Ice Hockey Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Ice Hockey Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The ice hockey equipment market is projected to record a CAGR of 4.1% during the forecast period (2022-2027).

The COVID-19 crisis had a significant effect on the market. Due to the rules and regulations, several international leagues, such as National Hockey League, American Hockey League (United States, Canada), Liga Mexicana Elite (Mexico), Ontario Hockey League (Canada), and ECHL (United States, Canada), were kept on hold. The closures of several games and sports events had led to a decline in the manufacturing of these products, as the consumers of these fields were not using these types of equipment. Franklin Sports Inc., one of the major players in the industry, estimated a decline in sales by 6.77% during fiscal 2021. According to the company, the decline was majorly due to closures of the manufacturing units and less demand for sports equipment by the consumers.

Increasing government initiatives to encourage participation in ice hockey are dragging the consumers and players to invest their spending, and this is a major factor that is driving the market eventually.

Owing to the rising adoption of online shopping channels by consumers, most vendors are adopting online retail strategies to reduce costs and increase their margins, which is expected to benefit the market during the forecast period. Thus, manufacturers make sure that every product they are selling offline is available online.

The demand for ice hockey has been tremendously increasing over the years. Ice hockey is one of the most popular sports in United States. The popularity of this sport has elevated this is due to the major national and international platforms provided for the competition. Some of these platforms are Olympic Games, World Championships, European Championships, Four Continents Championships, Grand Prix (Final), Challenger Series, World Team Trophy, and Universiade. This, in turn, has provided an immense opportunity for the hockey equipment manufacturers 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, played a key role in driving the market over the past few years. This, in turn, has significantly increased the popularity of the sport, especially among the youths, and this is one major reason that is driving the market.

Asia-Pacific is the fastest-growing region in the global ice hockey equipment market. China is the origin of the 'Olympics Games" in the world. 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. The 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 is a rise in women’s participation rate, which is likely to boost the demand for ice hockey equipment in the region.

The market studied is competitive in nature. This is due to the presence of domestic and international players in the segment. Some of the key players are BAUER Hockey LLC, Franklin Sports Inc., New Balance Inc., American Athleic Inc., and STX. Key players operating in the global ice hockey equipment are embarking on rapid expansion, both, in terms of production capacity, as well as 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 to gain a competitive advantage.

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