June 13, 2024

Ski Gear and Equipment Market Propelled by Increasing Participation in Snow Sports

Ski gear and equipment are necessary items used for skiing and snowboarding activities. Skis, boots, poles, protective gear and other accessories allow skiers and snowboarders to safely enjoy downhill runs on snow-covered slopes. The global ski gear and equipment market offers an array of high-quality products to cater to the needs of amateur recreational skiers as well as professional athletes. The global Ski Gear and Equipment Market is estimated to be valued at US$ 1,332.4 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 key trends:
The increasing participation in snow sports has propelled the demand for advanced ski gear and equipment globally. Factors such as rising disposable incomes, increasing popularity of winter adventure sports, and growing millennial participation in recreational activities have boosted the number of skiers and snowboarders worldwide. Various ski resorts and snowboard destinations are witnessing higher footfall during winters. This has encouraged major gear manufacturers to focus on producing innovative ski equipment tailored for increasing consumption from beginners as well as experienced skiers and snowboarders. Furthermore, the introduction of novel merchandise such as helmet cameras, fitness trackers, and protective gears integrated with new technologies is expected to drive the ski gear and equipment market during the forecast period.

SWOT Analysis
Strength: The ski gear and equipment market has strong brands and long-established manufacturers with high brand loyalty. This helps them withstand competition.

Weakness: Skiing is an expensive sport which limits its customer base only to the affluent population. This constricts the potential size of the market.

Opportunity: Growing popularity of winter sports tourism in newer countries provides scope to expand to new regions. Also, technological advancements are enabling new product categories.

Threats: Economic slowdowns and fluctuations in discretionary consumer spending impacts market performance. Climate change poses a risk by reducing snowfall in some regions.

Key Takeaways

The global ski gear and equipment market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis– The North American region dominates the global ski gear and equipment market currently. Major winter sports destinations like the U.S, Canada receive adequate snowfall which sustains high participation rates in alpine skiing.
The European market is the second largest and continues exhibiting steady growth. Countries like Austria, France, Switzerland, Italy boast of popular ski resorts and are expanding their winter tourism infrastructure.

Key players operating in ski gear and equipment 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. The market remains fairly concentrated with these players accounting for majority share. Innovation and brand positioning shape the competitive dynamics in this market space.