While snow sports have been followed by large masses for a number of decades in the developed regions of North America and Europe, the growing popularity of Winter Olympics has only further added fuel to the market for snow sports apparel. Countries such as Norway, Austria, the U.S., France, Germany, Canada, Sweden, Russia, and Italy have been leading the ranking charts of snow sports since a long time, whereas Asian emerging economies such as Japan, China, and Australia are now also making a foray. Snowboarding, Ice Hockey, Alpine and Freestyle Skiing, Ski Mountaineering, Cross Country Skiing, Biathlon, and Ski Jumping are some of the most common snow sports played across the world. As per the findings of an up-to-date intelligence study by Transparency Market Research (TMR), the demand in the global snow sports apparel market will multiply at a healthy growth rate during the forecast 2017 to 2024.
Increased Recreational Expenditure Driving Demand
Increasing preference of outdoor recreational activities among the urban population, changing lifestyle, incremented recreational expenditure, and growing awareness among the masses regarding the physical and mental benefits of sporting activities are some of the key factors driving the demand in the global snow sports apparel market. Apart from the growing popularity of snow sports, the safety awareness among the players has increased significantly in the recent past.
As a result, increasing usage of protective gears such as shell tops and helmets is multiplying. In addition to that, consumer’s interest in nature-based gateways that offer competitiveness as well as leisure at the same time, has been steadily escalating and aiding to the global snow sports apparel market. With growing penetration of ecommerce, consumers are now able to research, compare, and buy the sporting gears of their choice. This factor is also augmenting the demand in the global snow sports apparel market.
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Winter Olympics 2014, held in Sochi, was broadcasted by 464 television channels across the world, with the TRPs touching new peaks. This competitive event is inspiring many youngsters and driving the demand in the global snow sports apparel market. The TMR report also detects that technological advancements is also favoring the demand-flow in the snow sports apparel market. For instance, synthetic ice rinks or waterless skating rinks make use of a polymer material for skating with regular metal-bladed ice skates. The synthetic skating rinks are manufactured by interlocked panels and do not require ice. Apart from being eco-friendly, these rinks can do without refrigeration equipment for creating a mechanically frozen skating surface, and consequently reducing the operational costs considerably.
The region of North America is estimated to dominate the global snow sports apparel market in terms of revenue in 2017, and the trend is projected to grow throughout the forecast period. The developed countries of the U.S. and Canada are identified as the chief demand-generators. The North America snow sports apparel market is the most attractive market, growing at a CAGR of 6.5% over the forecast period. TMR forecasts the North America snow sports apparel market to grow from US$ 397.8 Mn in 2017 to US$ 546.3 Mn in 2024. This represents a compound annual growth rate (CAGR) of 6.5% from 2017 to 2024.
The Europe snow sports apparel market is anticipated to increase at a CAGR of 5.3% over 2017-2022, to reach US$ 403.5 Mn by 2024. The valuation of Japan snow sports apparel market is projected to increase at a CAGR of 5.1% over 2017-2022, to reach US$ 88.2 Mn by 2024, whereas overall revenue from APEJ snow sports apparel market is anticipated to increase at a CAGR of 6% over 2017-2022, to reach US$ 296.2 Mn by 2024. MEA snow sports apparel market is expected to create absolute dollar opportunity of US$ 8.4 Mn between 2017 and 2024.
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Competitive Landscape Remains Consolidated as Companies Invest in Aggressive Marketing Strategies
Some of the key players currently holding a prominent position in the global snow sports apparel market are: Adidas, Nike, HotChillys, Volcom, UnderArmour, YakTrax, Champion, The North Face, Columbia, Black Diamond Equipment, Boll, Armada, Paradox, Burton, Mountain Hardwear, Dryguy, Giro, Oakley, Hanes, and Smith. The competitive landscape is moderately consolidated among these players, who each have a diverse product portfolio and depend on aggressive marketing strategies to maintain their stronghold over the market.
