The 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:
The ski gear and equipment market consists of various types of ski equipment including alpine, cross-country, telemark, and other ski gear, used for skiing in snow covered regions. Skis, ski boots, ski bindings, ski protective gear, ski poles and ski equipment are some of the key products covered under this market. These gear and equipment provide safety, control and glide to skiers while skiing on snowy terrains.
Market key trends:
One of the key trends in ski gear and equipment market is continuous innovations in skis and ski bindings. Manufacturers are focusing on developing advanced skis and bindings with improved grip, stability and control for skiers. For instance, skis are being made with new composite materials that are lightweight yet durable. Similarly, ski bindings are incorporating advanced electronically controlled mechanisms for automatic release of ski boots during falls. These innovations are enhancing performance, safety and overall skiing experience for users. Furthermore, growing trend of backcountry and freeride skiing is also fueling demand for specialized equipment like splitboards, ski touring gears and avalanche safety gears. Rise in winter sports participation especially among millennials is further supporting growth of the ski gear and equipment market.
Porter’s Analysis
Threat of new entrants: The ski equipment industry requires high investment in manufacturing and R&D to come up with innovative products. Established brands have strong brand loyalty that creates entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutable products like snowboards. However, buyers tend to choose brands they are familiar with.
Bargaining power of suppliers: Materials required for ski equipment manufacturing like resins, fabrics are available from multiple suppliers globally, minimizing suppliers’ bargaining power.
Threat of new substitutes: Alternatives like snowboarding, sledding provide competition. However, skiing has widespread popularity as a winter sport.
Competitive rivalry: Industry players compete on innovation, quality, brand reputation.
SWOT Analysis
Strength: Established brands like Amer Sports have strong brand recognition and global distribution networks. Innovation is a core strength helping brands launch new gear regularly.
Weakness: Seasonal nature of business leads to instability in demand and sales. High R&D costs to sustaining product pipeline is also a weakness.
Opportunity: Growing popularity of winter sports tourism in regions like Asia Pacific presents an opportunity. Product diversification into apparel, protection gear expands addressable market.
Threats: Changes in weather patterns can impact snowfall levels affecting demand. Economic slowdowns may impact discretionary spend on gear.
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 skiing as a mainstream winter sport. North America currently dominates the market with US as the major ski destination, however, Europe is showing highest growth led by countries like Austria and Switzerland. Key players operating in the ski gear and equipment market are 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. Regional analysis related content (Europe is the fastest growing region in ski gear and equipment market witnessing growth of 3.2% CAGR over forecast period led by strong ski tourism in countries like Austria and Switzerland attracting large number of ski enthusiasts annually.)
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