LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global ice skating equipment market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
By product type, this market is segmented into ice skates and ice skating accessories. Ice skates occupy a majority 85.32% in the market. Today’s ice skates are available in a variety of materials against the traditional ones which were usually made of bones. The demand for ice skates is expected to be steady during the market forecast period with a CAGR of about 2%. Some of the prominent vendors in this market space are Cougar, King Line, and POWERSLIDE.
Canada is one of the global leaders in the ice skating equipment market, with a wide following for ice skating and speed skating. As of 2015, speed skating stood as one of Canada's most successful sports in the Winter Olympics. Since the 1932 Winter Olympics, the country has won 33 speed skating medals.
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The top three emerging trends driving the global ice skating equipment market according to Technavio research analysts are:
- Advent of designer ice skates
- Growing popularity in Asian countries
- Green rink management practices
Advent of designer ice skates
“A growing interest in ice skating has led to the introduction of new products and ice skating equipment for fashion-conscious consumers. These products with designer innovations in ice skates, along with providing consumers with a convenient and comfortable skating experience, also give them a much-required boost in terms of fashion. This has resulted in vendors like Jacknife gaining a competitive edge in the market,” says Brijesh Kumar Choubey, one of the lead market research analysts at Technavio for outdoor gear research.
Recreational skates which were normally bulky, poorly constructed, and lacking a definite style, are now made with full-grain leather, aluminum, stainless steel, and titanium. Composite materials made of memory foam are used to provide comfort to the skater without compromising on the aesthetic appeal. Innovative and new techniques like computer numeric controlled cutting and co-molding are used to produce the blades of the skates.
Growing popularity in Asian countries
Ice skating is slowly gaining popularity in Asian countries and is expected to increase during the forecast period. While the dominance of the Western countries in the ice skating equipment market will remain, Asia is forecast to hold a larger share of the market by the end of the forecast period. The popularity of ice skating is growing in countries such as Singapore, Vietnam, and Cambodia.
Cambodia has an ice skate rink located at Kids City in downtown Phnom Penh, is gaining popularity among people across age groups. Similarly, the Crescent Mall in Vietnam has inaugurated a mini winter wonderland in the country's Ho Chi Minh City. Singapore is not far behind, and the Singapore Ice Skating Association has been instrumental in hosting ice skating races and relays. Over the forecast period, such initiatives from the governments and individual vendors in the Asian countries will have a positive impact on the growth of the market.
Green rink management practices
“Globally, there is a shift towards green technologies and products, and the ice skating equipment market is not far behind. An increasing number of vendors in important market segments like the US are opting for greener practices to maintain ice rinks. To that end, we can find more number of ice rinks that are dependent on recycled products, making effective use of heat created by the refrigeration system, natural lighting systems, and use of LEDs,” says Brijesh.
Some regions like Minnesota in the US have prevailing strict regulations regarding air quality. They have encouraged ice rinks to opt for more responsible ways of maintenance. Thus, we can find a large number of ice rinks in Minnesota that use battery-powered or electric edger as opposed to fuel-powered machines.
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