Field Hockey Equipment Market to Witness a Healthy Y-o-Y Growth during 2022
Field hockey has caught on in a big way in recent years due to major promotional activities and the consequent rise in the popularity of the sport. The global market for field hockey equipment has thus grown by leaps and bounds and is likely to remain a major revenue earner in the coming years.
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The competitive profile of field hockey has gone up due to the increasing coverage of the sport in global tournaments such as the world cup and the Olympics. Due to this, a rising number of new players are getting interested in field hockey, leading to promising prospects for the global field hockey equipment market.
According to Transparency Market Research, the global field hockey equipment market was valued at more than US$1.6 bn in 2017. The market is likely to rise to a valuation of close to US$1.8 bn over the 2017-2022 forecast period.
Global Field Hockey Equipment Market: Key Drivers and Restraints
The prime driver for the field hockey equipment market is the rising interest and participation in the sport. The relatively simple requirements of field hockey, particularly compared with more popular sports such as ice hockey, have also made it popular among a rising number of new players.
The increasing televised coverage of international hockey events is likely to further drive interest in the sport in the coming years, leading to steady growth of the field hockey equipment market.
The ease of accessing field hockey equipment shopping portals on the Internet has also driven the global field hockey equipment market. Many users in developed countries prefer online shopping than conventional brick-and-mortar stores. The high popularity of field hockey in regions such as Europe and North America is thus likely to aid the global field hockey market in the coming years.
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Global Field Hockey Equipment Market: Segmentation
Shoes represent the largest product segment of the global field hockey equipment market. Steady development in the footwear industry, with new developments making it ever easier to get shoes fit to the precise comfort levels of the user, are likely to drive the shoes segment of the field hockey equipment market along in the coming years. The shoes segment was valued at US$772.6 mn in 2017, and is likely to rise to US$866.5 mn by 2022 at a stable 2.3% CAGR.
Geographically, North America and Europe are likely to exhibit robust CAGRs of 2.6% and 2.3%, respectively, over the 2017-2022 forecast period, with the APEJ (Asia Pacific except Japan) market also likely to exhibit a strong 2.2% CAGR. The North America market for field hockey equipment, valued at US$296 mn in 2017, is expected to rise to US$335.9 mn by 2022.
However, Europe is likely to remain the leading contributor to the global field hockey equipment market in the coming years and could account for more than US$675 mn by 2022. Asia Pacific except Japan represents a promising regional segment for the global field hockey equipment market and is expected to rise to a valuation of US$520.7 mn by 2022.
Global Field Hockey Equipment Market: Competitive Dynamics
The global field hockey equipment market is heavily fragmented and features numerous market leaders such as Grays International, Mazon Hockey, Gryphon Hockey, Adidas AG, Osaka Hockey, OBO, and TK Hockey.
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