Ice Hockey Equipment Market Worth $1.1 Billion By 2025 | CAGR: 3.2%

Posted July 14, 2020 by sitakant

The global ice hockey equipment market size is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc

The global ice hockey equipment market size is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.2% over the forecast period. The market is expected to witness significant growth due to increase in participation rate, which is attributed to rise in availability of synthetic ice rinks.
Protective wear occupied the largest market share in 2018 owing to the nature of the sport. Serious injuries such as head concussions, shoulder separation, and ankle sprains are common in this sport. According to an article published in the British Journal of Sports Medicine, 39.8% of the injuries were related to head and face. As a result, CCM, one of the key manufacturers of ice hockey equipment, launched the Resistance Helmet, which is considered to be one of the most innovative ice hockey helmets in Canada. Similar product launches to improve the safety are anticipated to contribute to the growth of the market during the forecast period.
Offline sales accounted for the largest market share in 2018. Players prefer to check the quality and specifications of the equipment before completing the purchase. Leveraging this preference, Pure Hockey, one of the largest hockey retailers in U.S. acquired Bauer Hockey’s “Own the Moment” retail stores. With this acquisition, Pure Hockey now operates in 53 locations across U.S.
Such sports specialty stores are anticipated to generate offline sales during the forecast period. Growth of the e-commerce industry is expected to drive online sales with a CAGR of 4.2%. Customer reviews, secure payment transactions, doorstep delivery, and suitable return policies are some of the features driving online sales.
North America held the largest market share in 2018 as ice hockey is the national sport in Canada. The sport is also very popular in U.S., which accounted for the second largest share in the global ice hockey equipment market. Moreover, presence of key players of the industry is concentrated in this region, which is anticipated to drive sales during the forecast period.
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Rest of the world is anticipated to witness the fastest growth in this market. Major attributes contributing to the growth are increasing popularity of ice hockey owing to various initiatives taken by the International Ice Hockey Federation (IIHF). In 2019, 12 Asian countries are being represented in the IIHF World Championship program. The CIS region is also anticipated to witness substantial growth on account of increasing participation in countries like Russia and Belarus.
In April 2013, Bauer launched BAUER OD1N product line that included innovative hockey skate, a fully personalized protective body suit, and an ultra-lightweight, customized goal pad constructed with unique materials, which were not previously used in the construction. This product line was aimed at expanding the product portfolio and improving the company’s performance in the market
Further key findings from the study suggest:
• By product type, the sticks segment is expected to ascend at a CAGR of 3.4% owing to the short shelf life of ice hockey sticks and frequency of play
• The global ice hockey equipment market is highly concentrated with a few players such as Bauer, CCM, Easton, and Sher-Wood
• In 2017, Adidas sold its CCM hockey business segment to Birch Hill Equity Partners due to decrease in market share of CCM.
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Grand View Research has segmented the global ice hockey equipment market on the basis of product type, distribution channel, and region:
Ice Hockey Equipment Product Type Outlook (Revenue, USD Million, 2015 - 2025)
• Protective Wear
• Sticks
• Skates
• Other
Ice Hockey Equipment Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Online
• Offline
Ice Hockey Equipment Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Czech Republic
o Finland
o Russia
• Rest of the World
o Japan
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Issued By sitakant
Country United States
Categories Business , Industry , Manufacturing
Tags Ice Hockey Equipment Market
Last Updated July 14, 2020