Ice Hockey Equipment Market To Witness Potential Growth Of $1.1 Billion By 2025 Due To Increase In Participation Rate Worldwide | Grand View Research Inc.

Ice Hockey Equipment Market To Witness Potential Growth Of $1.1 Billion By 2025 Due To Increase In Participation Rate Worldwide | Grand View Research Inc.

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According to the report published by Grand View Research, Inc., growing awareness about ice hockey & rising indulgence of people, increasing support & promotion from government and high proliferation of ice rinks are some of the major factors boosting the market growth rate.

The global ice hockey equipment market size is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.2% over the forecast period. The market is expected to witness significant growth due to increase in participation rate, which is attributed to rise in availability of synthetic ice rinks.

Ice hockey being an on-the-move contact sport, the players are highly susceptible to serious injuries while playing the game such as head concussions, shoulder separation, and ankle sprains. This creates a need for good protective wear and therefore, protective wear segment of the market occupied the largest share in 2018. According to an article published in the British Journal of Sports Medicine, 39.8% of the injuries were related to head and face. As a result, CCM, one of the key manufacturers of ice hockey equipment, launched the Resistance Helmet, which is considered to be one of the most innovative ice hockey helmets in Canada.

Recently, the boom in online sales has affected the ice hockey equipment market positively and it is expected to boost the growth of the market with a CAGR of 4.2%. However, offline sales is the distribution mechanism which accounted for the largest part of the market share in 2018, as players prefer to check the quality and specifications of the equipment before completing the purchase. This has been noticed by the market players and recently, Pure Hockey, one of the largest hockey retailers in U.S. acquired Bauer Hockey’s “Own the Moment” retail stores.

Major attributes contributing to the growth are increasing popularity of ice hockey owing to various initiatives taken by the International Ice Hockey Federation (IIHF). In 2019, 12 Asian countries are being represented in the IIHF World Championship program. The CIS region is also anticipated to witness substantial growth on account of increasing participation in countries like Russia and Belarus.

Canada ice hockey equipment market size, by product type, 2015 - 2025 (USD Million)

Further key findings from the study suggest:

  • In June 2020, Bauer Hockey, the world’s No. 1 hockey brand, announced a new line of products to help enable the safe return of hockey. Taking learnings from BAUER medical-grade face shields, the company launched facial protection specifically designed for players, coaches, administrators, on-ice officials, parents and fans.

  • In October 2019, Bauer Hockey announced that together with founding partner Hockey Canada, they have joined forces with the National Hockey League Players’ Association (NHLPA) and National Hockey League (NHL) to continue to advance and strengthen the First Shift program – a learn-to-play initiative designed to welcome new-to-hockey families to the game.

  • In 2017, Adidas sold its CCM hockey business segment to Birch Hill Equity Partners due to decrease in market share of CCM.

  • By product type, the sticks segment is expected to ascend at a CAGR of 3.4% owing to the short shelf life of ice hockey sticks and frequency of play

  • By region, North America held the largest market share in 2018 as ice hockey is the national sport in Canada. The sport is also very popular in U.S., which accounted for the second largest share in the global ice hockey equipment market.

  • The global ice hockey equipment market is highly concentrated with a few key market players such as Bauer, CCM, Easton, and Sher-Wood

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Grand View Research has segmented the global ice hockey equipment market on the basis of product type, distribution channel, and region:

Ice Hockey Equipment Product Type Outlook (Revenue, USD Million, 2015 – 2025)

  • Protective Wear

  • Sticks

  • Skates

  • Other

Ice Hockey Equipment Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  • Online

  • Offline

Ice Hockey Equipment Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Czech Republic

    • Finland

  • CIS

    • Russia

  • Rest of the World

    • Japan

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.

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