Winter Sports Equipment Market Demand Grows with a CAGR of 6.5% by 2028 Due to Growing Popularity and Number of Sports Tournaments | million ideas
According to a new report available from Million Insights, the global Winter Sports Equipment Market research report offers in-depth information about product, profit margin, sales channel and COVID-19 Impact. It also offers ready, data-driven answers to several industry-level questions.
The Global winter sports equipment market The size is expected to reach USD 22.2 billion by 2028, registering a CAGR of 6.5% over the forecast period, according to a new report by Million Insights. In North America and Europe, winter sports are seen as a glitzy leisure industry that brings together healthy sporting activities, hospitality and tourism. It is one of the important industries in the European Alps and the growth of this industry is a key factor for the growth of the market. Along with this, the increased participation of women in winter sports is also increasing which, in turn, is expected to drive the market over the assessment period.
The sky segment accounted for the largest revenue share of more than 40.0% in 2020 due to the increase in ski competitions. This can also be attributed to the constant innovation of these products. Additionally, increasing number of people who enjoy skiing as a hobby and growth in the number of ski resorts are other factors driving the growth of the segment over the forecast period. Growing government initiatives to encourage people to ski is also expected to boost the growth of the segment in the coming years.
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The offline segment dominated the market and accounted for the highest revenue share of over 70.0% in 2020. The demand for winter sports equipment is increasing among customers owing to the higher durability offered by these offline stores than any other channel. Therefore, the segment is expected to show growth over the assessment period.
North America led the market and accounted for the largest revenue share of over 44.0% in 2020 owing to strong demand in the United States and Canada. Additionally, increasing purchasing power towards these products will drive the growth of the segment. As the region presents various opportunities for the consumer goods sector, the industry is expected to show significant growth. In Asia Pacific, the market is expected to grow at a CAGR of 7.1% from 2021 to 2028. This can be attributed to the growing demand for winter sports equipment in this region.
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Highlights of the Winter Sports Equipment Market Report
• Asia-Pacific is expected to register the fastest CAGR of 7.1% from 2021 to 2028 due to the growing demand for winter sports in the region
• The sky segment accounted for the largest revenue share of more than 40.0% in 2020 due to the increase in ski competitions
• Offline segment dominated the market and accounted for the highest revenue share of over 70.0% in 2020 due to its increased sales
• The online segment is estimated to show significant growth over the forecast period as these products are available at low cost and also have offers and discounts.
Segmentation of the winter sports equipment market
Million Insights has segmented the global winter sports equipment market on the basis of product, distribution channel, and region:
- Winter Sports Equipment Product Outlook (Revenue, USD Million, 2017 – 2028)
- Winter Sports Equipment Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
- Winter Sports Equipment Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
List of Key Players of Winter Sports Equipment Market
- ANTA Sports Products Ltd.
- American Athletic Shoe Co.
- EDEA srl
- Claris Corp.
- GRAF SKATES S.A.
- Fischer Sports GmbH
- Icelantic LLC
- SCOTT Sports SA
- SKIS ROSSIGNOL SA
- Roces S.r.l.
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About Million Insights
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