According to a detailed industry research conducted by Fact.MR, the worldwide ice skating equipment market is expected to be worth over US$ 800 million in 2020, accounting for almost 1% of the entire sports equipment market. Sales of Ice skating equipment are expected to grow at a CAGR of 4% to reach US$ 1.2 billion by 2031. Ice hockey skates are in high demand when compared to all other ice skating equipment, and are expected to grow at a CAGR of 6% from 2021 to 2031.
Various government organisations have assisted worldwide market expansion by insuring sports education, supplying athletes with incentives and subsidies, and organising numerous athletic events. To avoid dangers, safety precautions such as helmets and appropriate clothes are required. Artificial ice skating rink have been created for persons who live far away from natural ice-covered areas.
Ice Skating Equipment Market: Key Takeaways
- By 2031, the global ice skating equipment market is expected to reach US$ 1.2 billion.
- By 2031, the market for hockey skates is expected to be worth roughly US$ 550 million.
- Over the next ten years, figure skating is expected to grow at a rate of more than 5%.
- North America accounts for more than half of the market.
- By 2031, the Japanese market is estimated to be worth $60 million.
- Over the projection period of 2021-2031, the Australian market is expected to grow at a rate of 3%.
“As individuals become more health-conscious, the number of people participating in sports, such as ice skating, grows. Individuals who want to keep in shape are actively engaged in sporting activities, which is expected to increase ice skating equipment sales in the coming years.” says a Fact.MR analyst.
To preserve their market position, major league companies in the ice skating equipment industry are raising their R&D efforts and expanding their distribution channels.
Companies that provide innovative products combined with outstanding marketing and distribution methods have witnessed tremendous sales growth, resulting in a high level of sustainable competitive advantage through innovation.
Manufacturers of ice skating equipment are likewise working to expand their distribution networks in order to reach newer regional markets.
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