Market Trends of Ice Hockey Equipment Industry
Increasing Participation in Ice Hockey Competition
The demand for ice hockey has tremendously increased over the years. Ice hockey is one of the most popular sports worldwide, which is elevated due to the significant national and international platforms for competition. These platforms include the Olympic Games, World Championships, European Championships, Four Continents Championships, Grand Prix (Final), Challenger Series, World Team Trophy, and Universiade. It, in turn, provides immense opportunities for hockey equipment manufacturers to build their brand equity by offering sponsorships and endorsements to well-known players and clubs to gain a competitive advantage.
Moreover, increased government initiatives in various countries to improve sports participation have driven the market over the past few years. For instance, the US Department of Health and Human Services released the national youth sports strategy. It aims to increase youth participation in sports and physical activity. It is also the first national roadmap that outlines the steps to ensure that youngsters have the opportunity, motivation, and access to play sports, regardless of race, ethnicity, gender, ability, or ZIP code. It, in turn, will significantly increase sports popularity, especially among the youth, which is one of the primary reasons driving the market.
Asia-Pacific is the Fastest-Growing Market
Asia-Pacific is the fastest-growing region in the global ice hockey equipment market. China, Australia, and Japan are the top contributing countries in the region. Moreover, these countries have started hosting many international-level ice hockey tournaments, which, in turn, will increase the popularity and demand for ice hockey equipment. Asian Winter Games and the IIHF Ice Hockey Challenge Cup of Asia are some of the famous ice hockey tournaments in the region. In February 2022, the Chinese government launched an ambitious campaign to get 300 million people to play winter sports like ice hockey. Due to this initiative, China changed to host its first home Winter Olympics, propelling the market growth. Moreover, the global ice hockey market is emerging in India, with local authorities facilitating interested players by providing kits and assistance to bring out local talent and to represent the country in the World Championships.
