Sport
Horse Riding Equipment Market to Reach $3.0 Billion, Globally, by 2032 at a 3.6% CAGR: Allied Market Research
Horse riding equipment plays an important role in the comfort, safety, and performance of both rider and horse during riding, competitions, and recreational activities. Horse riding equipment is designed to support, control, and protect the rider. Horse riding equipment facilitates communication and control between rider and horse.
The global horse riding equipment market is experiencing growth due to factors such as an increase in sports and fitness awareness across the world, and government initiatives toward sports activities and events. On the other hand, the prevalence of low-priced counterfeit products may limit the growth of the market to some extent. Moreover, the trend of online retailing is expected to provide ample growth opportunities throughout the forecast period.
By type, the helmets segment held the largest market share in 2022, accounting for more than one-third of the global horse riding equipment market revenue, and is expected to maintain its dominance during the forecast period. A helmet is the most important protective equipment during horse riding, which has led to the dominance of this segment. On the other hand, others segments would cite the fastest CAGR of 4.6% from 2023 to 2032. The other equipment is an important accessory of horse riding that aids in maintaining balance and appropriate posture when riding.
By gender, the male segment held the major share in 2022, garnering around three-fifths of the global horse riding equipment market revenue, and is projected to rule the roost by 2032. The male segment is witnessing notable growth, due to an increase in horse riding sports and a rise in awareness about sports among the consumers. However, the female segment would portray the fastest CAGR of 4.1% from 2023 to 2032. Women are more active in horse riding activity, as they find it interesting and beneficial to their physical and mental health.
By sales channel, the sports retail chain segment held the major share in 2022, contributing to more than one third of the global horse riding equipment market revenue, and is expected to maintain its lead position throughout the forecast period. Manufactures are continuously making efforts to increase shelf visibility of their products, and hence, they are majorly targeting sports retail chains. Furthermore, the hypermarket and supermarket segment would portray the fastest CAGR of 3.9% from 2023 to 2032. The growth of the others segment in the horse riding equipment market can be attributed to increase in adoption of direct-to-customer online channel, franchised sports outlet, modern trade channels, and third party online channels in both the mature and emerging markets.
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global horse riding equipment market, and is expected to lead the trail during the forecast period. Growing start-ups that deal in the production and selling of horse riding equipment are majorly favoring the growth of the horse riding equipment market during the forecast period. On the other hand, the LAMEA region would showcase the fastest CAGR of 3.9% from 2023 to 2032. Equipment in the LAMEA region is very low, but it is expected to increase in the coming years. Based on an increase in the growth of the noble essence of horses and the pride of making them the finest companions of people in desert terrains, the market is projected to be a growth proliferator for the industry in the coming time.
The report analyzes these key players in the global horse riding equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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