Winter Sports Equipment Market to Reach $32.83 Bn, Globally, by 2031 at 8.5% CAGR

Due to growing global awareness of fitness, sports, and exercise, people are using winter sports equipment and clothing more frequently. Additionally, the launch of government sports initiatives in emerging nations is boosting the market's expansion.

According to a new report published by Allied Market Research, titled, "Winter Sports Equipment Market," The winter sports equipment market size was valued at $14.69 billion in 2021, and is estimated to reach $32.83 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.

Equipment for winter sports includes functional gadgets or items that are helpful when participating in sports. The demand for winter sports equipment is predicted to increase as consumers' awareness of fitness increases and per capita disposable income rises quickly. In addition, the popularity of sporting goods among young athletes and improvements in the design of sporting goods promote market expansion. Thus, these winter sports equipment market trends is creating winter sports equipment market opportunities. The market's expansion is, however, hampered by a drop in young people's participation in sports.

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Additionally, the market's expansion is constrained by customers' growing interest in recreation activities other than sports, such as movies, musical performances, online gaming, and others. On the other hand, it is projected that increased engagement from different groups in the gift of this equipment and apparel to young athletes and sport fans with limited financial resources would present profitable winter sports equipment market opportunities. For instance, some of the well-known groups that support the donation of sporting goods are Let's Play It Forward, Sports Gift, Global Sports Foundation, and One World Play Project. Thus, it is projected that the market growth in the near future would be boosted by an increase in the distribution of winter sports equipment through online retail platforms.

According to global winter sports equipment market analysis, the global winter sports equipment market is segmented into product type, sports, distribution channel, and region. By product type, the market is divided into ski equipment, footwear, protective gear, and others. Among these, the ski equipment segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period. The growth of the ski equipment segment is attributed to the surge in demand for skiing and growing number of snow resorts. However, the protective gear segment is anticipated to grow at highest CAGR in the future.

By sports, it is classified into snowboarding, skiing, ice hockey, others. The skiing segment is anticipated to grow at the highest rate during the forecast period, owing to growing desire of youth population towards skiing and ice skating.

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As per distribution channel winter sports equipment market segmentation, it is categorized into online and offline. The offline segment is anticipated to grow at highest CAGR during the forecast period, due to the growing sales of winter sports equipment through specialty stores and sports stores. The sale of winter sports equipment online is one of the industry's fastest-growing sales channels. Because they are convenient and easily accessible, consumers favor online platforms. For the purpose of attracting in more customers, this platform provides a variety of discounts on online purchases.

In 2021, Europe accounted for 56.6% in the global winter sports equipment market share, and is expected to maintain its dominance during the forecast period. However, North America is expected to possess the highest CAGR, owing to rising population of sports persons and athletes and growing demand for snowboarding and skiing.

Due to the economic recovery in the majority of emerging economies, the market for winter sports equipment is rapidly recovering the pre-COVID stages, and a stable growth rate is anticipated throughout the winter sports equipment market forecast period. The return of sporting events and the relaxation of international sporting travel restrictions are major drivers of the market recovery for winter sports equipment. After the COVID-19 forecast period, these variables are anticipated to accelerate the winter sports equipment market growth for winter sports equipment.

The development of innovative and advanced technology encourages the expansion of online channel commerce globally. Additionally, online sales have greatly increased the revenue of the market-active enterprises. To increase their market presence, the major market participants are working more and more closely with online channel sites. In addition, major market players are adopting various strategies such as product launch, partnership, and acquisition for catering a greater number of consumers.

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The major players analyzed for global winter sports equiment industry are Alpina Sports, Amer Sports, BAUER Hockey, LLC, Black Crows, Clarus Corporation, ELAN, D.O.O., Fischer Sports GmbH, Head UK Ltd., Icelantic Skis, K2 Sports LLC, MDV Sports, Rossignol Group, Tecnica Group S.p.A., SCOTT Sports SA, Under Armour Inc., and Völkl Int. Gmbh.

KEY FINDINGS OF STUDY

By product types, the ski equipment segment was the highest revenue contributor to the market, with $5,663.0 million in 2021, and is estimated to reach $12,283.5 million by 2031, with a CAGR of 8.2%.
Depending on sports, the skiing segment was the highest revenue contributor to the market, with $6,609.5 million in 2021, and is estimated to reach $14,460.1 million by 2031, with a CAGR of 8.3%.
As per distribution channel, the offline segment was the highest revenue contributor to the market, with $12,647.8 million in 2021, and is estimated to reach $28,512.2 million by 2031, with a CAGR of 8.6%.
Region wise, Europe was the highest revenue contributor, accounting for $8,315.4 million in 2021, and is estimated to reach $17,004.3 million by 2031, with a CAGR of 7.6%.

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Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

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