According to Future Market Insights, the global horse riding equipment market is expected to be worth US$ 2 Bn by the end of 2020, registering a CAGR of 4% between the forecast years of 2020 and 2030.
The demand for horse riding equipment has been on the steady rise as participation in horse riding for leisure and competitive reasons has witness a spike. The rise of equestrian clubs across developed regions has prompted higher enthusiasm. The market has been thriving as commoners familiarize themselves with the sport, changing the “elite” status and widening the scope for the market.
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Future Market Insights predicts that the demand for horse riding equipment will also surge as more and more number of people are opting for staying in the suburbs. As this improves the access to ranches, it is projected to increase the enrolment in riding classes, thus boosting the market. Furthermore, growing female participation in horse riding for competitive and leisure purposes has also brought in additional revenue.
Interestingly, introduction of horse riding as a sport in school curriculums has created a demand for horse riding equipment. Launch of mobility-driven gear for the rider and lighter equipment for the equine have also shifted focus toward investing in good quality horse riding equipment.
Key Takeaways from Global Horse Riding Equipment Market Study
- South Asia and Pacific to remain prominent manufacturing hub for horse riding equipment market
- Affordability of horse riding equipment to lure in more number of consumers boosts market
- Europe to remain dominant player as participation to remains highest due to legacy of the sport
- Incorporation of smart sensors in understand equine’s behaviour, strength, weakness to add value to training
- Ethical production of horse riding equipment to be a welcome change in the market appealing to humanitarian sensibilities
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Impact of COVID-19 on Horse Riding Equipment Market
The impact of COVID-19 can be felt severely on the global horse riding market. Beginning with postponement of Olympics 2020 event, the market has suffered at the hands of COVID-19. Restrictions on coaching and training due to strict lockdowns and social distancing norms have terribly affected the market. Delays in delivery of equipment and border restrictions have further addled the issue.
The shutdown of local horse shows by United States Equestrian Federation (USEF) and Fédération Equestre Internationale (FEI) have had serious economic repercussions on the equestrian community.
However, analysts predict that the global market for horse riding equipment could have a silver lining as some events are planning to go online. The long-term impact of the pandemic on the overall horse riding equipment market remains uncertain. Be that as it may, a year of postpone will give jockey’s time to train better, which could raise the demand for equipment through the year.
“Demand for horse riding equipment will be driven by social media influences and fashion trends. Players in the market will have to focus on meeting the ongoing fashion trends, while not compromising the quality. Additionally, keeping the affordability of the product in check will also be key area of emphasis for the players,” says FMI Analyst.
Vacations and Rural Living to Create a Greater Positive Impact on Horse Riding Equipment Market
Analysts have observed that the horse riding as a leisure activity is likely to have more number of enthusiasts with increasing number of suburban settlements. Embracing a rural life is expected to bring consumers closer to horses, thereby stirring interest in riding as a sport. Thus, the market bears a heavy social impact.
This is achievable with vacations around ranches and stables, which gives younger adults a chance to build interest. Horse riding, though no longer an elitist sport, demands nurturing capabilities and breeding equines, which is a long-term investment. Thus, creating shifts in perceptions about hobbies with exposure to nature and animals is expected to play a crucial role in given this market a fillip.
Get Valuable Insights into Global Horse Riding Equipment Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global horse riding equipment market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global horse riding equipment market based on product (helmets, vests, stirrups, saddle, halters, bridles, accessories, and others), equipment (equine and rider), consumer orientation (male, female, and kids), end user (amateurs and professionals), price range (mass and premium), material (wooden, metal, plastic, leather, and others), sales channel (hypermarket/supermarket, independent sports outlet, direct-to-customer institutional channel, modern trade channels, and third party online channels), and region (North America, Europe, the Middle East and Africa, East Asia, South Asia, Oceania, and Latin America).