The winter sports equipment market will reach $32.83 billion globally,
Allied Market Research published a report titled “Winter Sports Equipment Market by Product Type (Ski Equipment, Footwear, Protective Equipment, Others), by Sports (Snowboarding, Skiing, Ice Hockey, Others), by Distribution Channel (Online, Offline): Global Opportunities Analysis and Industry Forecast, 2021-2031.” According to the report, the global winter sports equipment market generated revenue worth $14.69 billion in 2021 and is expected to reach $32.83 billion by 2031, registering a CAGR of 8 .5% from 2022 to 2031. The market study provides detailed analysis of evolving industry trends, most important segments, value chain analysis, key investment business scenarios, regional space and space competitive.
Main determinants of growth
Introduction of government sports initiatives in emerging economies and increased awareness of fitness and sports along with increased popularity of winter sports equipment and apparel is driving the growth of the global sports equipment market of winter. Moreover, the demand for sporting goods and sports activities among young people and the improvement in the design of sports products complement the growth of the market. On the other hand, the increase in people’s interest in recreational activities compared to sports activities creates new opportunities. On the contrary, the emerging trends of offering winter sports equipment and clothing to the population belonging to various age groups present new opportunities.
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The COVID-19 pandemic has negatively impacted the expansion of the global winter sports equipment market, owing to the halt in the organization of sporting events across the globe.
Lockdown during the COVID-19 pandemic has resulted in low production and sales of winter sports equipment, thus hampering the growth of the global market.
The offline segment will maintain its leading position during the forecast period
In terms of distribution channel, the offline segment contributed the largest market share in 2021, accounting for more than four-fifths of the overall global winter sports equipment market share. Moreover, this segment is expected to maintain its leading position during the forecast period. Furthermore, the offline segment is expected to register the fastest CAGR of almost 8.6% from 2022 to 2031. The report also provides an overall analysis of segments such as online.
The ski segment is expected to account for the highest market share by 2031
Based on product type, the ski segment held the largest share in 2021, contributing nearly two-fifths of the overall global winter sports equipment market share. Moreover, this segment is expected to account for the highest market share by 2031. However, the protective equipment segment is also expected to register the highest growth with a CAGR of almost 9.3% during the period. forecast. The report also provides an overall analysis of segments such as footwear and others.
The ski segment is expected to retain its dominant status over the forecast horizon
Based on sports, the skiing segment held the largest share in 2021, accounting for more than two-fifths of the overall global winter sports equipment market share. Moreover, this segment should maintain its dominant status over the forecast horizon. This is due to the increase in programs aimed at increasing skiing and an increase in the number of people who practice skiing as a recreational activity. However, the snowboard segment is expected to register the highest CAGR of almost 9.1% from 2022 to 2031.
Europe is expected to make a major contribution to the global market share in 2031
Based on region, Europe contributed the highest market share in 2021, accounting for nearly three-fifths of the global winter sports equipment market share. Moreover, the region is expected to make a major contribution to the global market share in 2031. This is due to the increase in the number of women participating in outdoor activities and the acceptance of winter sports wear like fashion accessory. However, the Asia-Pacific winter sports equipment market is also expected to register the highest CAGR of 10.9% during the forecast period. The research also analyzes regions such as LAMEA and North America.
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Main market players
BAUER Hockey, LLC
Fischer Sports GmbH
Chief UK Ltd.
K2 Sports SARL
Tecnica Group SpA
SCOTT Sports AG
Under Armor Inc.
Volkl Int. GmbH
The report assesses these major players in the global winter sports equipment industry. These participants have implemented a host of key business strategies such as regional and customer base expansion, product development, strategic collaborations and joint ventures to extend product breadth in global markets. The market research report supports tracking the performance of each segment, the positioning of each product in the respective segments, and the impact of new technologies and product launches on the overall market size.
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