Will Legacy of Horse Riding with Fashion Evolution and Safety Concerns Drive Market Expansion? FMI Deep Dives through Horse Riding Equipment Details.
Horse Riding Equipment Market By Product (Helmets, Vests, Stirrups), Material Type (Wooden, Metal, Plastic), Equipment Type (Equine Equipment, Rider Equipment), Price Range (Mass, Premium), Consumer Orientation (Male, Female, Kids), End-user (Amateurs, Professionals) & Region - Forecast to 2024-2034
NEWARK, DE / ACCESSWIRE / July 8, 2024 / The global horse riding equipment market is projected to experience stable growth throughout the forecast period. The market is expected to witness a substantial increase from USD 2,279.4 million in 2024 to a doubled valuation of USD 3,406.7 million by 2034, with a CAGR of 4.1%.
This growth can be attributed to the rising participation in competitive and recreational riding activities, leading to an increased demand for high-quality saddles, bridles, protective gear, and riding apparel. Emphasis on safety equipment, including certified helmets and innovative safety gear, has driven significant demand in the market. Manufacturers are focusing on research and development to create advanced safety solutions, such as helmets with improved impact absorption technology and lightweight, breathable fabrics for protective vests.
Advancements in material science and product design have led to the incorporation of advanced materials like synthetic fibers and lightweight polymers, enhancing the performance and durability of riding gear. Additionally, the market is witnessing a growing trend towards custom-made or personalized horse riding equipment, further fueled by the increasing demand for team-specific gear.
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However, the industry also faces challenges such as increasing competition from low-cost manufacturers, fluctuating raw material prices, and regulatory complexities. Overcoming these challenges while capitalizing on growth opportunities will be crucial for sustained success in the horse riding equipment market.
Social Media makes it Mark in Horse Riding Equipment Market
The role of social media in influencing youngsters to take up riding lessons cannot be denied. The fad of projecting an image has actually worked in favour of the global horse riding equipment market as more and more young people are taking to riding.
The popularity of the sport has been largely driven by the explosion of social media and growing number of celebrities influencing the riding for leisure or sport. While motivation to pursue horse riding might be high on vanity metric, analysts predict that is could lead to authentic engagement in the years to come.
This shift in perception is projected to play a critical role in fuelling the sale of horse riding equipment between 2024 and 2034.
Key Takeaways from the Market Study
Helmets have covered a value share of 27.1% for 2024 in the horse riding equipment market.
Leather materials have made an impressive value share of 39.3% for 2024 in the horse riding equipment market.
The horse riding equipment market in India is set to experience an exponential increase, with an 8.4% CAGR through 2034.
The horse riding equipment market in China is projected to grow at a CAGR of 7.3% through 2034.
The horse riding equipment market in Australia is predicted to rise at a 6.9% CAGR through 2034.
The horse riding equipment market in Germany is anticipated to develop at a CAGR of 4.3% through 2034.
The horse riding equipment market in the United States is estimated to rise at a 3.8% CAGR through 2034.
"Urbanization and lifestyle changes have encouraged more individuals to engage in outdoor recreational activities like horseback riding, driving the demand for horse riding equipment," says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
Manufacturers should invest in innovative product development, prioritize safety and comfort, adopt sustainable materials, and expand their online presence. Collaborating with equestrian professionals and sponsoring events can enhance brand visibility. Additionally, targeting emerging markets and customizing products for diverse riding disciplines can drive market expansion.
Recent Developments:
Laura's Saddlery, an equestrian store in Tomball, marked its first anniversary on October 27, 2023. The store was founded by Laura Hughes in December 2022 and has become a popular local destination for equestrian needs.
On July 5, 2023, The Tried Equestrian, a leading discount and consignment shop, added the renowned luxury riding brand Halter Ego to their product line, offering equestrians top-quality gear and apparel.
Leading Horse Riding Equipment Brands
Colonial Saddlery
Dainese
Georg Kieffer Sattlerwarenfabrik GmbH
Decathlon
Cavallo GmbH
Antares Sellier
Fabtron Inc.
Mountain Horse
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Economic Manufacturing Leads to Higher Affordability Generating an Upward Trend in the Market
In line with the same sentiment, the biggest challenge for horse equipment market for many years was affordability. However, as production of apparel and gear moved to eastern markets, it allowed vendors to create a higher affordability. Mass production at faster rates has allowed brands to have a far reaching impact.
Through the years, it has enabled vendors to create a newer consumer base, luring in consumers solely on the basis of affordable price point. In a world gripped by technology, the horse riding equipment manufacturers are staying focussed on incorporating capabilities that allow better learning and in effect, better performance for the jock and the horse.
In the same vein, manufacturers of sportswear for equine sports will capitalize on sensor technology through wearable devices to gain a unique insight into finer nuances of the game. A great demand to reduce the risk of injury to the rider and to monitor the animal's performance to improve the teamwork has been the sole motive of every advancement in this unique field.
For instance, Equestic SaddleClip is an electronic sensor that helps the sportsperson measure and analyse their training. It collects the data during the training period, which can be used to decide the best training possibilities.
Key Segments of Horse Riding Equipment Market Report
By Product:
Helmets, vests, stirrups, saddles, halters, bridles, accessories, and other products are segmented in the horse riding equipment market.
By Price Range:
Mass and premium are two price ranges in this industry.
By Material Type:
The segment is distributed to wooden, metal, plastic, leather, and other material types.
By Equipment Type:
The sector is subdivided into equine and rider equipment.
By Consumer Orientation:
Male, female, and kids are trifurcated categories of this landscape.
By End User:
The horse riding equipment id divided into amateurs and professional end users.
By Sales Channel:
Hypermarkets or supermarkets, independent sports outlets, sports retail chains, franchised sports outlets, direct-to-consumer online channels, direct-to customer institutional channels, modern trade channels, and third-party online channels are sales channels of this sector.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
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About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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