Sales of Equestrian Equipment Market to Grow 1.4x Through 2028
The US$ 1.9 billion equestrian equipment market in 2018 is expected to ride on an optimistic growth trajectory in the coming decade, as per the new Fact.MR valuation. The study foresees 1.4x growth of the equestrian equipment market during the period of 2018 – 2028. While the market remains highly fragmented, delivery of high functionality and fashion in equestrian equipment remains the prime focus of prominent market players.
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Taking the advantage of an unorganized market, tier 2 players with the easy accessibility of raw materials are introducing new products and economic alternatives. With over 85% of the total market share in 2018, tier 3 players continue to strengthen their presence in the domestic equestrian equipment market.
Fact.MR research shows that the promotional buyer type segment is expected to witness rapid expansion at a 4.3% CAGR through 2028. Rising prestige and visibility of international horse competitions such as Olympics and World Equestrian Games can be attributed to the increasing demand for equestrian equipment by promotional buyers. Institutional buyers are expected to maintain their preeminence with almost 60% market share owing to a significant rise in the number of private horse clubs.
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The equestrian equipment market report provides detailed analysis on various segments providing a holistic view of the market.
The equestrian equipment market is segmented on the basis of product type, sales channel, buyer type and region.
The equestrian equipment product type category includes assessment on equine equipment (saddle pad, stirrup, saddle, horseshoes and protection boots, snaffle bridle and accessories) and rider equipment (riding boots, gloves, helmets and protective vests).
The buyers of equestrian equipment are classified as individual, institutional and promotional.
Demand for equine equipment is expected to outsell that of rider equipment owing to rising number of equestrian clubs and riding schools. Among equine equipment, saddles are estimated to capture over 30% of sales as they remain the most common and highly utilized equine equipment.
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Prominent players in the equestrian equipment market are adopting strategic partnership and collaboration strategies to win over intense competition arising due to established brand image and limited product portfolio of traditional market players. Rising popularity of horse racing across the world countries has led manufacturers to engage in strategic expansion to increase their footprints in the global equestrian equipment market.
For instance, Ariat International Inc. has initiated a strategic acquisition of European distributors and has sponsored their brand in the international equestrian sports in the past half a decade. Dainese S.p.A. has opened new sales offices in emerging economies such as India to expand its limited geographic footprint. Cavallo GmbH & Co. KG has initiated collaboration with the international equestrian sports association across the globe to establish the brand image in the international equestrian equipment market.
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