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.
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.
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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
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.
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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.
Global Horse Riding Equipment: Competitive Analysis
The global horse riding equipment market has moderate competition. With a large number of local players, it is difficult to ascertain the quality of product against its price and brand value, which is also offered by a lesser priced product.
However, players are expected to focus on developing luxury and non-luxury vegan products as the awareness about usage of unethically sourced leather gains momentum.
Animal-free and synthetic products for riders that are also eco-friendly as these do not have to under tanning processes, which often leads to soil and water contamination.
The leading players in the global horse riding equipment market are:
- Colonial Saddlery
- Georg Kieffer Sattlerwarenfabrik GmbH
- Cavallo GmbH
- Antares Sellier
- Fabtron Inc.
- Mountain Horse
- HKM Sports Equipment.
- Justin Boots
- Cashel Company
- Professional’s Choice
- Others (As per the request)
By Price Range
By Material Type
By Equipment Type
- Equine Equipment
- Rider Equipment
By Consumer Orientation
By Sales Channel
- Independent Sports Outlet
- Sports Retail Chain
- Franchised Sports Outlet
- Direct-to-Customer Online Channel
- Direct-to-Customer Institutional Channel
- Modern Trade Channels
- Third Party Online Channels
- North America
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Latin America