The global ski equipment and gear market size is expected to reach USD 1.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.7% over the forecast period. Increasing participation in the outdoor recreational sports including skiing at a global level is expected to remain a favorable factor. Furthermore, rising importance of rental skiing as a key service offering that provides convenience, professional expert advice, and product availability at affordable prices is expected to open new avenues for the market in the near future.
Growth of the tourism industry is one of the key factors increasing ṅ the spending on skiing, which, in turn, is expected to promote the scope of various sports equipment. The World Bank Group revealed that the international tourist arrivals have increased from 1.24 billion in 2016 to 1.33 billion in 2017. Furthermore, emergence of the Indian Himalayas as a snow sports hub as a result of supportive government policies aimed at the development of hill stations, including Auli and Manali, is expected to open new industry avenues.
Product innovation is expected to remain a critical success factor over the next few years. For instance, in 2016, Scott Sports launched Walkable Ski Boot to provide the skiers optimum grip during skiing. Moreover, these boots are designed in such a way that it can be used for normal walking, thereby making them effective and comfortable in nature.
For instance, in 2018, Salmon S.A.S. launched Salomon QST 99, a lightweight ski to provide a better and smooth experience of skiing so that the customer can achieve more speed with less effort. Moreover, in 2018, Oakley Inc. launched Inferno Prizm Goggles. With this new product, the company is providing anti-fogging feature to the customers with the help of an electric heat current to clear the glasses.
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Further key findings from the report suggest:
- By product, clothing dominated the global ski equipment & gear market with an overall share of 32.5% in 2018. Headgear is expected to expand at a CAGR of 3.3% from 2019 to 2025
- By distribution channel, supermarkets/hypermarkets accounted for a share of 44.2% in 2018
- North America dominated the market in 2018, accounting for 42.4% share of the global revenue
- Key industry players include Amer Sports Oyj, Black Diamond Equipment, Ltd., Fischer Beteilgungsverwaltungs GmbH, Skis Rassignol S.A., Icelantic LLC, The Burton Corporation, Volcom LLC, and Helly Hansen.