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. 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.
Championships Creating Significant Avenues for Equestrian Equipment Manufacturers
Various regulatory bodies are focused on promoting equestrian sports by initiating championships across countries worldwide in a bid to enhance customer awareness. Federation for Equestrian Sports (FEI) organizes world championships every four years. Likewise, USEA (United States Eventing Association) conducts AEC (American Eventing Championships) for equestrian sport in the U.S.
These sporting events and championships are paving potential avenues for equestrian equipment manufacturers who can promote their products across a huge customer base under one roof.
Moreover, equestrian equipment demand is also influenced by growing horse fairs. Chinese Equestrian Industry of China is planning to conduct CHF (China Horse Fair) in October 2018. These activities are expected to contribute to the overall growth of the equestrian equipment market during the assessment period.
Media Impact on Enthusiasts to Fuel Equestrian Equipment Demand
Broadcasting of horse races using networks such as live racing, horse racing radio network,s, etc., are likely to enhance interests among young enthusiasts, in turn pushing their participation in equestrian sports. This aspect continues to boost the demand for equestrian equipment with enthusiasts inclined toward purchasing advanced equestrian equipment.
Moreover, apart from broadcasting horse races, media has indirectly supported the growth of the equestrian equipment market by creating a platform for the sport using TV shows and films.
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