July 22, 2024

The Growing Participation In Winter Sports Driving The Growth Of Ski Gear And Equipment Market

The Global Ski Gear And Equipment Market is estimated to be valued at US$ 1410.8 Mn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Ski gear and equipment refers to various apparel and accessories used for skiing and snowboarding activities. It mainly includes ski boots, helmets, goggles, ski bindings, ski poles, gloves, ski helmets, ski jackets and ski pants. Ski gear and equipment provides protection and improves performance during skiing. Growing popularity of winter sports activities such as skiing and snowboarding, especially among youths is boosting the demand for various ski gear and equipment worldwide. Development of innovative products in terms of breathability, durability and safety features by major companies is also propelling the market growth.

Market key trends:

One of the key trends in ski gear and equipment market is growing popularity of Alpine touring. Alpine touring or ski mountaineering refers to the skiing uphill or ascending slopes and then skiing down with lightweight touring bindings and climbing skins. Easy traversing capability and increased distance and endurance provided by alpine touring gears is witnessing high demand. Another important trend is increasing focus of manufacturers on sustainably sourced materials. This is primarily attributed to rising awareness regarding eco-friendly products among consumers. For instance, Amer Sports Oyj emphasizes on sustainable raw material sourcing and recycled plastics for its outdoor equipment and apparel. Growth in online retail platforms is also a key trend shaping the dynamics of ski gear and equipment market.

Porter’s Analysis

Threat of new entrants: Low: High capital requirements for establishing manufacturing facilities and a strong brand name are significant barriers for new players.

Bargaining power of buyers: High: Buyers can easily switch between established brands depending on price and quality.

Bargaining power of suppliers: Moderate: While a few raw material suppliers dominate the market, presence of alternative suppliers limits their influence.

Threat of new substitutes: Low: Alternatives like snowboarding provide some competition but ski gear has strong brand loyalty.

Competitive rivalry: Intense: Major players compete fiercely on innovation, sponsorships, pricing and retail partnerships to increase their market share.

Key Takeaways

The Global Ski Gear And Equipment Market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing popularity of winter sports and snowboarding among millennials and generation Z consumers. Europe currently dominates the market backed by high snowfall and number of ski resorts in countries like France, Italy and Switzerland.

The market size for 2023 is projected to reach US$ 1410.8 Mn. North America is expected to grow at a significant pace in the coming years led by increasing millennial participation in skiing in the US. Countries like Canada and Japan are also witnessing rising interest in snow sports and gear.

Key players operating in the ski gear and equipment market include Amer Sports Oyj, Black Diamond Equipment, Ltd., Coalition Snow, Fischer Beteiligungsverwaltungs GmbH, Helly Hansen, Icelantic LLC, Marker Volkl (International) Sales GmbH, Skis Rassignol S.A., The Burton Corporation, and Volcom LLC. These companies are focusing on product innovation, partnerships with ski resorts and celebrity endorsements to strengthen their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it