The hockey equipment market size was USD 11.5 bn in 2021 and is estimated to grow to about USD 15.1 bn by 2028, with a CAGR of 4.7% over the forecast period.
Hockey Equipment Market
The hockey equipment market size was around USD 11.5 billion in 2021 and is estimated to grow to about USD 15.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.7% over the forecast period. The report analyzes the hockey equipment market drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the hockey equipment market.
A hockey stick, a ball, and safety equipment are used to play the popular sport of hockey. The hockey sticks come in various sizes, forms, and materials, including carbon fiber, aramid, and other lightweight and durable materials, depending on the player's efficiency. The usage of shin guards, gloves, and other equipment are also required for hockey. These accessories help the player play more effectively and successfully on the field.
Over the years, ice hockey has experienced a significant increase in popularity. Hockey is among the most well-liked sports. The competition's substantial national and international platforms have raised the appeal of this sport. The Olympic Games, World Championships, Challenger Series, and World Team Trophy are among these platforms. As a result, hockey equipment manufacturers have never had a better opportunity to boost their brand equity by supporting well-known sportsmen and teams to surpass their competitors.
Additionally, more government programs have been launched in numerous countries to boost sports participation. The group oversees many international marketing activities and projects in addition to setting rules. The IIHF also provides coaching services to help aspiring competitors get ready for forthcoming competitions. Such actions are predicted to increase market demand for hockey equipment over the anticipated period.
The entire world has been rendered inoperable by the coronavirus's proliferation. Almost all nations have implemented strong social segregation policies, including lockdowns. As a result, the supply chain has been damaged. The demand for hockey equipment has been strongly impacted by these variables. The industry is ultimately driven by the increasing government measures to promote hockey participation, enticing customers and players to spend money.
Because customers are increasingly using online shopping channels, most businesses are implementing online retail tactics to cut expenses and boost profits, which is anticipated to help the market throughout the forecast period. As a result, producers ensure that every product they offer offline is also accessible online.
Increasing interest in outdoor sports will likely pave the way for global market growth.
The expansion of the global hockey equipment market is driven by an increase in technologically advanced equipment and a rise in interest in outdoor sports as a result of health consciousness. The expansion of the global market has been aided by an increase in advertising, marketing, and the brands of hockey equipment. The demand for hockey equipment is also influenced by the growth of college sports committees and sporting events.
Greater potential for serious injury to limit market growth
Acute injuries are very common in hockey, affecting how many people play the game. Therefore, the increased risk of injuries is predicted to restrain the expansion of the hockey equipment market throughout the projected period.
Growth in the e-commerce industry to bolster online sales of hockey equipment
Due to the increasing penetration of the numerous online platforms that offer hockey equipment, the e-commerce sector is expanding. The demand for online distribution channels is anticipated to increase as customer confidence in online purchasing increases.
Preference for online shopping likely to hamper the offline market
The global market for hockey equipment has also been fueled by how simple it is to access online purchasing sites. Online shopping is frequently preferred by consumers in developed nations over traditional brick-and-mortar establishments.
The global hockey equipment market is segmented according to product type, sport type, distribution type, and region.
Based on the kind of product, the market is split into sticks, protective gear, footwear, and other categories. The hockey equipment market is dominated by the sticks category, which is expected to expand significantly over the forecast period. Regular hockey players frequently replace their sticks to maintain peak performance, fueling this market segment's rapid expansion. The market will expand in the upcoming years due to ongoing advancements that aim to produce lighter and stronger sticks.
Based on the distribution mode, the market is split into two categories: online and offline. The most effective sales channel for hockey equipment is still brick-and-mortar stores. The propensity of consumers to purchase hockey equipment through many retail channels has created new growth potential for hockey equipment providers.
|Report Attributes||Report Details|
|Report Name||Hockey Equipment Market|
|Market Size in 2021||USD 11.5 Billion|
|Market Forecast in 2028||USD 15.1 Billion|
|Compound Annual Growth Rate||CAGR of 4.7%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Adidas, Grays, Gryphon Hockey, OBO, TK Hockey, ATLAS Hockey, Dita, JDH, Kookaburra, MALIK, Mazon Hockey, Osaka Hockey, Princess Sportsgear, Ritual Hockey, STX.|
|Segments Covered||By Facility Management Services, By Solution, By Service, By Deployment Mode, By Organization Facility Management Type, By Vertical And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2015 to 2020|
|Forecast Year||2022 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America dominated the global hockey equipment market in 2021
Due to the significant popularity of hockey in both the United States and Canada, North America is considered the most lucrative location for the hockey equipment market. The growth of the North American hockey equipment market is significantly influenced by regional trends and sports regulatory rules. The hockey equipment market in the United States, in particular, is anticipated to expand at a significant CAGR during the expected period.
Due to the rising popularity of sports in the region, major players in the hockey equipment industry are increasingly eyeing North America as their target market. Additionally, it is anticipated that by 2028, the market for hockey equipment in Europe will generate substantial revenue. The Asia Pacific region, on the other hand, is regarded as a developing market due to increased spending on leisure and recreation activities and the consequent rise in hockey's appeal in China, South Korea, Japan, Australia, New Zealand, and India.
Key players functioning in the global hockey equipment market include Adidas, Grays, Gryphon Hockey, OBO, TK Hockey, ATLAS Hockey, Dita, JDH, Kookaburra, MALIK, Mazon Hockey, Osaka Hockey, Princess Sportsgear, Ritual Hockey, STX.
Hockey Equipment Market is segmented as follows:
By Product Type
By Sports Type
By Distribution Channel
According to a study on the hockey equipment market, factors impacting demand include growing interest in sports and fitness, an educational system that supports the growth of sports, and an increase in spending on sports training.
The hockey equipment market was worth around USD 11.5 billion in 2021 and is estimated to grow to about USD 15.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.7% over the forecast period.
North America is seen as the most lucrative region for the hockey equipment market, backed by strong engagement in hockey sports in the U.S. and Canada.
Key players functioning in the global hockey equipment market include Adidas, Grays, Gryphon Hockey, OBO, TK Hockey, ATLAS Hockey, Dita, JDH, Kookaburra, MALIK, Mazon Hockey, Osaka Hockey, Princess Sportsgear, Ritual Hockey, STX