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The Winter Sports Equipment Market is Estimated to Reach More Than US$ 3 Bn by 2028, Likely to Grow with a CAGR of 2.0 % During the Forecast Period.
In recent years, competitive and non-competitive recreational winter sports activities have developed rapidly. The growing tourism industry and increasing recognition of winter sport among the millennial generation are among the major drivers for the increasing popularity of winter sports. This has increased the demand for winter sports equipment such as skis, poles, snowboards, bindings, boots, ice hockey sticks, and several other accessories. Due to the rising popularity of this sport, the winter sports equipment market size is expected to rapidly.
Rising Participation in Winter Sports Events to Promote the Growth of the Winter Sports Equipment Industry
The interest in skiing and other snow sports has been distributing from traditional territories such as the UK to other countries which include China and Russia. Studies have found that there is a progressive increase in the total of primary school children and younger children as well as in junior high school students taking up winter sports. Furthermore, according to the 2016 China Skiing Industry White Paper, snowboarding has become more popular in China in recent years, and sales of snowboards have grown faster than those of skis over the period of 2006 to 2017. Also, the upcoming Winter Olympics, which will be held in Beijing, China, is promoting the winter sports equipment industry immensely in Asia. Several governments are also providing financial support to increase their participation in the Winter Olympics, which, in turn, will promote the growth of the winter sports equipment industry.
The Emergence of Intelligent Wearable to Create New Opportunities for the Growth of the Winter Sports Equipment Market
Companies operating in the winter sports equipment industry are developing intelligent wearable’s that regulate body temperature. Emerging companies in the winter sports equipment market are delivering actionable insights to improve skiing performance. Companies such as GetCarv and SnowCookie both are offering a digital ski coach by making use of wearables. While GetCarv, however, gets the data from the sensors in the insoles, Snowcookie, is measuring skiing parameters via a sensor to the chest and the skis. Therefore, the trend of intelligent wearables will create favorable opportunities for emerging players in the winter sports equipment industry.
North America to Remain Dominant throughout the Forecast Period in the Winter Sports Equipment Market
Geographically, North America accounted for the largest share in the global winter sports equipment market and will remain dominant throughout the forecast period. In several parts of North America, people participate in winter sports such as snowmobiling, snow-shoeing, cross-country skiing, and ice-skating as a recreation during winters. Also, the presence of several sports enthusiasts in the U.S. and Canada contributes to the dominance of this region. The Asia Pacific is anticipated to grow at a significant rate due to the increasing participation of China in winter sports. China is also taking advantage of the opportunity to grow the industry by working to open new ski resorts and produce more ski wear. They are trying to corner their market and help promote this activity in their countries instead of having their residents travel to other areas of the world. This move is expected to drive the growth of winter sports equipment industry in the Asia Pacific region
The Online Distribution Channel is Expected to Grow with the Highest CAGR Throughout the Forecast Period
The products include ski, poles, snowboard, bindings, boots, ice hockey sticks, and accessories. The skis hold the largest share in the market owing to the increasing number of participants in outdoor sports such as skiing, along with favorable government initiatives in countries, such as China, India, and Japan, on promoting the population to take part in skiing. The sports segment is bifurcated into skiing, snowboarding, ice hockey, ice skating, and others. Among them, skiing holds the largest share in the market. The distribution channels include online and online mode of sales. The online segment is further bifurcated into e-commerce websites and company-owned websites. The offline segment includes supermarket/hypermarket, specialty stores, and others. Among them, the online segment is growing with the fastest CAGR owing to the growth of several company-owned websites.
The winter sports equipment market is intensely competitive with a large number of new entrants. The major market players include Rossignol Group, Amer Sports Corporation, Fischer Sports Corporation, ELAN D.o.o, Clarus Corp., Völkl Sports GmbH, BAUER Hockey LLC, Head UK Ltd., Sport Maska Inc., and Icelantics LLC among others. The major players in the winter sports equipment industry are introducing new wearable’s well-designed for skiing and ice-skating. New entrants such as GetCarv and SnowCookie are entering the market with new and innovative products to gain a competitive advantage over the established players.
Global Winter Sports Equipment Market By-Products
- Ice Hockey Sticks
Global Winter Sports Equipment Market By Sport Type
- Ice Hockey
- Ice Skating
Global Winter Sports Equipment Market By Distribution Channel
- E-commerce Websites
- Company-owned Websites
- Specialty Stores
Global Winter Sports Equipment Market By Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa