company that focuses on designing and engineering a diverse selection of rolling bearings for various purposes. The company has created a unique hybrid ceramic bearing specifically designed for skateboards. The term "hybrid" refers to the utilization of steel and ceramic materials in constructing this bearing. Such advancements are anticipated to foster market expansion.

Global Skateboard Bearing Market Restraint:

High Cost of Ceramic Bearings

The skateboard bearing market is hindered by the high cost of ceramic bearings, which restricts their acceptance among cost-conscious consumers. Ceramic bearings often have a higher price tag than stainless steel bearings due to the need for more sophisticated manufacturing techniques and materials. The price range for eight ceramic bearings is often between USD 50 and USD 150, whereas a set of eight stainless steel bearings usually falls within the range of USD 10 to USD 50. Therefore, numerous skateboarders choose more affordable substitutes that provide adequate performance and quality.

Furthermore, the high expense of ceramic bearings also impacts the profitability and competitiveness of skateboard-bearing producers and distributors, as they must allocate greater resources towards research, development, production, and marketing of their products. These issues impede the growth and expansion of the skateboard-bearing market.

Global Skateboard Bearing Market Opportunities:

Growing Demand for Customized and Personalized Skateboard Bearings

The increasing desire for customized and personalized skateboard bearings that meet the precise requirements and inclinations of skateboarders is projected to generate opportunities for market expansion. Skateboarders frequently aim to showcase their distinctiveness and style by personalizing their skateboards, and one of the components that may be customized according to preferences are the skateboard bearings, which can be customized in terms of shape, color, size, and design to match the wheels.

Two examples of customized skateboard bearings are the Spitfire Cheapshots Colour Bearings, available in various colors including blue, green, red, and yellow, and the Bronson Speed Co. G3 Bearings, which incorporate a distinctive deep groove raceway design to minimize the risk of side impact damage and breakage. These products provide a distinct advantage and a compelling value proposition to skateboard-bearing producers and distributors, allowing them to attract and retain a larger client base and enhance their market dominance and financial performance. These elements contribute to the emergence of a promising and profitable market for skateboard bearings.

Regional Analysis

North America Dominates the Global Market

Based on region, the global skateboard bearing market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. 

North America is the most significant global skateboard bearing market shareholder and is expected to expand substantially during the forecast period. The North American market dominates the skateboard bearings market due to its substantial population of skateboarders and enthusiastic skateboarding fans. Skateboarding is mostly an American sport. As per the International Association of Skateboard Companies (IASC), the United States alone boasted a population of over 10 million individuals engaged in skateboarding in 2020, with projections indicating a continued upward trend. California harbors most of the skaters in the United States, accounting for more than 50% of the total population.

Furthermore, a significant proportion of these skaters, namely over 75%, are under 18. The region also has prominent skateboard bearing manufacturers, including Bones Bearings, Bronson Speed Co., and Spitfire Wheels. These firms provide consumers with top-notch and cutting-edge products. There is a noticeable increase in the practice of customizing and personalizing skateboard bearings in the region. Skateboarders do this to showcase their identity and fashion sense through their boards. All these factors contribute to market expansion in the region.

Asia-Pacific is experiencing rapid growth in the skateboard bearing market due to increasing awareness and interest in skateboarding among the younger population. Skateboarding is experiencing a surge in popularity across various Asian nations, including China, India, Japan, and South Korea, for entertainment, physical well-being, and social engagement. In 2019, the skateboarder population in China reached 2 million individuals. Originally an independent activity, skateboarding has transformed into a potential business, experiencing a steady annual growth rate of 3.1% since its inclusion as an Olympic sport in 2016. The projected market size of skateboarding in China is predicted to surpass USD 2.4 billion by 2025.

Furthermore, skateboarding has experienced a surge in popularity in India during the past decade. Skate parks exist in cities like Mumbai, Delhi, Pune, and Bengaluru. The Asia-Pacific region possesses significant possibilities for product invention and customization as skateboarders strive to distinguish themselves from the prevailing culture. The region is experiencing increased manufacturers and distributors of skateboard bearings, including NSK, NTN, and SKF. These companies provide consumers with affordable and high-quality products. Such aspects are augmenting the regional market expansion.

The Middle East and Africa region is an emerging market for skateboard bearings, characterized by a limited adoption and awareness of skateboarding among the population. Skateboarding is an escalating sport and hobby in several Middle Eastern and African nations, including Saudi Arabia, UAE, Egypt, and South Africa. The region encounters various obstacles and impediments, including inadequate infrastructure, societal norms, and legal constraints, that impede the progress and advancement of skateboarding. However, the region also presents several prospects and initiatives, such as the Skateistan project, the Dubai Skatepark, and the Africa Skating Federation, which strive to foster and endorse skateboarding in the region.

Segmental Analysis

The global skateboard bearing market is bifurcated into material types and distribution channels.

Based on material type, the global skateboard bearing market is bifurcated into ceramic and stainless steel bearings. 

The stainless steel bearings segment owns the market over the forecast period. Stainless steel is known for its excellent rust resistance and corrosion. Skateboard bearings are especially susceptible to different climatic circumstances, such as moisture from rain or damp surfaces. Therefore, this aspect holds significant importance. Typically, they possess a high level of durability and can endure the demanding conditions of skating. They exhibit higher resistance to damage or deformation than certain other materials.

Bearings are essential in determining the level of smoothness experienced during a skateboard ride. Stainless steel bearings enhance the wheels' rotation, ensuring a seamless and uniform motion improving the skating experience's overall quality. Moreover, stainless steel bearings necessitate less upkeep than some other materials, as they are more corrosion-resistant.

Based on the distribution channel, the global skateboard bearing market is divided into supermarkets/hypermarkets, specialist retailers, internet sales, and others. 

The specialist retailers segment owns the highest market share. Specialist retailers are businesses that sell a particular category or niche of products within the retail sector. Specialist retailers focus exclusively on a specific product line or category, catering to a specific target market, as opposed to general shops that provide an extensive product selection across numerous categories. These retailers possess extensive knowledge and expertise in their products, enabling them to offer customers a more specialized and customized shopping experience.

Specialty retailers frequently appeal to customers seeking a certain type of product or specialized knowledge, and they typically offer a more carefully chosen assortment of things within their unique market segment. This expertise enables them to attract loyal customers by providing a distinctive and focused purchasing encounter.

Recent Developments

• June 2023- Lone Star Ride Co., the newest establishment in Port Lavaca, introduced a new and exciting atmosphere. With its anticipated June opening, the new skate and apparel store aims to foster a sense of community among individuals who share a deep interest in fashion, skateboarding, and other related topics.

• June 2023- Volatile Skateboards, based in North Carolina, collaborated with GWAR to produce a new collection of skateboards and accessories. These products are available for pre-order on the GWAR website and are produced by the preeminent manufacturer of officially licensed rock 'n' roll skateboards, high-quality skateboard tools, and accessories.