Equestrian Equipment Market to Witness Huge Growth by 2028 According to a New Research Report


Posted October 28, 2019 by preefacto

Equestrian Equipment Market Forecast, Trend Analysis & Competition Tracking

 
Fact.MR research shows that the promotional buyer type segment is expected to witness rapid expansion at a 4.3% CAGR through 2028. Rising prestige and visibility of international horse competitions such as Olympics and World Equestrian Games can be attributed to the increasing demand for equestrian equipment by promotional buyers. Institutional buyers are expected to maintain their preeminence with almost 60% market share owing to a significant rise in the number of private horse clubs.

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Direct-to-consumer channel is estimated to capture nearly 44% of the global market share through 2028. This growth can be attributed to equestrian equipment manufacturers’ preference for contractual business with international competition organizers. Increasing inclination for online purchase explains the fastest growing third-party online channel at a CAGR of 4.7% during the forecast period.

With the significant impact on the U.S. economy, the equine industry in the United States thrives with the presence of 7.2 million horses of which over 70% engaged in recreation, showing, racing and working activities. Fact.MR research shows that North America will continue to hold the largest market share with the U.S capturing over 90% of the regional growth. Europe is estimated to occupy the second largest position backed by a significant impact of social media, growing emphasis on equestrian recreational activities and a deep-rooted sports culture. Emerging interest in equestrian sports in Asia Pacific is identified as the prime factor for APAC’s 1.5x growth projection during the forecast period. Greater China is expected to capture nearly half of the APAC market share with the significant growth of China’s equestrian industry.

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Demand for equine equipment is expected to outsell that of rider equipment owing to rising number of equestrian clubs and riding schools. Among equine equipment, saddles are estimated to capture over 30% of sales as they remain the most common and highly utilized equine equipment.

Prominent players in the equestrian equipment market are adopting strategic partnership and collaboration strategies to win over intense competition arising due to established brand image and limited product portfolio of traditional market players. Rising popularity of horse racing across the world countries has led manufacturers to engage in strategic expansion to increase their footprints in the global equestrian equipment market. For instance, Ariat International Inc. has initiated a strategic acquisition of European distributors and has sponsored their brand in the international equestrian sports in the past half a decade. Dainese S.p.A. has opened new sales offices in emerging economies such as India to expand its limited geographic footprint. Cavallo GmbH & Co. KG has initiated collaboration with the international equestrian sports association across the globe to establish the brand image in the international equestrian equipment market.

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Categories Business , News , Research
Tags Equestrian Equipment
Last Updated October 28, 2019