Ice Hockey Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ice Hockey Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global ice hockey equipment market is projected to grow at a CAGR of 3.8% during the forecast period (2021-2026).

Key Highlights

• Rising interest and participation rate in ice skating sports like ice hockey, rise in number of waterless ice skating arena, change in rules of goalie protective gear, shorter life cycle of sticks, increasing government initiatives to encourage participation in ice hockey, growth in the number of ice rinks, increasing televised coverage of international ice hockey events, rising adoption of online shopping channels by consumers, are some of the major factors driving the sales of ice hockey equipment globally.
• Most vendors are adopting online retail strategies to reduce costs and increase their margins, which will benefit the market during the forecast period. Thus, manufacturers make sure that every product which they are selling offline must be available online as well. Vendors such as are SHER-WOOD, BAUER Hockey, LLC, FRANKLIN SPORTS INC., WARRIOR SPORTS, and STX have a strong presence in offline retail stores as well as online retail stores.

Key Market TrendsSurge in Number of Ice Hockey Tournaments Owing to Increased Participation Rate

North America has been the most active participant of ice hockey since it’s inception as it is widely played in Canada and U.S. on professional, semi-pro and junior levels. National Hockey League American Hockey League (US, Canada), Liga Mexicana Eite (Mexico), Ontario Hockey League (Canada), ECHL (US, Canada), etc. are some of the popular ice hockey tournaments played across the region. This, in turn, has provided an immense opportunity for the hockey equipment manufactures to build their brand equity by providing sponsorships and endorsements to well-known players and clubs, in order to gain a competitive advantage over their competitors. Moreover, an increase in government initiatives in various countries, meant to improve sports participation, is playing a key role in driving the market in the last few years. This, in turn, has significantly increased the popularity of the sport, especially in the youths. For instance, IIHF is engaged in organizing international ice hockey and tournaments across the world. The main functions of the IIHF are to govern, develop and organize hockey throughout the world

Asia-Pacific to Witness Strong Growth in Ice Hockey Equipment Market

Asia-Pacific is the fastest growing region in the global Ice Hockey equipment market. China, Australia, Japan, and South Korea are the top contributing countries in the region. Moreover, these countries have started hosting many international level Ice Hockey tournaments, which, in turn, will increase the popularity and demand for ice hockey equipment. Asian Winter Games and the IIHF Ice Hockey Challenge Cup of Asia are some of the popular ice hockey tournaments in the region. Moreover, increasing governing body associations and growth in the construction of ice rinks are some of the major factors making the region a lucrative market for ice hockey equipment. In addition, there’s a rise in women’s participation rate and government initiatives that is likely to boost the demand for the ice hockey equipment in the region.

Competitive Landscape

Key players operating in the global ice hockey equipment are embarking on rapid expansion, both, in terms of production capacity, as well as the manufacturing locations, in order to gain a stronghold amidst robust product demands. The major league companies are increasing their investments in research and development (R&D) and expanding their distribution channels to maintain their position in the market. Sustainable competitive advantage through innovation is high, as companies have witnessed significant sales growth by offering innovative products, coupled with effective marketing and distribution strategies. Owing to this factor key players are differentiating their products in terms of design, quality, weight, and size, in order to gain competitive advantage. For instance, in 2014, CCM Hockey reintroduced its iconic skates with the new cutting-edge ATTACKFRAME technology.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BAUER Hockey, LLC
Sher
Wood Hockey Inc.
Franklin Sports Inc.
New Balance, Inc. (Warrior Sports)
Wm T. Burnett & Co., Inc. (STX)
CCM
TOUR HOCKEY
American Athletic Shoe

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