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Dominated by Asia-Pacific, the global ski gear & equipments market is expected to reach USD 2900 Million by 2028 with the CAGR of 3.34%. - Bonafide Research
Dec, 31
2022

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Dominated by Asia-Pacific, the global ski gear & equipments market is expected to reach USD 2900 Million by 2028 with the CAGR of 3.34%. - Bonafide Research

 

Skiing is one of the most popular winter sports across the world and is also recognised as a competitive sport by various organisations such as the International Ski Federation (FIS) and the International Olympic Committee (IOC). The growing popularity of skiing as a competitive sport as well as a recreational activity is boosting demand for high-quality skiing equipment. The skiing industry has seen massive growth, which is attracting a large number of people to the sport and, as a result, increasing the market for ski gear, etc. Skiing has been practised for nearly five millennia. Modern skiing can be traced back to Scandinavia. Also, skiing may have been practised in China for more than 100 years, according to ancient paintings. Asymmetrical skis were used in Sweden and northern Finland until the late nineteenth century. Skiing is typically a competitive winter sport or a leisure activity. It began as a mode of transportation, but it didn’t take long for it to evolve into a leisure activity, which then evolved into a variety of professional sports. Increased interest in outdoor activities such as skiing and other snow sports, increased government efforts to promote participation in skiing, and an increase in the number of ski resorts are some of the major factors driving global sales of ski gear and equipment.

According to the research report, "Global Ski Gear & Equipments Market Outlook, 2028," published by Actual Market Research, the overall market is anticipated to attain a size of more than USD 2900 Million, an increase from USD 2380 Million. Further, the market is anticipated to grow at a CAGR of 3.34% during the forecast period. The market is majorly driven by an increase in the number of people participating in outdoor sports like skiing, as well as favourable government policies that encourage people to engage in skiing. The infrastructure for snow sports, including skiing, is developing around the globe, on account of increasing customer preference for snow-related activities and tourism activities. These favourable trends of developing the snow sports infrastructure are expected to promote the scope of ski equipment and gear products in the near future. Also, the global ski equipment & gear market is expected to witness an increase in the demand on account of the commercialization of the sport and the smooth and safe experience of the sport with various types of ski equipment and gears. Increasing awareness regarding the usage of helmets and other ski equipment and gear on account of rising concerns over injuries caused by skiing is anticipated to promote market growth in the coming years.

Based on the obtained data, around 68 countries across the globe provide nearly 5716 outdoor ski areas covered with snow. Around 90 indoor snow centres operate in close to 20 countries globally. The demand for skis such as beginner skis and professional skis is increasing due to the rise in participation in ski activities across the globe. According to the report, the market is segmented into various product types, including skis and snowboards, ski footwear (boots and bindings), ski poles and sticks, ski helmets, ski goggles, ski gloves and ski mittens, ski clothing and apparel, and others. Among these product types, the ski clothing and apparel segment is dominating the market in 2022 with the highest market share due to the popularity of innovative and modern designs for the many forms of ski clothing, such as jackets, suits, and pants. Ski clothing manufacturers are concentrating on releasing and developing innovative products to fulfil the demand through innovative technology. For instance, in 2022, Dior launched a new men's ski capsule collection, which includes an assortment of body armour, helmets, and ski masks made in collaboration with the Swedish company POC. The helmet is the fastest-growing market segment and is expected to grow further during the forecast period from 2023 to 2028. To protect against injuries after a fall or slide, the suit detects an airbag. It is anticipated that these new products, which the industry leaders have introduced in consideration of client safety, will continue to be advantageous.

Further, the global market is segregated into four major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among these regions, Europe leads the market with more than 60% market share in 2022. There is growing consumer awareness regarding health and fitness, leading to increased participation in winter sports activities, which is propelling the development of this market. For instance, the ski industry in the North American and European regions is mainly dependent on the snow season. Therefore, the growing number of tourists and visitors in winter has led to a surge in demand among people to hire ski equipment, leading to growth for the winter sporting equipment segment. The winter sports equipment market is experiencing considerable growth with the growing influence of winter sports conducted globally, thereby supporting the growth of such products in the market. There are nearly 6162 ski resorts across the globe which includes 60526 kilo-meters of slopes and they are served by 24228 ski lifts.

Skiing is by far the most anticipated sport within the winter sports industry, followed by snowboarding in the European region. Popular destinations in Europe, such as Chamonix, St Moritz, Val Thorens, Kitzbuhel among others have been facilitating the winter sports in the region. Overall, the region boasts around 3,647 ski resorts, where affordable resorts were becoming more prominent over the last few years. In addition, various governing bodies and sports associations, such as the German Skiing Association, are actively supporting the participants by sponsoring high-quality equipment and garments to enhance their performance during various competitions. Thus, strong penetration of winter sports across the region along with favourable government support is expected to propel the growth of the market during the forecast period. In recent years, the number of women participants in various sports has surged globally including snow sports such as skiing. Vendors are introducing ski gear & equipment specifically for women. Though the participation rate of women in skiing is less in comparison to men, the manufacturers are playing a vital role in encouraging women by providing customized equipment that are designed specifically for them with increased safety and comfort level, such as narrow ankles and size discrepancies. In addition, key vendors are differentiating their offerings by categorizing them into various levels such as intermediates, advanced, and professional. For instance, Coalition Snow is one of key vendor that manufactures women's outdoor recreational equipment such as skis and snowboards. Thus, the growing adoption of ski gear & equipment by women indicates a boost to the market’s growth.

On the other hand, increasing participation in skiing activities, coupled with growing initiatives to encourage skiing participation, is expected to boost growth of the North American ski gear and equipment market. Because of its reflective properties, snow cover plays an important role in climate regulation. In January 2021, the snow cover extent in North America reached 15.5 million square kilometres. In 2022, North America will be the third-largest market for the ski gear and equipment industry compared to other major regions. This growth might be attributed to the large number of purchasers who enjoy skiing as a recreational activity in nations like the United States and Canada. North America is expected to show significant growth in the global ski gear and equipment market, owing to increasing international trading activities.

Asia is the world's largest continent, with some of the best holiday destinations for every type of traveller. While the beaches and calming azure waters of Thailand, Singapore, Malaysia, and Indonesia provide respite from the hustle and bustle of city life, the snowy slopes and mountainous terrain of South Korea, Japan, China, and India are where tourists can work up an appetite by participating in activities such as skiing and snowboarding. Shiga Kogen in Japan is one of the country's largest and highest ski resorts, with 18 ski areas. It provides some of the best spring skiing in Nagano. Aside from these exciting activities, there are numerous other reasons to visit a ski resort. There are currently over 450 operating ski areas in Japan. They range from massive, interconnected ski resorts with modern facilities that are popular with international visitors to small, local-only ski hills. The Changbaishan International Ski Center is China's largest ski resort. The total length of the slope is 40 kilometres. There are approximately 1.2 million skiers in China.

Additionally, skiing in South America differs from the comfortable, established, and easy-access resorts of Europe, the United States, and Canada in that it is wild and raw, with adventure around every corner. The majority of the skiing takes place in the Andes, the highest mountains outside of the Himalayas. Lifts reach 3700m, the wind howls around the high, ragged spires of rock, and storms can dump metres of snow in a single swoop. The season lasts from mid-June to October, with the best chances of snow falling between July and August. Expect great spring corn snow and ideal touring conditions beginning in mid-September. The Middle East's first indoor ski resort, on the other hand, retains the prestigious title bestowed upon it by industry professionals and consumers worldwide. Majid Al Futtaim, the Middle East, Africa, and Asia's leading shopping mall, community, retail, and leisure pioneer, is pleased to announce that Ski Dubai has been named the 'World's Best Indoor Ski Resort' for the second time.

Based on distribution channel, the market is segmented into hypermarkets and supermarkets, specialty stores, online stores, and other distribution channels. In 2022, supermarkets and hypermarkets will have the largest market share. The easy availability of ski equipment and gear items in supermarkets and hypermarkets allows consumers to choose from a diverse range of products. These factors are expected to drive the expansion of this distribution channel. On the other hand, with increasing penetration of the internet and e-commerce across the globe, the online sales channel segment is anticipated to be the fastest-growing segment. Further, based on end-user, the market is segmented into men, women, and kids. According to the analysts, men are the primary buyers of these goods. Skiing’s growing popularity as a leisure activity among working-class male adults in developed economies is expected to drive the market. However, the market is driven by the increased number of women participating in different activities, including snow sports such as skiing, as the vendors are developing ski gear and equipment specifically for women.

Recent Developments:

• In March 2019, Backcountry, an online retail company, launched gearhead-certified products that include the Backcountry Touring Collection, which is a set of products specific to split boarding and ski touring.
• On January 10, 2022, Amer Sports and Liesheng, a leading Chinese technology company, agreed on a transaction in which Amer Sports divested Suunto to Liesheng. Amer Sports’ strategy is to focus on developing internationally recognised sporting-goods brands within the lifestyle, apparel, and footwear segments, shifting more business to D2C (direct-to-consumer) channels, as well as enhancing its presence in large markets such as China and the US.
• On March 18, 2021, Black Diamond Equipment, the global innovator in climbing, skiing, mountain sports equipment, and apparel, announced its partnership with NuORDER, the premiere wholesale B2B e-commerce platform. Beginning with the FW21 buying season, Black Diamond will conduct all its wholesale practises through the digital buying platform.
• In December 2021, Clarus Corporation, a global company focused on the outdoor and consumer enthusiast markets, announced that it had purchased the headquarters of its Barnes® brand. The building, located in Mona, Utah, is both the headquarters and production facility for the company’s Barnes® brand.

Covid-19 Impacts:

The pandemic is the only major factor that has hampered this sector in the last few years. The COVID-19 outbreak has had an impact on a number of industries, notably the ski gear and equipment industry. According to numerous researches, major portion of ski gear and equipment companies saw decreased sales as a result of the season's premature termination, with two-thirds reporting lower than average sales for winter 2020-21. Furthermore, by the middle of March 2021, Austria, France, and Switzerland had closed all of their ski resorts, and the rest of the season's vacations had been cancelled. However, by the end of 2021, ease in governmental regulations as well as reopening various ski resorts across the globe is anticipated to boost the market growth.