PUBLISHER: KBV Research | PRODUCT CODE: 1353314
PUBLISHER: KBV Research | PRODUCT CODE: 1353314
The Global Horse Riding Equipment Market size is expected to reach $2.7 billion by 2030, rising at a market growth of 3.7% CAGR during the forecast period.
The expanding popularity of horse racing throughout the region is the primary driver. Thereby, Asia Pacific is expected to capture more than 27% share of the market by 2030. China is expected to take over half of the Asia-Pacific market share as a result of the substantial growth of its equestrian industry. One of the key factors contributing to this surge in popularity is the global fascination with the grace and power of horses. Equestrian events, from the grandeur of the Kentucky Derby to the precision of Olympic dressage, captivate audiences and inspire individuals to take up horseback riding. As more people engage with the sport, the need for essential gear like saddles, bridles, riding boots, and protective equipment grows exponentially. Therefore, an increase in the number of riders increases the market demand for horse riding equipment. Some of the factors impacting the market are increasing adoption trends in health and wellness, growth in recreational riding, and high cost of equipment and animal welfare concerns.
As people increasingly prioritize physical fitness and mental well-being, equestrian activities like horseback riding have gained popularity. This has led to a surge in demand for high-quality riding equipment and accessories that enhance the riding experience and promote safety and comfort. One of the key factors contributing to this trend is the recognition of horse riding as an excellent form of exercise. Riding engages various muscle groups, improves posture, and enhances balance and coordination. As individuals seek alternative fitness routines, horseback riding offers a unique as well as enjoyable mode to stay active. As more people engage in recreational riding activities such as trail riding, pleasure riding, and horseback riding lessons, the overall market expands. Beginners and novice riders often need to invest in a variety of gear to ensure their safety, comfort, and enjoyment. Safety is a paramount concern in recreational riding. Riders are more aware of the need for proper safety gear, such as helmets, riding vests, and appropriate footwear. This increased awareness has led to higher demand for safety-related equipment. Riders of all levels prioritize comfort and performance. This has led to a surge in demand for quality riding gear that is designed for both comfort and performance. Thus, the rising adoption of horse riding as a recreational activity is propelling the growth of the market.
However, Equestrian gear, including saddles, bridles, riding apparel, helmets, and safety equipment, often comes with a substantial price tag. The high cost associated with horse riding equipment can be a significant deterrent for potential riders and enthusiasts. The expense of acquiring quality equipment can limit the accessibility and inclusivity of the sport, potentially hindering market expansion. Ethical considerations related to the treatment and well-being of horses have garnered increased attention in recent years. Some individuals and organizations advocate for the fair treatment of horses and question the impact of riding on these animals. These concerns may lead to stricter regulations and standards governing equestrian practices, influencing the market's dynamics.
Gender Outlook
By gender, the market is segmented into male and female. The female segment acquired a considerable revenue share in the market in 2022. Nowadays, more women are likely to engage in horseback riding because they find it enjoyable and beneficial for their physical and mental health. As one of only two Olympic sports in which men and women compete under the same rules, the number of female riders is increasing significantly. Due to an increase in the number of women participating in this sport, additional safety requirements for the apparatus used in this sport have been implemented. This is anticipated to have an effect on the demand growth for horse riding equipment during the forecast period.
Sales Channel Outlook
Based on sales channel, the market is divided into hypermarket & supermarket, independent sports outlets, sports retail chain, and others. The other segment acquired a significant revenue share in the market in 2022. Others include direct-to-customer online channels, franchised sports outlets, modern trade channels, and online channels operated by third parties. Increased adoption of these channels in both mature and emerging markets is responsible for the growth of the others segment in the market. In addition, the one-stop purchasing convenience offered by these formats makes them popular among consumers.
Type Outlook
On the basis of type, the market is fragmented into helmets, vests, stirrups, and others. The helmets segment generated the maximum revenue share in the market in 2022. The helmet is intended for those who favor horseback riding. Falling from a horse is a significant risk in equestrian sports. Horses are large, powerful animals, and even experienced riders can fall due to various factors, including horse behavior, terrain, or unexpected circumstances. In the event of a fall, riders can be at risk of being kicked by their horse or another horse nearby. Helmets offer protection against hoof strikes, which can be life-threatening or result in severe head injuries. Because it provides more protection than other sorts, its demand has increased dramatically around the world, which significantly aids in market expansion.
Regional Outlook
Based on region, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region accounted for the largest revenue share in the market in 2022. Growing start-ups involved in producing and selling horse riding equipment are a significant factor driving the market's expansion over the forecast period. The market is influenced by essential players in this region, such as Decathlon S.A., Georg Kieffer Sattlerwarenfabrik GmbH, and Mountain Horse. These companies are promoting horseback riding in the region, which is anticipated to fuel market growth over the coming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Decathlon S.A. (Asociacion Familiale Mulliez) (Oxelo), Ariat International, Inc., Dainese S.p.A, Colonial Saddlery, Fabtron, Inc., HKM Sports Equipment GmbH (Finatem investment company), CAVALLO Albert Sahle GmbH Co. KG, Mountain Horse Int. AB, Antares distribution, and Georg Kieffer Sattlerwarenfabrik GmbH.
Market Segments covered in the Report:
By Sales Channel
By Gender
By Type
By Geography
Companies Profiled
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