South Korea Ski Gear & Equipment Market Overview, 2028

South Korea Ski Gear & Equipment Market Overview, 2028

South Korea is expected to be the market's fastest-growing country. Due to positive government and private institutional support for the development of winter sports zones and resorts in countries such as India, South Korea, Japan, and China, the consumption rate of such products in the region is high. The market is being driven by rising popularity and the number of sports tournaments; increasing awareness of the mental and physical benefits of winter sports; rising consumer interest in nature-based sports; rising household income; and the increasing availability of innovative product offerings. According to data obtained, the South Korean government invested USD 13,000 million in the development of the country's Winter Olympics in February 2018. Furthermore, the growing number of ski resorts and government initiatives to encourage skiing participation are expected to drive the market forward in the coming years. Furthermore, the development of new and innovative products to meet changing consumer needs, as well as technological advancements in this segment, is expected to fuel the market during the forecasted years.

According to the research report, “South Korea Ski Gear & Equipment Market Overview, 2028” published by Bonafide Research, the market is anticipated to add up to USD 9.11 Million market size during the upcoming timeframe. The growing number of initiatives to increase skiing participation, as well as the growing number of people pursuing skiing as a recreational activity, are expected to drive the ski market in the coming years. Among product type, the helmet segment is projected to witness significant growth over the forecast period, owing to the increasing use of helmets in skiing, as it helps to protect or reduce the risk of head injuries from collisions or falls. The market was dominated by ski clothings\apparel. This expansion is responsible for the growing popularity of sophisticated and new designs of various types of ski clothing, such as jackets, ski suits, ski pants, and a moisture-wicking base layer. Ski clothing manufacturers are focusing on introducing and creating novel items to meet changing client demands and need gratefulness for improved technology. New products and features that improve consumer safety are driving this market. Furthermore, the rising number of female skiers, as a result of firms' development of new goods and technology aimed at women's safety, is predicted to boost demand for ski equipment and gear in the near future.

The South Korean ski equipment & gear market is expected to witness an increase in demand on account of the commercialization of the sport and the smooth and safe experience of the sport with various types of ski equipment and gear. Increasing awareness regarding the usage of helmets and other ski equipment and gear on account of rising concerns over injuries caused by skiing is anticipated to promote market growth in the coming years. This development is attributed to the increased acceptance of progressive and new designs for several types of ski suits, including jackets, ski suits, ski pants, and moisture-wicking bases. This in turn drives the sports equipment and apparel market demand, which significantly contributes to the overall growth of the market. Boards & Poles segment is expected to hold a major share of the market owing to the large necessity of such skiing boards & poles by people during ice skiing activity. Additionally, athletes can effectively move in any direction during ice skiing with the help of poles which results in larger segmental growth.

Ski tourism grew at a much slower rate over in Asia, where Japan and Korea remain two of the more popular ski destinations. Despite having fewer options in the Eastern half of the world, there are a few good destinations across the Asia Pacific for first-timers to try skiing or snowboarding. Japan, Australia, South Korea, New Zealand, and China are prominent skiing destinations in Asia-Pacific. The winter season in Korea starts end of November and lasts till early May. The average temperature in winter in Korea is around -5°C. The best months to enjoy snow in South Korea are December, January, and February. During these days the snow stays and is of good quality. Especially in the mountains, the snow is perfect to enjoy skiing, snowboarding, or other winter sports. On top of winter sports, there are many winter festivals happening all over the country, like the Hwacheon Ice Fishing Festival, which are a must-see. Various light festivals are held around the country during the winter season, creating the most beautiful views in this winter wonderland.

Korea has over 20 different ski resorts all over the country. The best ski resorts in Korea are located deep in the mountains of Gangwon-do but there are some smaller resorts close to Seoul and Busan. Yongpyong is the biggest ski and snowboard resort in South Korea. A two-hour drive from Seoul, Pheonix Park offers the most extensive selection and ski/snowboard instruction for novice skiers; it also provides various practical courses for riders at any level. The biggest strength of Konjiam Resort is that it only admits a certain number of skiers every day, capping visitor numbers at 7,000. With this limit, the resort promises that the queues will not take more than 15 minutes.

Covid-19 Impacts:
The ski gear and equipment market has been growing consistently during the past few years. However, due to the outbreak of coronavirus, there has been a significant impact on supply chains. Ski gear and equipment manufacturing companies have faced huge losses during the first & second quarters of 2020, owing to disrupted supply chains and production schedules. COVID-19 has forced ski gear and equipment manufacturers to cease their production, order delivery, and operations due to a lack of site access, an interrupted supply chain, and a shortage of manpower. In the wake of COVID-19, there is an increased vigilance globally against consumption and expenditure as people are not investing money in recreational activities and trying to increase their savings. Travel restrictions imposed by governments worldwide to control COVID-19 have also ceased all winter leisure & adventure activities, which has significantly affected the market for ski gear and equipment in South Korea.
Considered in this report

• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea ski gear & equipment market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product:
• Skies/Ski Snowboards
• Ski Footwear/Ski Boots and Bindings
• Ski Poles/Ski Sticks
• Ski Helmets
• Ski Goggles
• Ski Gloves/Ski Mittens
• Ski Clothing/Apparel
• Others

By Distribution Channel:
• Hypermarkets/Supermarkets
• Specialty Stores
• Online Stores
• Other Distribution Channels

By End-User:
• Men
• Women
• Kids

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the ski-gear equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.