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

The Global Ice Hockey Equipment Market is projected to register a CAGR of 5.1% in the coming five years.

The prominence of sports activities, owing to health and wellness trends, the increasing social media influence, celebrity endorsements, and the rise in international sports events, encourage people to engage in sports activities. Also, the growing adoption of a healthy lifestyle and the preference for staying fit urged people to engage in various sports activities, including ice hockey, across all age groups. Such factors are expected to drive market growth during the study period.

Increasing government initiatives to encourage participation in ice hockey are dragging the consumers and players to invest their spending, which is a significant factor driving the market eventually. Protective wear occupied the largest market share in the past few years due to the sport's nature. Serious injuries such as head concussions, shoulder separation, and ankle sprains are common in this sport. According to an article published in the British Journal of Sports Medicine, 39.8% of injuries were related to the head and face. As a result, CCM, one of the key manufacturers of ice hockey equipment, launched the Resistance Helmet, one of the most innovative ice hockey helmets in Canada. Similar product launches to improve safety are anticipated to contribute to the market's growth during the forecast period. Due to consumers' rising adoption of online shopping channels, 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 ensure that every product they are selling offline is available online. All these factors are propelling the market growth.

Ice Hockey Equipment Market Trends

Increasing Participation in Ice Hockey Competition

The demand for ice hockey is tremendously increasing over the years. Ice hockey is one of the most popular sports worldwide, which is elevated due to the significant national and international platforms provided for the competition. These platforms include Olympic Games, World Championships, European Championships, Four Continents Championships, Grand Prix (Final), Challenger Series, World Team Trophy, and Universiade. It, in turn, provided an immense opportunity for the hockey equipment manufacturers to build their brand equity by offering sponsorships and endorsements to well-known players and clubs to gain a competitive advantage over their competitors. Moreover, increased government initiatives in various countries meant to improve sports participation and played a crucial role in driving the market over the past few years. For instance, the US Department of Health and Human Services released the national youth sports strategy. It is the first federal strategy to increase youth participation in sports and physical activity initiatives over the next five years. It is also the first national roadmap that outlines steps the country can take to ensure that all youngsters have the opportunity, motivation, and access to play sports, regardless of their race, ethnicity, gender, ability, or ZIP code. It, in turn, significantly increased the sport's popularity, especially among the youth, and this is one of the primary reasons driving the market.

Asia-Pacific is the Fastest-growing 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 famous ice hockey tournaments in the region. In February 2022, the Chinese government launched an ambitious campaign to get 300 million people to play winter sports like ice hockey. Due to this initiative, China changed to host its first home Winter Olympics, propelling the market growth. 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, a rise in women's participation rate will likely boost the regional demand for ice hockey equipment.

Ice Hockey Equipment Market Competitor Analysis

The market studied is competitive. It is due to domestic and international players in the segment. Some key players are BAUER Hockey LLC, Franklin Sports Inc., New Balance Inc., American Athletic shoe co, and Wm. T. Burnett & Co. Inc. (STX). 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 and effective marketing and distribution strategies. Due to this factor, key players are differentiating their products in terms of design, quality, weight, and size to gain a competitive advantage. Key players operating in the global ice hockey equipment are expanding rapidly in production capacity and manufacturing locations to gain a stronghold amidst robust product demands. For instance, in December 2021, Sport Maska Inc., owner of the CCM Hockey brand, announced the acquisition of Tournament Sports Marketing Inc., the owner of the Jackson Ultima and Atom brands. The strategic acquisition allowed them to expand their portfolio to everyone interested in skating. Sport Maska's product offering will now cater to the needs of all skaters, on and off the ice.

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