Field Hockey Equipment Market Is Driven by the Rising Institutional Adoption of Field Hockey
Albany, NY -- (SBWire) -- 09/25/2017 --According to Transparency Market Research, the global field hockey equipment market had a valuation of more than US$1.6 bn in 2017. Driven by the rising institutional adoption of field hockey, the global field hockey equipment market is likely to exhibit steady growth over the 2017-2022 forecast period and is expected to reach a valuation of close to US$1.8 bn.
Global Field Hockey Equipment Market: Key Insights
Field hockey shoes are likely to remain the leading revenue generator for the global field hockey equipment market in the coming years. Shoes accounted for 47.9% of the global field hockey equipment market in 2017, the segment being valued at US$772.6 mn. The shoes segment is likely to exhibit a strong 2.3% CAGR over the forecast period, rising to a valuation of US$866.5 mn. The segment's share in the global field hockey equipment market is expected to rise to 48.1% over the forecast period, driven by the consistent product development in the footwear sector and the increasing commercial scope of sports footwear.
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Europe is the leading contributor to the global field hockey equipment market due to longstanding popularity of the sport in Central European countries such as Germany and the Netherlands. The Europe field hockey equipment market is expected to exhibit a steady 2.3% CAGR over the 2017-2022 forecast period and is expected to end up at a valuation of US$675.4 mn.
The dominance of countries such as Germany, the Netherlands, and Australia on the international level has helped the field hockey equipment market in the respective regions. The Asia Pacific except Japan (APEJ) market for field hockey equipment is thus also likely to exhibit steady growth in the coming years due to rising demand from Australia as well as the increasing interest in hockey in the Indian subcontinent. The APEJ field hockey equipment market is expected to rise to a valuation of US$520.7 mn over the 2017-2022 forecast period at a solid 2.2% CAGR. Japan is also likely to emerge as a key market for field hockey equipment in the coming years, with the market expected to be valued at US$66.1 mn by 2022.
Growing awareness among the population about the cardiovascular benefits of field hockey is likely to remain a key driver for the field hockey equipment market. Field hockey is an extremely physically demanding sport and provides comprehensive physical benefits. As a result, individual as well as institutional preference for field hockey is increasing, leading to growing demand from the global field hockey equipment market. The rising availability of field hockey equipment on online shopping portals is also likely to remain a key aid for the global field hockey equipment market over the coming years due to growing preference for the convenience of online shopping shown by urban users.
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The field hockey equipment market is likely to exhibit rapid growth in the coming years thanks to the rising popularity of field hockey and the increasing number of urban users taking an interest in the sport. The increasing televised coverage of field hockey tournaments and the consequent rise in the demand to formalize field hockey leagues in several developing countries has led to significant demand from the global field hockey equipment market. The field hockey equipment is also likely to benefit from the rising adoption of online shopping channels by urban consumers, as it has made it increasingly easy for consumers to purchase field hockey equipment. While field hockey is still less popular than sports such as football, the growing commercial scope of the sport is likely to lead to strong growth of the field hockey equipment market in the coming years. The rising awareness about the benefits of cardiovascular exercise is also likely to drive interest in field hockey, thus driving the global field hockey equipment market.
The global field hockey equipment market features numerous leading players such as Grays International, Mazon Hockey, Gryphon Hockey, Adidas AG, Osaka Hockey, OBO, and TK Hockey. The field hockey equipment market is likely to retain a high degree of fragmentation in the coming years due to the presence of lucrative commercial opportunities across the world and the extensive scope for small-scale local manufacturers.
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