Research Support Specialist, USA
The global winter sports equipment market size is expected to reach USD 22.2 billion by 2028, registering a CAGR of 6.5% over the forecast period, according to a new report by Million Insights. In North America and Europe, winter sports are seen as a glitzy leisure industry that brings together healthy sports activity, hospitality, and tourism. It is one of the important industries in European Alps and growth of this industry act as a key factor for market growth. Along with this, increased women’s participation in winter sports is also seen increasing, which, in turn, is expected to drive the market over the assessment period.
The skies segment accounted for the largest revenue share of over 40.0% in 2020 owing to increasing skiing competitions. This can also be credited to constant innovation in these products. Also, the increasing number of people pursuing skiing as recreation and growth in the number of ski resorts are other factors boosting segment growth over the forecast period. The growing initiatives by governments to encourage people in skiing are also expected to boost segment growth in coming years.
The offline segment dominated the market and accounted for the highest revenue share of over 70.0% in 2020. The demand for winter sports equipment is rising among customers due to more sustainability offered by these offline stores than any other channel. Hence the segment is projected to show growth during the assessment period.
North America dominated the market and accounted for the largest revenue share of more than 44.0% in 2020 due to high demand in the U.S and Canada. Also, the increasing purchasing power towards these products will drive the segment growth. As the region presents various opportunities for the consumer goods sector, the industry is projected to showcase significant growth. In Asia Pacific, the market is expected to witness a CAGR of 7.1% from 2021 to 2028. This can be credited to the increasing demand for winter sports equipment in this region.
The report “Winter Sports Equipment Market Size, Share & Trends Analysis Report By Product (Skies, Snowboards), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global winter sports equipment market on the basis of product, distribution channel, and region: