The Global Ice Skating Equipment Market Is Expected To Expand At A CAGR Of 4% Over The Forecast Period Of 2021 To 2031

Posted on 2022-11-03 by Fact.MR in Sports // 0 Comments

Latest report published by Fact.MR, a market research and competitive intelligence provider, projects that sales of ice skating equipment will likely increase at a CAGR of 4% from 2021-2031, reaching a market valuation of US$ 1.2 Bn by 2031.

Innovations in equipment used in ice skating and exercise and health benefits derived from ice skating are having a positive impact on the sales of ice skating equipment.

Various government organizations have aided global market growth by ensuring sports education, providing incentives and subsidies to athletes, and arranging numerous sporting events. Safety precautions such as helmets and appropriate clothing are necessary in order to avoid hazards. Artificial arenas have been developed for ice skating for people who are at long distances from natural ice-clad regions.

All these aspects are triggering demand for ice skating equipment, consequently driving growth of the global market.

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Key Takeaways from Market Study

Global ice skating equipment market to top US$ 1.2 Bn by 2031.
Hockey skates projected to reach around US$ 550 Mn by 2031.
Figure skates projected to record above 5% CAGR over next 10 years.
Market in North America holds share of more than 50%.
Market in Japan expected to reach valuation of US$ 60 Mn by 2031.
Market in Australia to record 3% CAGR over forecast period of 2021- 2031.

“With rising health and fitness awareness, the number of people participating in sports, including ice skating is also expanding. Individuals who desire to stay in shape are actively participating in sporting activities; this rate of participation is projected to boost ice skating equipment sales over the coming years,” says a Fact.MR analyst.

What Barriers are being Faced by Ice Skating Equipment Manufacturers?

Considering the nature of sports, injuries are a typical occurrence in ice skating. As a result, ice skating products are required for all skaters. When ice skating, there are various major concerns to consider, and these risks should be addressed carefully.

Some of the most common injuries linked with ice and figure skating include ACL tears, ankle sprains and fractures, head injuries, lacerations, and hand and wrist injuries. Skaters who only skate on occasion are more likely to sustain such injuries.

Many frequent skating injuries can be avoided by just using the necessary equipment, which includes high-quality skates, appropriate clothes, and helmets.

Rinks are essentially run by artificial refrigeration, which consumes a tremendous amount of energy. Furthermore, waterless rinks with artificial ice are still costly and may not be feasible for some operators.

Although melt-free alternatives or synthetic ice can save money on upkeep, they may not provide the same skating pleasure or sensation as real ice. Such factors are projected to have an impact on the worldwide ice skates market.

Country-wise Analysis

What is the Demand Outlook for Ice Skating Equipment in the U.S.?

The U.S. market for ice skating equipment is the largest in North America and is expected to increase 1.4X by 2031.

The U.S. is not far behind when it comes to ice skating, adequate condition in many of the states has augured well for the wintertime activity. Also, existence of popular sports clubs for ice hockey and figure skating has continued to draw people’s attention toward ice skating in the U.S.

Ice skating is extremely popular in the country. It is one of the most looked-for recreational activities among the people in the U.S. during the winter season. Therefore, there is a considerable demand for ice skating equipment in the country.

There is a high number of active and passive participation in skating competitions. The viewership for competitive skating events is high in the country.

Category-wise Insights

Why are Hockey Skates in Such High Demand across Geographies?

Demand for hockey skates is expected to increase by 2.2X over the forecast period. Hockey skates segment by product type shows dominance in terms of higher market share. It is poised to grow at a moderate growth rate.

Changing trends in the sports industry and increasing number of ice hockey clubs and ice rinks, and large number of players are expected to boost the demand for hockey skates.

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.

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Market Competition

Major league firms in the ice skating equipment market are increasing their research & development (R&D) investments and expanding their distribution channels to maintain their market position.

Companies have seen tremendous sales growth by supplying innovative products combined with excellent marketing and distribution methods, resulting in a high level of sustainable competitive advantage through innovation. Ice skating equipment manufacturers are also taking steps to expand their distribution networks to reach newer regional markets. Key ice skating equipment suppliers are expanding rapidly, both in terms of production capacity and manufacturing locations, in order to acquire a foothold in the face of strong product demand.

Material optimization, manufacturing technological automation, and product development are all things that ice skate manufacturers & suppliers are involved in. Furthermore, more emphasis has been laid on company expansion through the establishment of new sales offices and distribution hubs in order to strengthen presence in new and possible geographic clusters.

Key Segments Covered in Ice Skating Equipment Industry Research

Buyer Type

Individual
Institutional
Promotional

Product Type

Ice Figure Skates
Ice Hockey Skates
Ice Racing Skates
Recreational Ice Skates
Ice Skating Apparels
Ice Skating Protection Accessories
Ice Skating Gloves
Ice Skating Jackets
Ice Skating Pants
Ice Skating Pads
Ice Skating Helmets

Sales Channel

Direct to Customer Brand Outlets
Direct to Customer Institutional Channels
Direct to Customer Online Channels
Franchised Sports Outlets
Independent Sports Outlets
Modern Trade Channels
Third Party Online Channels
Others
Online Sales of Ice Skating Equipment
Online Sales of Ice Skating Accessories
Offline Sales of Ice Skating Accessories
Offline Sales of Ice Skating Equipment

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