Under the Umbrella of Government Initiatives and Support, the Ice Hockey Equipment Market Will Observe Significant Growth in Upcoming Years, States FactMR
Under the Umbrella of Government Initiatives and Support, the Ice Hockey Equipment Market Will Observe Significant Growth in Upcoming Years, States FactMR
According to Fact.MR, market research and competitive intelligence provider, the global ice hockey equipment market is estimated at US$ 996.1 Million in 2022 and is expected to expand at an impressive CAGR of 6.4% during the forecast years of 2022-2032.
The ice hockey equipment market has gained faster attention owing to huge government support in developed regions like North America and Europe. For instance, the program organized by the US government i.e. ‘Hockey Is for Everyone’ motivates people to play hockey regardless of their identity and gender. This program spreads knowledge and inspiration among women for their participation in ice hockey.
In addition, ice hockey is gaining attention in the North American population due to its heavy promotion by the National Hockey League (NHL) with the help of television, amplifying the sales of ice hockey equipment in that region. Thus, government initiatives play a crucial role in market growth.
Additionally, apart from North America and Europe, ice hockey observes remarkable growth in the Asia Pacific region, owing to the rising popularity of ice hockey among a growing population. Hence, the growing acceptance in developed and developing regions will provide ample opportunities for the market players.
Against these growth promoting factors, concussion has remained the most common injury reported in ice hockey and a key restrain to the sport popularity. Fact.MR analysis suggests that manufacturers should focus on product development to eliminate the risk of concussion. This will enhance the sales of ice hockey equipment over the assessment period.
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Key Takeaways from the Market Study:
“Growing Adoption of Digital Platforms Fuel Product Reach All Over the Globe, Propelling the Demand for Ice Hockey Equipment,” says a Fact.MR analyst.
Rising Popularity and Development of Synthetic Ice Rinks Driving Market Expansion
Historically, ice hockey was limited to regions with natural ice, restricting its availability in areas such as Asia, the Middle East, and Africa. However, the advent of synthetic ice rinks has broken these geographical barriers, enabling the sport to flourish in regions with unfavorable climates. These densely populated areas present significant opportunities for the market to expand its customer base.
Additionally, the growing popularity of ice hockey has led to a noticeable rise in the number of players, which has significantly increased demand for ice hockey equipment in these regions. The global growth and rising prominence of women's ice hockey further contribute to the positive trajectory of the market.
Increased Use of Digital Platforms by Manufacturers Boosting Sales of Ice Hockey Equipment
Manufacturers are increasingly leveraging digital platforms to enhance regional and global accessibility to their products, contributing to the growth of the ice hockey equipment market. To remain competitive, key players are intensifying their investment in research and development, which is expected to further drive demand during the forecast period.
Moreover, supportive government initiatives aimed at promoting ice hockey are fostering greater interest and participation in the sport. For instance, the Public Health Agency of Canada (PHAC) has allocated up to US$ 2 million to expand Western University's Hockey Fans in Training (Hockey FIT) program. This initiative uses Canadians' enthusiasm for hockey to encourage healthier eating habits and increased physical activity among adult males, further fueling the market's expansion.
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Market Development
Key market players in the ice hockey equipment market are highly focused on product development and launch to maintain their position in the market. They are also providing the option for customization to cater huge customer base for the business.
Apart from this, prominent as well as mid-level market players are also adopting inorganic growth strategies such as mergers and acquisitions for portfolio enhancement and global expansion. A high focus on product development as well as marketing will help to drive the ice hockey equipment market in the upcoming years.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global ice hockey equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study revealsessential insights on the equipment type (ice skates, helmets, sticks, protective, apparel, others), buyer type (individual, institutional, promotional), sales channel (independent sports outlet, franchised sports outlet, ice hockey product stores, modem trade channels,online sales channel) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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CAGR stands for Compound Annual Growth Rate. It is a useful measure that describes the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
Synthetic ice rinks are artificial surfaces designed to mimic the properties of real ice, allowing ice hockey and figure skating to be performed without the need for refrigeration. They enable the sport to be played in various climates.
Product development is the process of creating or improving a product to meet consumer needs or market demands. It involves stages such as idea generation, design, testing, and marketing.
A concussion is a type of traumatic brain injury caused by a blow to the head or body that causes the brain to move rapidly within the skull. It is a common injury in contact sports like ice hockey.
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