New trends in the winter sports equipment market are generating incremental opportunities for the winter sports tourism industry. Cutting-edge technology and shifting customer preferences are transforming the skiing industry. For instance, Bobsla – a Tirol-based award-winning startup revealed that it is developing e-vehicles to contribute to the business of winter sports tourism at various snow resorts.
E-vehicles are gaining increased popularity amongst tourists, as their functionality is suitable for professional as well as amateur individuals that do not have the skills or abilities required for winter sports. Companies are increasing production capacities of affordable electric snowmobiles to meet the growing winter sports tourism industry.
Innovations in ski equipment are triggering growth for the winter sports equipment market. As such, ski products account for the second-highest volume in the winter sports equipment market, with an estimated production of ~4,400 units by the end of 2027. Hence, manufacturers are developing ‘snowskates’ that are a novel inclusion in the global winter sports equipment landscape. For instance, Snowfeet – a supplier of snowskates, is steering innovation in the realm of snowskating with the development of mini skis.
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New Ski and Snowboard Accessories Generate Cumulative Opportunities for Manufacturers
Companies in the winter sports equipment space are increasing the efficacy of accessories, since skiing and snowboarding are gear-intensive sports. They are increasing efforts to enhance the winter sports experience of customers.
There is growing demand for innovative accessories in the landscape. As such, accessories dominate with the highest volume amongst all products in the winter sports equipment market, with a predicted output of ~11,000 units by 2027. Hence, manufacturers are increasing their production capabilities of foldable and leak-proof stow bottles that fulfill the hydration needs of customers. Stow bottles are witnessing high demand, since disposable bottles are not environmental-friendly. Another driver that is triggering the demand for stow bottles is customer preference for the ‘beyond lifetime’ guarantee attribute of stow bottles over hydration bladders, since the latter is associated with freezing up of the hoses and valves in extreme cold temperatures.
Companies in the winter sports equipment market are investing toward the development of super-versatile fabric tubes. Consumers are increasingly benefitting with this accessory, as these tubes can be worn as a neck warmer or as a full-face balaclava to protect the skin from harmful UV rays at high altitudes.
Intelligent Wearables Provide Big Data Analysis to Gain Competitive Edge
Advancements in technology have given rise to innovations in wearable gear. Intelligent gear such as insoles that act as a personal ski instructor, and textiles that regulate body temperature, are dictating the startup scene as well as product launches in the skiing space. Currently, skiing accounts for the highest revenue in the winter sports equipment market, with a value of ~US$ 1.1 billion in 2018. Hence, manufacturers in the winter sports equipment ecosystem are innovating in new wearables that provide actionable insights to improve the skiing performance of customers. For instance, Snowcookie – a provider of smart skiing systems, has gained expertise in the development of multi-sensor systems that captures data related to speed, technique, and body position.
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The trend of being a connected skier is engulfing the winter sports equipment market. Companies in the winter sports equipment space are tapping into opportunities to introduce new wearables and sensors that lead to Big Data analysis. This phenomena will help manufacturers enhance sports performance, and gain an advantage over their competitors.
Stakeholders Team Up to Increase Participation of Customers in Skiing and Snowboarding
The winter sports equipment market is projected to progress at a sluggish CAGR of ~2% throughout the forecast period, and there are various reasons for the slow growth of this market. According to Snowsports Industries America (SIA), skiing and snowboarding participation has dipped drastically in the past few years, which is affecting the business for retailers as well as snow resort owners. Due to this, investors are reluctant to invest in resorts due to less surety on ROI.
Overcrowding of snow resorts during peak season is another challenge that is slowing down the growth of the winter sports equipment landscape. To tackle these issues, companies in the winter sports equipment market are teaming up with resort owners to better the facilities at existing resorts. This strategy will help retain existing customers and entice new customers, thus ensuring uniform footfall even in off seasons.