This specific report will fundamentally evaluate the macro environment of XFoil in the Australian market. The benefits of XFoil in the market will be presented in this report. Moreover, the demographic environment of Australia will be presented here, along with the cultural aspects that are influencing the use of XFoil. The political and technological environment will also be evaluated in this particular report. The opportunities and benefits of the versatile watercraft will be presented here through the macro environment analysis.
Surfers in Australia are aware of the sustainability of the ocean, which is increasing the demand for environment-friendly surfboards in the country. The awareness among individuals about the use of sustainable surfboards is enabling companies to focus on the manufacturing of electric surfboards (Anderson, Hughes and Nguyen, 2019). The initiatives of the Australian government is helping firms to increase awareness among the consumers towards the manufacturing of electric carbon-fibre surfboard. Moreover, the steps taken by the government of the country to reduce carbon footprint are also supporting companies to manage the manufacturing of electric carbon fibre surfboards, which are also influencing the individuals.
Increasing health and environmental awareness among individuals are influencing the culture in Australia towards the manufacturing of electric surfboards. The increased focus on the manufacturing of electric surfboards to manage environmental sustainability is able to increase the growth of XFoil in the country. The culture of environmental sustainability in the country is influencing the demand. The adoption XFoil of alternative materials by firms to manufacture sustainable surfboards has increased in companies operating in Australia due to the culture and increased awareness among the individuals in the country.
The experiment of new materials to manufacture surfboards by companies in the country has increased to manage and protect the environment. Moreover, the awareness among individuals towards the maintenance of health is also allowing the firm to focus on the manufacturing of electric surfboards (Li, 2018). It is also enabling XFoil to increase its growth in the country due to its low cost. The demand for sustainable surfboards is also increasing due to the reduced cost in its manufacturing process. Increased support in managing the cost is allowing these firms to maintain their profitability and influence the economic growth of the country.
The transparent political system in the country, strong economy and reduced taxes for businesses are attracting several new firms to the country. The policies that have been developed by the government are allowing in improving the opportunities for new firms, such as XFoil, towards the industry of manufacturing surfboards (Simões, 2020). The reduced taxes for new businesses in the country is also attracting large investors to the sector of electric surfboard manufacturing. The improved transparency of the political environment is also influencing businesses to operate and expand in Australia. It is able to help XFoil to operate in Australia by improving growth.
Improved technological growth and the focus of companies on research and development are increasing the technological improvement in Australia. Furthermore, the government of the country is supporting the adoption of new and advanced technologies to improve environmental sustainability (Ricci et al., 2021). Research and development to manage environmental sustainability are allowing surfboard manufacturing companies of the country to use improved technology. It is able to allow XFoil to increase and expand its business in the country. In addition, the technological improvement in the country is able to support XFoil to expand its business in Australia and gain increased profitability.
The population of Australia includes Torres Strait Islander, Aboriginal and other Oceania individuals, which is increasing the demand for environment-friendly surfboards. The population in Australia is lower than in other countries of major economies (Rastogi and Trivedi, 2016). On the other hand, the availability of Oceania people in the country is influencing the growth of XFoil to manufacture electric carbon fibre surf and hydrofoil. It is also increasing the demand and growth of XFoil in Australia, which is essential for the increased profitability and expansion of the organisation in the market.
It was concluded from the report that the growth of the surfboard manufacturing industry is increasing in Australia. The increased demand and awareness among the individuals of the country is enabling XFoil to increase its business growth (Mihailova, 2020). The use of technology and increased environmental awareness is able to improve the sustainability of the company in the market. It was also concluded that the increased economic growth of Australia is attracting investors to the country, which is vital for the increased growth of XFoil.
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