The introduction of new materials and technologies in the equine industry may assist the equestrian equipment market to blossom across the forecast period of 2019-2028. Equestrian equipment such as saddle pads, helmets, riding boots, horseshoes, protective vests, and protection boots assure good protection for the jockey as well as the horse. Therefore, the use of equestrian equipment during recreational sports activities and tournaments may accelerate the growth rate of the equestrian equipment market to a great extent. The equestrian equipment is made using diverse materials such as aluminum, fabric, steel, and fabric.
This report offers useful breakthroughs that influence the growth of the equestrian equipment market positively. It also focuses on various parameters such as key trends, competitive structure, regional assessment, etc. The segmental study enables an individual to thoroughly understand the different growth aspects of the equestrian equipment market in a well-ordered manner.
Equestrian Equipment Market: Competitive Scenario
The manufacturers in the equestrian equipment market invest heavily in research and development activities to create cutting-edge equipment that offer maximum comfort and convenience. The induction of smart technologies in the equestrian equipment has rung a bell among many manufacturers. Therefore, new products with the inculcation of technologies like the Internet of Things (IoT) are expected to make a mark across the market.
Mergers, acquisitions, joint ventures, partnerships, and collaborations also play an important role in attracting growth for the equestrian equipment market. For instance, the American Equestrian Trade Association recently partnered with Dallas Market Center to host the world’s largest equestrian marketplace in the world. Such developments lead to a boost in sales, eventually aiding the equestrian equipment market for exponential growth. HKM Sports Equipment GmbH, Cavallo GmbH, Dainese S.p.A, and Ariat International are some of the well-entrenched players in the equestrian equipment market.
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Equestrian Equipment Market: Technological Advancements
The equestrian equipment market is embracing technologies like sensors and the Internet of Things (IoT) for a more secure and efficient horse-racing experience. Novel equestrian equipment equipped with good quality material and cutting-edge technologies are expected to bring great growth opportunities for the equestrian equipment market. For instance, a company, known as Gallop Equine has created a Bluetooth-connected SmartBoot. The boots are made from leather and consist of an inertial measurement unit that helps in movement detection. When the heel moves higher than the toes, the rider is notified through a transducer that softly buzzes around the foot. The use of wearable sensors is also expected to gain traction across the forecast period.
Equestrian Equipment Market: Key Trends
Initiatives and campaigns by various equine organizations to raise awareness about equestrian equipment may serve as growth generators for the equestrian equipment market. The campaign, ‘Safety Week’ by the British Equestrian Trade Association (BETA) is organized every year to raise awareness about the safety and importance of equestrian equipment.
Fashionable equestrian equipment is also penetrating deep in the equestrian equipment market. Manufacturers are paying attention to design unique equestrian equipment with a tinge of fashion. Equipment with Swaroski elements and stainless steel neck rings are garnering considerable support and are anticipated to gain greatly across the forecast period.
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Equestrian Equipment Market: Geographical Landscape
The equestrian equipment market is geographically segmented into North America, the Middle East and Africa, Latin America, Asia Pacific, and Europe. The U.S. has an upper hand in conducting numerous events relating to equestrian sporting. According to the American Horse Council, more than 2 million people from the U.S. engage in the sport annually. The Equine Business Association also foresees the participation of 16 million people across the world. These statistics highlight the growing influence of equestrian sports across the world. Thus, the growing participation will eventually benefit the equestrian equipment market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.