Jun 29, 2020
Ice Hockey Equipment Market to Grow 1.9X by 2030, Manufacturers to Prioritize Online Sales Channels, Finds Fact.MR
by Team Fact.MR
In recent years, increasing popularity of ice hockey in the U.S. and Canada has been significantly influencing growth of the ice hockey equipment market. With an increase in disposable income of the majority of the population in these countries, the inclination towards the sports of ice hockey is expected to grow. Moreover, aspiring and affluent households have increased their spending on products and apparel for several outdoor sports such as ice hockey, thereby potentially raising the demand for ice hockey equipment.
As the focus on sports and recreational activities becomes strong worldwide, market players are eyeing potential opportunities in unexplored markets. Highly populous Asian countries, in particular, offer a huge customer base for leading manufacturers of ice hockey apparel and other equipment.
High adoption of digital marketing strategy and surge in number of online e-commerce platforms are opening up new avenues for the ice hockey equipment market growth. According to a new Fact.MR study, the ice hockey equipment market is poised to grow at a value CAGR of 6.5% and account for revenue worth US$ 1,650 Mn by 2030-end.
Key Takeaways of Global Ice Hockey EquipmentMarket Study
- Ice hockey helmets are estimated to account for 40% share of the total market revenue in 2020, and gain 2000 BPS in its market share by 2030 over 2020.
- Institutional buyers for ice hockey equipmentcontinues to influence growth strategies of market players, which are expected to contribute revenue worth US$ 410 Mn in 2020 and US$ 800Mn by 2030, growing at a CAGR of 7.0% during the forecast period.
- Sales of ice hockey equipment through online channel have registered a notable growth rate over the historical period. The segment is expected to record a CAGR of 6% and create an absolute $ opportunity of US$ 110Mn during the forecast period.
- North America’s ice hockey equipment market is projected to hold a prominent share of the global market value.
- The ice hockey equipment market in Europe is projected to resister the highest growth rate in terms of value during the forecast period.
“Collaboration with ice hockey players and investments in leagues for brand promotion remain key focus areas of the market players as competition in ice hockey equipment market intensifies,” says the Fact.MR analyst.
Collaboration of Key Players with NHL Players Stands as Prime Strategy
Key players in the ice hockey equipment market are focusing on collaboration with National Hockey League (NHL) teams for promotion and branding of their products. Furthermore, companies are expanding their market reach with help of e-commerce and numerous digital platforms to reach their target customers. For instance, Bauer has collaborated with NHL players including Patrick Kane, Jack Eichel, Jonathan Toews, Aaron Ekblad, Dylan Larkin and Auston Matthews for the promotion of their sports equipment.
COVID-19 Impact Analysis
North America is one of the most affected regionsby the recent COVID-19 outbreak, which has caused a decline in entertainment and sports activities and subsequently decreased the demand for ice hockey equipment. Currently, European countries such as Germany, Italy, and the UK are some of the most affected countries which also account for the high death rate due to the coronavirus. The reason may negatively affect the market growth in the short term. It is imperative to note that aforementioned regions have experienced a stiff decline in demand for equipment associated with ice hockey.
More Valuable Insights on Ice Hockey Equipment Market
Fact.MR, in its new offering, presents an unbiased analysis of the global ice hockey equipment market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the ice hockey equipment market on the basis of equipment (ice skates, helmets, stick, protective gear and apparel and other), buyer (individual, institutional and promotional buyers)and sales channel(independent sports channel, franchised sports outlet, ice hockey product stores, modem trade channels and online sales channel) across sixmajor regions.
>>> To Get more insights on ice hockey equipment market, visit- https://www.factmr.com/report/234/ice-hockey-equipment-market
About the Sports Division at Fact.MR
Fact.MR assesses the sports industry in categories including apparel, equipment, accessories, and services. Analysts have been separately tracking products that are a subset of consumer products and sports, such as athletic apparel. An exhaustive database (which is periodically updated) of sports facilities, sports participation rate, and new investments, enables Fact.MR analysts to closely relate to the market under study with these statistics. While revenue performance of large multinationals are constantly tracked under Fact.MR’s sports domain, emerging companies that have recently gained a strong foothold in their regional markets are also studied separately.