Figure Skating Equipment Market Size, Share, Growth, And Industry Analysis, By Type (Figure Skate Boots, Figure Skate Blades), By Application (Recreational Ice Skating, Professional Ice Skating), Regional Forecast By 2031

Updated On: 13 November 2023

Figure Skating Equipment Market Report Overview

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The global figure skating equipment market size was USD 179 million in 2021, as per our research, the market is expected to reach USD 255.74 million in 2031, exhibiting a CAGR of 3.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the figure skating equipment market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Figure skating equipment refers to the tools used by both ice skaters and figure skaters. These tools enhance performance and safeguard artists when they perform or practice. These items include safety gear including helmets and padded clothes, as well as figure skates, skate blades, skate guards, sharpening stones, laces, and skate wax. These accessories are designed to aid the skater's motions, providing balance and stability, and provide safety against harm. A skater's performance and overall ice time can be considerably impacted by the caliber and design of their figure skating gear.

Recent years have seen a rise in the demand for figure skating equipment, which is mostly attributed to the sport's expanding popularity. The number of competitors has increased as figure skating has become more well-known and well-liked throughout the world. Figure skates, safety gear, and accessories like skate blades, laces, and sharpening stones have all seen an upsurge in demand as a result. To lessen the risk of injury while practicing and competing, the sport of figure skating has also resulted in an increase in the demand for protective equipment, such as helmets and padded clothes. The market growth is a result of the increased demand for figure skating gear brought on by the increasing influence of figure skating itself as a sport.

COVID-19 Impact: Pandemic Disrupted the Supply Chain and Decreased Demand Slowed the Market

The market has been significantly impacted by the COVID-19 outbreak. Production and delivery have been impacted by the pandemic's extensive supply chain interruptions. Additionally, the epidemic caused ice rinks to close and figure skating competitions to be postponed, which decreased demand for the goods. The market has slowed down as a result of the decline in demand for figure skating equipment and supply chain interruptions. The industry is anticipated to rebound in the following months, though, as a result of the introduction of vaccinations and the gradual relaxation of regulations.

Latest Trends

"Growth of e-commerce led to a change in sales that increased the availability of these skating gears"

Figure skating gears industry sales have shifted from brick-and-mortar businesses to online platforms as a result of the rising use of e-commerce by customers. Consumers may now easily purchase online from the convenience of their homes thanks to the growth of e-commerce. Online stores make it simple for customers to compare and buy these products because they provide a broad selection of products and low pricing. Consumers in faraway places can now purchase the equipment that might not be accessible locally because of the advent of e-commerce. As a result, the move to e-commerce has made figure skating equipment more widely available and had a favorable effect on the industry.

Figure Skating Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into figure skate boots, figure skate blades.

• By Application Analysis

Based on application, the market can be divided into recreational ice skating, professional ice skating.

Driving Factors

"Companies are expanding into emerging areas as a result of rising interest in figure skating"

The market is expanding into new regions, which is a major reason for its growth. Companies are searching for ways to break into new markets, especially in developing countries where there is a rising demand for figure skating. Because of a growing middle class, rising disposable money, and rising sport interest, developing nations are emerging as potential growth markets. By expanding their business into growing sectors and attracting new customers, businesses are taking advantage of these changes. The market is currently benefiting from new growth opportunities provided by this development into new markets, and figure skating equipment market growth is anticipated to continue in the upcoming years.

"Figure skating equipment market expansion is fueled by innovation and technology"

The expansion of the market is mostly due to the emphasis on innovation and technology. To create high-performance, cozy, and secure equipment, businesses are spending money on research and development. This emphasis on innovation is motivated by the desire to satisfy the needs of skilled figure skaters, who seek tools that will enable them to perform at their peak. Equipment for figure skating is being made lightweight, tougher, and more durable thanks to the use of cutting-edge materials like carbon fiber and titanium. To improve the comfort and safety of figure skaters, they are also introducing innovative technologies, such as controlling the temperature and shock-absorbing devices.

Restraining Factors

"Market Growth for Figure Skating Equipment Is Constrained by Seasonal Demand"

One major factor limiting the market's expansion is the seasonal demand for figure skating equipment. Since competitors need equipment for these activities, the need for figure skating gear is often highest in the winter when contests are held. The requirement for the products, however, can be significantly lower the remainder of the year because there are fewer competitions and skaters. The market's growth may be constrained by this seasonality in demand as businesses may find it difficult to sustain year-round sales and revenue. Additionally, seasonal demand can cause price changes since there may be a surplus of equipment available at times when there is a decrease in demand, while the opposite may be true during times of high demand. For companies, it can be challenging to efficiently plan their activities and sustain profitability due to the uncertainty in demand and pricing.

Figure Skating Equipment Market Regional Insights

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"North America to be the leading region due to high participation, focus on innovation and technology and many other factors"

North America, notably the U.S., dominates the market. There are several professional figure skaters who live in the area, and figure skating is very popular there. As a result, there is a huge requirement for figure skating gear in the area, and a lot of businesses have focused on producing high-end, cutting-edge figure skating products. Additionally, the region is host to a number of significant figure skating tournaments and events, which boost growth for figure skating gear. In addition, the expansion of ice skating rinks in the area and the rising acceptance of figure skating as a leisure activity are fueling the expansion of the North American market. The area is therefore anticipated to continue with the highest figure skating equipment market share in the upcoming years.

Key Industry Players

"Market share is affected by important industry players through competitive strategies such product innovation, pricing, and marketing initiatives"

Several important industrial firms that control a substantial portion of the market share dominate the industry. Among these participants are businesses like Paramount Skates, GRAF SKATES AG, and Bauer Hockey Inc. Through their wide range of product offerings, solid brand recognition, and marketing initiatives, these businesses have developed a significant market presence. Their capacity to manufacture top-notch figure skating gear that satisfies the requirements of skaters of all levels significantly contributes to their market share. They can reach customers in developed and emerging markets because of their robust distribution network.

List of Market Players Profiled

• Jackson Ultima Skates (GAM) (APAC)
• HD Sports(MK Blades, John Wilson) (U.K.)
• Edea Skates (Europe)
• Risport Skates (Europe)
• Paramount Skates (U.S.)
• SP-Teri (U.S.)
• GRAF SKATES AG
• Riedell Skates (U.S.)
• Roces (U.S.)
• American Athletic (U.S.)

Report Coverage

The volume and value of Figure Skating Equipment at the global, regional, and corporate levels are the main topics of this report. This report analyzes historical data and projected growth to present the size of the global market. This paper concentrates on various important geographic areas, including China, Japan, North America, and Europe. Specific segments by area (country), company, kind, and end user are included in the study report. The sales and revenue for the historical and anticipated period of 2017 to 2031 are covered in this study. Recognizing the significance of various elements that support market growth is made easier by understanding the categories.