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Ice Hockey Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global ice hockey equipment market was valued at USD 2.6 billion in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2030. The growth of the market is attributed to the rising number of recreational hockey players and the increasing popularity of the sport. Apart from that, the rising number of hockey tournaments and leagues is also driving the demand for ice hockey equipment. For instance, in February 2021, the inaugural season of the Professional Women’s Hockey Players Association (PWHPA) was held, with the aim of advancing girls’ and women’s hockey.
The rising popularity of the sport is leading to an increase in the participation of new players in the game, which is driving the demand for ice hockey equipment. For instance, in April 2021, the National Hockey League (NHL) announced that the number of youth players in the U.S. and Canada had increased to almost a million. The high cost of hockey equipment, coupled with the increasing popularity of the sport, is driving the market growth. Furthermore, the growing demand for hockey apparel is also contributing to the growth of the market.
Manufacturers are introducing new products to meet the growing demand for hockey equipment. For instance, in May 2021, Bauer launched the new vapor 2X Team Edition skate, targeting the recreational hockey players. Apart from that, the increasing number of hockey tournaments and leagues is expected to boost the demand for hockey equipment. For instance, in April 2021, the NHL announced the addition of 32 new teams from across the U.S. and Canada. The rising number of online sales is also expected to drive the market. Players can now easily purchase hockey equipment online due to the increasing availability of these products on e-commerce platforms.
In addition, the rising disposable income of consumers is further driving the demand for ice hockey equipment. Manufacturers are focusing on offering premium-quality products to attract more customers. For instance, in February 2021, CCM Hockey launched the JetSpeed FT2 hockey stick, with a unique blend of graphite and fiberglass to provide enhanced durability and power. The increasing number of hockey-related events and activities is also driving the market. For instance, in June 2021, the NHL announced the launch of its first-ever virtual hockey tournament. The tournament, dubbed the ‘Future Goals’ tournament, will feature teams from across the United States and Canada.
Product Insights
The protective gear segment held the largest share of the market in 2021. The demand for ice hockey protective gear is driven by the increasing number of affiliated leagues and tournaments, which require players to wear protective gear for safety purposes. Moreover, the rising number of injuries in ice hockey has generated the need for protective gear in the market. The increasing popularity of ice hockey in countries such as Canada, the United States, Sweden, Finland, and Russia has created a huge opportunity for protective gear manufacturers.
The skates segment is anticipated to expand at the fastest CAGR of 7.3% over the forecast period. The demand for ice hockey skates is primarily driven by the increasing number of participants in ice hockey leagues and tournaments. Moreover, the rising disposable incomes of consumers in developed countries have enabled them to purchase high-quality ice hockey skates, which has further boosted the segment’s growth. The increasing popularity of ice hockey in countries such as Canada and the United States has also been a major factor driving the growth of the segment.
Distribution Channel Insights
The retail stores segment is estimated to be the largest distribution channel in 2022, accounting for a majority of the market share. The growth of the segment is mainly driven by the rising number of specialty stores and sports stores that offer a wide range of ice hockey products. The retail stores provide customers with the convenience of selecting and purchasing products at the store itself. Furthermore, the availability of discounts and offers in retail stores is one of the major factors that drive the growth of the segment.
The online segment is estimated to register a significant growth rate of 12.5% over the forecast period. The growth is mainly driven by the rising use of the internet and digitalization. The availability of discounts and offers on online platforms is also expected to drive the growth of the segment. Moreover, the increasing use of e-commerce platforms for purchasing ice hockey equipment is also expected to boost the segment growth.
Type Insights
The ice hockey equipment market is segmented into sticks, gloves, helmets, skates, and others. The sticks segment accounted for the highest revenue share in 2020. The increasing demand for sticks is attributed to the increased focus on safety and performance, which has led to the introduction of advanced sticks with superior flexibility and reduced weight. Furthermore, the introduction of sticks with innovative designs to improve the performance of the players is also driving the segment growth.
The gloves segment is expected to register the highest CAGR of 9.2% during the forecast period. The increasing popularity of ice hockey among the youth, especially in Europe and North America, is expected to fuel the demand for gloves. Furthermore, the introduction of stylish and lightweight gloves for better performance and protection is estimated to drive the segment growth. In addition, the growing demand for customized gloves in elite hockey leagues is also expected to fuel the segment growth.
Regional Insights
The North American region accounted for the largest market share in 2022. The popularity of ice hockey in countries like the U.S., Canada, and Mexico has driven the market in the region. The increasing number of ice hockey leagues and tournaments, such as the National Hockey League (NHL) and the World Cup of Hockey, is also a major factor driving the growth of the market in North America.
The Europe region is expected to witness the second-fastest growth in the coming years. The rising popularity of ice hockey in countries such as Sweden, Finland, and Russia is a key factor behind this growth. In addition, the presence of well-established players, such as CCM Hockey, Bauer Hockey, and GRAF Hockey, is further expected to drive the market in the region. For instance, in April 2022, CCM Hockey announced the launch of its new line of ice hockey helmets in Europe.
Financial Projections
In this part of the ice hockey equipment products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your ice hockey equipment products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an ice hockey equipment products business comes from the sale of products, both online and in-store, as well as from services such as repairs and customizations. Additionally, the business could also generate revenues from sponsorships and partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the ice hockey equipment products business running will be described. The list of operating expenses includes rental payments, wages, advertising, bank fees, accounting costs, materials and supplies, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the ice hockey equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Bauer Hockey Inc. launched the Vapor Flylite hockey stick, which features a lightweight design and is engineered for maximum power.
– In August 2022, CCM Hockey launched the RibCor Trigger 4 hockey stick, which is designed for a more powerful shot.
– In October 2022, Warrior Hockey Inc. launched the Alpha DX hockey stick, which has been designed for a more accurate shot.
Some of the prominent players in the ice hockey equipment market include:
– Bauer Hockey Inc.
– CCM Hockey
– Warrior Hockey Inc.
– True Hockey
– Reebok-CCM Hockey
– STX Hockey
– Sher-Wood Hockey Inc.
– Franklin Sports Industries
– Hockey Giant
– HockeyShot Hockey Inc.
Global Ice Hockey Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global ice hockey equipment products market based on product, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skates
– Sticks
– Protective Gear
– Others
2. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Professional
– Recreational
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Ice Hockey Equipment Market?
[A]: The growing popularity of ice hockey, increasing participation in the sport, rising disposable incomes, and the commercialization of the sport are the major drivers of the ice hockey equipment market. The growing popularity of the sport has led to increased demand for ice hockey equipment and apparel, which is further driving the market.
[Q]: What are the Major Types of Ice Hockey Equipment?
[A]: The major types of ice hockey equipment include skates, sticks, helmets, goalie pads, bags, and apparel.
[Q]: Who are the Key Players in the Ice Hockey Equipment Market?
[A]: Notable players in the ice hockey equipment market include Bauer Hockey Inc., CCM Hockey, Sher-Wood Hockey, Inc., True Hockey, Warrior Hockey, and Easton Hockey.
[Q]: Which Regions Offer the Largest Opportunity for Ice Hockey Equipment?
[A]: North America and Europe are expected to offer the largest opportunity for ice hockey equipment, owing to the presence of a large number of ice hockey fans in the regions.
[Q]: What are the Factors Propelling the Growth of the Ice Hockey Equipment Market?
[A]: The factors propelling the growth of the ice hockey equipment market include increasing participation in the sport, rising disposable incomes, and the commercialization of the sport. Additionally, technological advancements in the production of ice hockey equipment and the emergence of new materials in the ice hockey equipment industry are expected to drive the market over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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