Winter Sporting Goods Market (2021 - 2028)

Winter Sporting Goods Market Summary

The global winter sporting goods market size was valued at USD 369.9 million in 2020 and is projected to reach USD 578.4 million by 2028, growing at a CAGR of 5.7% from 2021 to 2028. The rising popularity of outdoor activities including snow sports among consumers, because of the growing awareness regarding these sports’ mental and physical benefits, is driving the winter sporting goods demand, thereby supporting this market’s growth.

The growing consumer interest in nature-based sports that offer leisure, as well as competitiveness, has been promoting the demand for winter sports products including sleds and tubes. The increasing concern among consumers for a healthy lifestyle coupled with the rising acceptance of various winter sports activities, such as skiing, snowboarding, cross-country skiing, sledding, and ice skating, especially in countries with cold weather like the U.S., Canada, Germany, Sweden, France, and Austria, has increased the popularity of winter sports. The growing popularity of several winter sports, including figure skating, bobsled, luge, and Alpine snowboarding in the Olympic Games, is also boosting the growth of the market for winter sporting goods.

Increasing women’s participation in various sports including winter sports is a major factor likely to boost this market’s growth. According to the British Broadcasting Corporation (BBC), the difference between the number of men and women participating in sports in England has dropped to 1.55 million in 2018 from 1.85 million in 2016. This gap is expected to reduce further over the upcoming years, which will have a positive impact on the demand for winter sporting goods.

The rising cases of lifestyle-related health issues, such as stress and obesity, are pushing an increasing number of people to engage in sports and fitness activities, which, in turn, is fueling the demand for comfortable and stylish winter sports goods, including sleds. Sledding is a popular winter activity that has witnessed an increase in the number of amateur and individual enthusiasts, as it a simple and easy sports activity to be engaged in during winters. Sledding is performed in a seated position on a special sled that is made of different kinds of materials like plastic, foam, as well as wood. The sport is among the most favorite winter pastimes among people engaging in a quality family outdoor sports activity.

The COVID-19 (coronavirus) outbreak that began in China during the first half of 2020 is likely to diminish the growth of the market for winter sporting goods. Many manufacturers in the market have been historically relying on the Chinese market for both finished products as well as raw materials used in the manufacturing of various types of winter sporting goods.

Distribution Channel Insights

In terms of value, the offline distribution channel segment dominated the market for winter sporting goods and accounted for the largest revenue share of over 57.0% in 2020. This segment is projected to witness a maximum CAGR of 6.4% over the forecast period. As a part of traditional retail, offline distribution channels continue to remain the most prominent revenue generators for the market. Offline distribution channels lay a high emphasis on price-based promotions, product variety, and consumer shopping experience. The growing adoption of omnichannel retail strategies among offline distributors worldwide is likely to encourage a sizable number of retailers to also focus on online retail distribution strategies over the forecast period.

The online segment is expected to witness a CAGR of 4.9% in the market for winter sporting goods from 2021 to 2028. Online is emerging as the most popular distribution channel for all types of winter sporting goods. The bonuses and perks associated with online shopping are encouraging more winter sporting goods brands to target consumers through the e-commerce platform. In general, buying winter sporting goods online helps customers save a significant amount of time and energy usually spent on offline shopping. As most online retailers for winter sporting goods ship products for free, customers can easily benefit from zero transportation/shipping costs.

Product Insights

In terms of value, the sleds segment dominated the market for winter sporting goods and accounted for the largest revenue share of around 56.0% in 2020. This product segment is projected to witness a CAGR of over 5% over the forecast period. A sled is a small vehicle/device used typically by children to coast down snow/ice-covered areas. The rising popularity of sledding creates considerable demand for sleds every year across winter destinations worldwide. Families are the target audiences for sled manufacturers. For instance, Lucky Bums., a U.S.-based winter sporting goods company, primarily targets families to sell its sleds. The company offers innovative solutions to its customers.

The tubes segment is projected to witness a CAGR of 6.6% in the market for winter sporting goods from 2021 to 2028. Snow tubes are oversized inner tubes that feature a cut-out (usually round) section in the center. Tubes are also referred to as ‘donuts,’ given their design/shape. Unlike sleds, tubes allow users to sit across the upper side and zip down all types of wintry precipitation. While sleds and tubes are very similar in their intended use and function, the choice between the two largely depends upon the terrain or any obstacles a user might encounter while riding down a slope.

Individuals who require control and are particular about a device’s steering capabilities prefer sleds. On the other hand, tubes are inherently hard to control as they are designed for fast speeds. Tubes are targeted at those individuals who can risk spinning out of control on dangerous terrains.

Regional Insights

North America dominated the winter sporting goods market and accounted for the largest revenue share of over 37.0% in 2020. The increasing popularity of winter sports among youngsters and millennials is likely to boost the demand for these products. According to an SIA participation study conducted in 2019 for the year 2019-2020, there was positive growth concerning the participation of Americans in winter sporting goods. Approximately 25.1 million Americans aged 6 and older participated in winter sports in the 2019-20 winter season. These factors are expected to drive the market.

Asia Pacific is projected to witness a CAGR of 6.6% over the forecast period. The increased popularity of winter sports among youngsters and millennials and the growth of winter tourism in several parts of the region are primary factors driving the demand for winter sporting goods. Countries such as China and India serve as top destinations for winter tourism and sports in Asia Pacific.

With the 2022 Olympics hosted by China approaching, President Xi Jinping and the Chinese government have developed a new national-level strategy-Promotion Plan of Mass Winter Sports-to encourage people to participate in winter sports and further expand the industry. Such factors are likely to spur the demand for winter sporting goods.

Key Companies & Market Share Insights

The market is fragmented in nature owing to the presence of a large number of international and regional players Some key manufacturers are adopting market strategies like launching new products, expanding distribution channels, and engaging in mergers and acquisitions, to gain the maximum customer base.

The market has evolved in the past decade and has been witnessing an upsurge in demand for various winter sports, especially in North America and Europe. Manufacturers have been constantly innovating their existing product lines, especially the kids’ segment to gain major traction in this niche segment. For instance, the Goplus brand offers Goplus Snow Racer Sled, which features a differential steering system and a deep digging brake mechanism and includes an automatic self-retracting bungee cord for easily towing kids on their sled. Some of the prominent players in the winter sporting goods market include:

• Tube Pro, Inc.

• Airhead Sports Group

• L.L. Bean

• Agit Global, Inc.

• Paricon

• Bestway Inflatables & Material Corp.

• Emsco Group

• Slippery Racer

• Franklin Sports Inc.

• Gizmo Riders

• Surf 9 LLC

• Zipfy

• PoolCandy

Winter Sporting Goods Market