BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global winter sports equipment market size to grow at a CAGR of 7.4% during the forecast period between 2022 and 2028, reaching a value of USD 21.28 billion by 2028. The rise in winter tourism in various countries around the world and increasing popularity and interest in nature-based sports that provide leisure and competitiveness are expected to drive global winter sports equipment market during the period in analysis. The growing popularity of several winter sports in the Winter Olympic Games, such as figure skating, bobsled, luge, and Alpine snowboarding, is boosting the growth of market for winter sporting goods. An increasing demand for high-quality waterproof boots is expected to propel the winter sports equipment market forward. Many innovations in ski equipment are expected to cushion the growth of the winter sports equipment market. On the other hand, growing popularity of rental winter sports equipment may pose a challenge to the growth of global winter sports equipment market.
Growing popularity of winter sports
Rise in popularity of outdoor activities including snow sports among people fuels the growth of global winter sports equipment market. Demand for winter sports equipment, such as sleds and tubes, is thriving owing to increasing interest in leisurely and competitive nature-based sports. Moreover, demand for various winter sports activities, such as skiing, snowboarding, cross-country skiing, sledding, and ice skating, especially in countries with wintry weather, particularly the United States, Canada, Germany, Sweden, France, and Austria, has increased, due to growing awareness of the advantages of a healthy lifestyle. In the 2019-2020 winter season, approximately 25.1 million Americans aged 6 and older participated in winter sports, a 1.9% increase from the 24.6 million recorded in the 2018-2019 winter season. All these factors propel the growth of global winter sports equipment market.
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Increasingly popularity of skiing as a leisure activity
Skiing is a popular winter sport among winter games. According to data from SIA (Snowsports Industries America), there are approximately 125 million skiers and snowboarders worldwide, with North America accounting for 31 million of those. There are approximately 5,716 ski areas as well. Skiing is regarded as a beneficial cardiovascular exercise as it aids in calorie burning, builds lower body strength, engages the core, and elevates mood. Thus, there is a growing need for skiing equipment.
Challenge: High cost and safety issues
Skiing equipment is typically more expensive than snowboarding equipment. It simply boils down to how much gear you need for each sport. With skiing, the cost is slightly higher because one needs two poles and two skis. In addition, snowboarders are more likely to sustain sprains and fractures than contusions, lacerations, dislocations, and concussions. Additionally, a significant percentage of injured snowboarders are novices. Due in part to frequent falls, beginners are more likely to sustain wrist fractures and other injuries. The IOC study determined that ski halfpipe is the most hazardous, with 28% of athletes injured in 2018. The second-most hazardous activity was snowboarding cross, where 26% of athletes were injured. All these factors may stymie the market growth.
Segmental Coverage
Global Winter Sports Equipment Market – By Distribution Channel
Based on application, global winter sports market is categorized into Offline (Supermarkets/ Hypermarkets, Specialty Stores, Departmental Stores, and Convenience Stores) and Online. The offline segment, which includes supermarkets, holds a higher market share. Traditional offline distribution channels still account for most of the market’s revenue. Offline distribution channels prioritize product variety, price-based promotions, and the customer shopping experience. A substantial number of retailers could pay more attention to online retail distribution strategies throughout the forecast period because of the growing adoption of omnichannel retail strategies among offline distributors worldwide.
Impact of COVID-19 on Global Winter SportsEquipment Market
Winter sports equipment market was negatively impacted by COVID-19, particularly during its peak transmission period in 2020. In addition, a COVID-19 (coronavirus) outbreak began in China in the first half of 2020, affecting the expansion of the market for winter sporting goods. Many market players have relied on the Chinese market for both finished goods and raw materials used in the production of several types of winter sporting goods. Even though the COVID-19 pandemic continues to have an impact on business globally, the global winter sports equipment market has been able to resume pre-COVID-19 levels of growth. It is expected that the global market for winter sports will increase due to the restart of sporting events, gyms, and other regional, national, and international competitions.
Competitive Landscape
Leading players in global winter sports equipment market include Alpina Sports, Amer Sports, BAUER Hockey, LLC, Black Crows, Clarus Corporation, ELAN, D.O.O., Fischer Sports GmbH, Head UK Ltd., Icelantic Skis, K2 Sports LLC, MDV Sports, Rossignol Group, Tecnica Group S.p.A., SCOTT Sports SA, Under Armour Inc, and Völkl Int. Gmbh. Global winter sports equipment market is highly fragmented with the presence of several manufacturing companies. The market leaders retain their supremacy by spending on research and development, incorporating innovative technology into their goods, and releasing upgraded items for customers. They employ various strategies, including strategic alliances, agreements, mergers, and partnerships, to gain a competitive edge in the market.
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