E-snowmobiles and Snowskates Revolutionizing Winter Sports Equipment Market
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.
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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.
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.
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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.
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.
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Global Winter Sports Equipment Market: Overview
- According to Transparency Market Research’s latest report on the global winter sports equipment market for the period 2019-2027 (wherein, the period from 2019 to 2027 is the forecast period and 2018 is the base year), the skiing sport segment of the winter sports equipment market is expected to expand at the highest CAGR. Skiing is the most popular winter sport across the globe, and is highly driven by several skiing events and growth of ski resorts, worldwide.
- Expanding at a CAGR of ~2% over the period of forecast, the global winter sports equipment market is projected to be valued at ~US$ 2.8 Bn by the year 2027.
Burgeoning Presence of Ski/Snowboarding Resorts: Key Driver of Winter Sports Equipment Market
- Ski/snowboard resorts are the key factor driving the winter sports equipment market.
- In the past few years, the industry faced a decline in snow sports participation, particularly due to selection disadvantages and severe injury threats associated with the sport.
- However, noteworthy growth in skiing resorts across the globe focusing on an enhanced skiing experience along with the safety of the tourists is anticipated to significantly drive the growth of the winter sports equipment market over the forecast period.
- Besides, continued support from associations such as the National Ski Areas Association (NSAA) and Snowsports Industries America (SIA) is also expected to drive participation in winter sports, subsequently contributing to the overall growth of the global winter sports equipment market.
Smart Wearable Devices and Technologically-enhanced Winter Sports Equipment: Key Market Trend
- The winter sports equipment market is greatly influenced by smart wearable devices such as smartwatches and ski technology.
- Manufacturers in the winter sports equipment value chain are increasingly emphasizing the integration of advanced analytics and similar technology in the equipment for an enhanced experience.
- For instance, recently, a ski wearable known as Carv was introduced into the winter sports equipment market, which analyses the skiing technique of the skier and provides real-time feedback on slopes. It also does an analysis between runs.
- Eventually, these trends are expected to positively influence the growth of the global winter sports equipment market over the forecast period.
Rising Trend of Rental Equipment – Key Restraint of Winter Sports Equipment Market
- As per SnowSports Industries America (SIA), nearly 80% of the entire consumer base is casual winter sports equipment users who prefer to rent the equipment rather than buy it.
- Furthermore, the equipment rental sector is likely to expand, as the millennial population continues to seek experimental adventure experiences.
- Thus, the winter sports equipment rental market is anticipated to pose a major threat to the global winter sports equipment market over the forecast period.
Global Winter Sports Equipment Market: Competitive Landscape
- Detailed profiles of manufacturers of winter sports equipment have been provided in the winter sports equipment market report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global winter sports equipment market include
- Rossignol Group
- Amer Sports Corporation
- Fischer Sports Corporation
- ELAN D.o.o
- Icelantics LLC.
- Clarus Corp.
- Völkl Sports GmbH
- BAUER Hockey
- LLC
- Head UK Ltd.
- Sport Maska Inc.
Global Winter Sports Equipment Market: Key Developments
Some of the key developments in the global winter sports equipment market are as follows:
- In November 2019, Salomon opened its first retail location in Munich, the Bavarian city, known as Germany’s outdoor capital and a gateway to the Alps. Salomon is planning to open additional stores in Barcelona and Lyon by the end of the year.
- In July 2019, the Rossignol Group announced a new store in Austria. This new expansion is concretized by the opening of a store in Innsbruck, considered the capital of the Alps in Austria.
- Such expansion plans will only boost the growth of the global winter sports equipment market over the coming years.
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