Race and Performance Classic Cross Country Skiing Equipment to Hold Highest Market Share: Fact.MR
Published : 21 May 2021 Industry: Sports
Europe holds a major chunk of the global cross country skiing equipment market share due to its geographical advantage and rising government investments in the tourism sector, followed by North America. Rising standards of middle-class households around the world as well as people's preference for visiting adventurous locations for recreational activities and complementing market expansion. Soaring investments are being seen in research & development to acquaint consumers with advanced skiing equipment to prevent falls and facilitate easy gliding on soft snow.
According to the latest revised report by Fact.MR, the cross country skiing equipment market is estimated to be valued at over US$ 1 Bn in 2021, and is expected to grow 1.7X by 2031, at a CAGR of close to 6%.
Key Takeaways from Market Study
- Race and performance classic skis account for the largest market share of 15.5%, and are expected to hold a market value of US$ 225 Mn by the end of 2031.
- By end use, institutional level holds the highest value and is expected to reach US$ 794 Mn by the end of 2031.
- Under the sales channel, specialty stores hold the 35.3% of the market share, and will offer an absolute dollar opportunity of US$ 282 Mn over the next ten years.
- The market in Europe to lose 753.5 BPS over the forecast years, but grow 1.5X over 2021 to 2031.
- The Alps, under country segment in Europe, to hold the highest market share of 37.9% in 2021, and is anticipated to expand at a CAGR of close to 6% over the forecast years.
According to a Fact.MR analyst, “
Increasing government protocols relevant to tourists and cross country skiing to fuel market growth over the coming years.”
Key stakeholders have been investing in research & development in order to develop lighter equipment with longer lifespan and greater flexibility. These advancements would propel the sports industry forward in the medium- to long-term forecast period, including the market for cross country skiing equipment.
More Valuable Insights Available
In its latest offering, Fact.MR provides an authoritative overview of the global cross country skiing equipment market, including historical demand data (2016-2020) as well as projected statistics for the years 2021-2031.The study divulges essential insights on the market on the product (touring skis, race and performance classic skis, metal-edge touring skis, touring boots, race and performance classic boots, metal edge touring boots, New Nordic Norms (NNN) bindings, Salomon Nordic System (SNS) bindings, and poles), price range (economy, mid-range, premium, and super-premium), end user (individual, institutional, and professional), and sales channel (direct sales, franchised stores, specialty stores, and online) across key regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA)
About the Sports Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Sports Division