Ice Hockey Equipment Market
Ice Hockey Equipment Market By Equipment (Ice Skates, Helmets, Stick, Protective Gear, Apparel), By Buyer (Individual, Institutional, Promotional), By Sales Channel,By Region - Global Mraket Forecast 2020-2030
Ice Hockey Equipment Market Insights: Mounting Popularity of Ice Hockey in Developed Regions to Drive Demand
The global ice hockey equipment market is set to witness significant growth, as a result of high popularity of ice hockey in developed regions and emergence of new market opportunities in Asia Pacific.
Growth prospects of the ice hockey equipment market remain more consolidated in North America and Europe, owing to a large number of players in these regions. This growth is further attributable to changing trends in the sports industry and increasing number of ice hockey clubs and ice rinks.
Increasing adoption of digital platform by manufacturers to ensure global presence and regional availability of their products has provided a boost to the ice hockey equipment market growth. Today, most individuals are indulging in ice hockey as a recreational hobby or a modern sport for fitness and media is making a greater impact on the rising participation in ice hockey around the world.
Various films television shows are contributing to the popularization of ice hockey, which is resulting to a huge spike in number of entries in ice hockey training clubs around the world.
According to a recent study published by Fact.MR, the ice hockey equipment market is expected to record a value CAGR of 6.4% over the forecast period (2020-2030).
Helmets Remain the Bestselling Category
Ice hockey is gaining high popularity as a modern sport across the world, thereby potentially raising the demand for protective, gaming, and apparel associated with ice hockey. Helmets continue to account for a major share of the total sales and are expected to create value opportunity of US$ 365 Mn over the forecast period.
Ice hockey skates are witnessing relatively high demand which is poised to account for more than one-fourth of total market share by 2030-end. As the demand continues to move on an upward swing, market players are keen to differentiate their products from the competition and maintain a distinct competitive edge.
Ice Hockey Product Stores Remain the Most Lucrative Sales Channel
Consumer preference for purchasing ice hockey equipment through diversified retail channels is creating new growth avenues for ice hockey equipment companies. While sales through ice hockey product stores continue to influence robust growth, the availability of leading ice hockey equipment brands across e-commerce platforms has been gaining significant momentum. This not only caters to demand in developing countries from Tier-I and Tier-II cities but also attracts new demographics.
Sales via ice hockey product stores are expected to grow at an impressive CAGR of 5.9% through 2030. However, e-commerce sales channel for ice hockey equipment is expected to gain 600 BPS in 2030 over 2020.
Ice Hockey Equipment Market Analysis by Buyer
Institutional buyers for ice hockey equipment are expected to account for nearly half of the market share by 2030-end. With a massive influx of global and regional players and their strong promotional activities, the number of promotional buyers is expected to surge with each passing Promotional buyers for ice hockey equipment are poised to grow at a CAGR of 6.0% during 2020-2030.
Individual buyers for ice hockey equipment are projected to grow in number and create an absolute $ opportunity of US$ 186 Mn during forecast period. The vertical is estimated to account for 25% revenue share of the global ice hockey equipment market by 2030-end.
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Regional Insights: North America Remains in the Vanguard
North America is seen as the most lucrative region for the ice hockey equipment market, backed by strong engagement in ice hockey sports in the U.S. and Canada. Regional trends and sports regulatory policies play an important role in development of the North America’s ice hockey equipment market. In particular, the U.S.’s ice hockey equipment market is poised to grow at CAGR of 6.0% and create absolute $ opportunity of US$ 290Mn over the forecasted period.
Key companies active in ice hockey equipment market are increasingly viewing North America from the target market perspective, on the back of increasing popularity of sports in the region. Furthermore, Europe-based ice hockey equipment market is expected to create an absolute $ opportunity of US$ 180 Mn by 2030. On the other hand, Asia Pacific is seen as an emerging market with high spending on recreational and leisure activities and subsequent increase in popularity of ice hockey in China, South Korea, Japan, Australia, New Zealand and India.
Key Players to Focus on Geographical Expansion and League Sponsorship
Corporate sponsorships in ice hockey leagues is causing a large amount of capital inflow, enabling the ice hockey sport to become more prominent worldwide. This is also causing a large number of sports apparel companies such as Nike and Adidas to make products for ice hockey. Sponsorships for ice hockey teams are offering investors several marketing opportunities to enhance product promotion and reach a broad audience of people.
Furthermore, a greater focus has been placed on the expansion of business by increasing sales offices & distribution centers to enhance presence across new and potential geographic clusters. Key manufacturers are also observed to be involved in material optimization, manufacturing technological automation, and productivity enhancement.
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COVID-19 Impact Analysis
The spread of the coronavirus has crippled the entire world. Nearly all countries have imposed lockdowns and strict social distancing measures. This has resulted in disruption of supply chain. Instructions to follow social distancing have resulted in shutting of ice rinks for playing ice hockey. These factors have significantly impacted demand for ice hockey equipment.
The Analyst’s Viewpoint
“The ice hockey equipment market will continue to witness strong growth, as an aftereffect of mounting sports popularity in North America, Europe and emerging market in Asia Pacific. However, a halt in production and social distancing requirements induced by the COVID-19 pandemic are presenting significant challenges for market players in 2020.”
Ice Hockey Equipment Market: Scope of Report
Fact.MR published an exclusive forecast report on the ice hockey equipment market for the period of 2020-2030. The foremost objective of the ice hockey equipment market report is to pitch spearhead insights on market scenario, demand generators, and technological advancements in the ice hockey equipmentmarket. Also, the ice hockey equipment market study addresses key dynamics, which are expected to diversify the adoption and future prominence of the ice hockey equipment market.
The report on the ice hockey equipment market begins with an executive overview in which product definition has been provided. The report further proceeds with taxonomy of the ice hockey equipment market, elaborating on the key segments. Also, the report outlines visionary insights on dynamics of theice hockey equipment market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors.
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Ice Hockey Equipment Market: Segmentation
Fact.MR has studied the ice hockey equipment market with detailed segmentation on the basis of equipment, buyer, sales channel, and key regions.
- Ice Skates
- Protective Gear
- Independent Sports Outlet
- Franchised Sports Outlet
- Ice Hockey Product Stores
- Modem Trade Channel
- Online Sales Channel
- North America
- Latin America
- East Asia
- South Asia& Oceania
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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