The ski gear and equipment market is estimated to be valued at USD 1.65 Bn in 2024, exhibiting a CAGR of 2.8% over the forecast period (2024-2031). Furthermore, the increasing popularity of skiing and snowboarding as a recreational activity worldwide is expected to propel the market growth.
Rising participation in winter sports and growing ski tourism are some of the major drivers projected to fuel the growth of the ski gear and equipment market during the forecast period. Skiing has evolved from an elite sport to a popular recreational activity among all age groups over the years. According to a recent survey, over 7.8 million people participate annually in skiing and snowboarding in the U.S. In addition, countries with established ski resorts such as France, Italy, Austria, Switzerland, and the U.S. have been witnessing an increase in the number of ski visits owing to the marketing and promotional activities by tourist boards globally to promote ski tourism. The growing popularity of skiing as a winter sport coupled with improving infrastructure at ski resorts in emerging markets is expected to boost the demand for ski gear and equipment.
Increasing Participation in Winter Sports
One of the key drivers for the ski gear and equipment market is the rising participation in winter sports activities such as skiing and snowboarding. According to statistics, the number of skier visits to ski resorts in North America has seen a steady rise over the past decade. This is mainly due to growing interest among millennials and generation Z in outdoor adventure sports. As more people take up skiing and snowboarding as a hobby or sport, the demand for ski gear and equipment such as skis, boots, poles, helmets, goggles, etc. is also increasing. Ski resorts and brands are investing heavily in marketing to attract more participants and drive the need for gear.
Advancements in Ski Technologies
Another major driver is the ongoing innovations and advancements happening in ski technologies. Leading brands are continuously working on developing improved materials for skis, boots, and clothing that offer better performance, comfort, and safety. For example, new composite materials are making skis lighter and more responsive while maintaining strength. Similarly, insulation technologies are making ski jackets and pants highly breathable and protective against snow and cold. These ongoing technology upgrades are encouraging skiers to purchase new gear more frequently to experience the benefits. The latest innovations are fueling the market growth and demand for high-performance gear.
High Cost of Gear and Equipment
One of the key challenges faced by the ski gear and equipment market is the higher costs associated with products. Top-of-the-line skis, boots, jackets, etc. can be quite expensive depending on the materials and technologies used. While the costs may be justified given the performance benefits, it still poses affordability issues for many potential customers. This high price point is a major roadblock, especially for casual or occasional skiers and beginners trying to take up the sport. It discourages new participant growth and limits the frequency of gear replacement cycles.
Seasonal Nature of Skiing
The seasonal nature of skiing is another restraint. Ski resorts and slopes are only operational and snow-covered during winter months. This restricts the usability of ski gear to just a few months each year on average. The off-season creates less urgency for buyers to purchase new gear compared to regular use equipment. It affects the demand cycles as well. While suppliers stock up ahead of the ski season, sales are sluggish during other times with impacts on cashflows. Seasonality poses demand and supply challenges to the ski gear industry.
Emerging Markets Growth
One of the key opportunities is the expansion potential in emerging ski markets across the world. Regions like Latin America, Asia Pacific, and parts of Europe and Africa are witnessing rising disposable incomes and an increase in winter sport participants. Their demand and consumption levels are still much lower compared to mature markets presenting headroom for development. As infrastructure and facilities improve in these new geographies, suppliers can tap into their fast-growing ski gear requirement. This opens up an expansive global opportunity network outside current strongholds.
Multi-Purpose Outdoor Gear
Another avenue being leveraged is the crossover scope between ski gear and multi-purpose outdoor clothing/footwear categories. Many contemporary skiers prefer gear combining ski performance with attributes for other activities like snowboarding, hiking, climbing, etc. Brands are diversifying into versatile apparel and accessories with universal appeal. This allows gear to be used across seasons for maximum utility. It helps overcome the restraint of seasonality by expanding the catchment groups. The blending of categories is an innovative opportunity pursued by progressive companies.
Link: https://www.coherentmarketinsights.com/market-insight/ski-gear-and-equipment-market-1943
Key Developments
- In January 2024, Atomic released its new line of "24-25" skis, boots, and headwear.
- In April 2024, RMU introduced its 2024-2025 ski collection, featuring several brand-new models, updates to its core products, and additional enhancements.
- In May 2022, Amer Sports and Liesheng finalized the transaction in which Amer Sports divested Suunto to Liesheng. As part of this strategy, Amer Sports is now focusing on developing internationally recognized sporting goods brands within the lifestyle, apparel, and footwear segments, with a strong emphasis on direct-to-consumer channels and increased presence in large markets such as China and the U.S.
Key Players
Amer Sports Oyj, Black Diamond Equipment, Ltd., Coalition Snow, Fischer Beteilgungsverwaltungs GmbH, Helly Hansen, Icelantic LLC, Marker Volkl (International) Sales GmbH, Skis Rassignol S.A., The Burton Corporation, Volcom LLC., Zai Sakai, Anta International Limited, Black Diamond Equipment, Ltd., Decathlon, and Vista Outdoor Inc.
