According to a new report published by Allied Market Research, titled, “Horse Riding Apparel Market,” The horse riding apparel market size was valued at $2.7 billion in 2021, and is estimated to reach $4.1 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
The primary factors driving market expansion are Olympic training and competition. The horse riding apparel market demand rises as the number of men and women participating in this activity rises, necessitating further safety rules pertaining to the equipment. Additional factors contributing to the market’s expansion include the expansion of equestrian institutions such riding yards, welfare organizations, and riding schools. These horse riding apparel market trends is creating lucrative horse riding apparel market opportunity.
Numerous horse riding organizations in the UK have noted a rise in riders, and the British Equestrian Trade Association (BETA) has found that over the previous five years, both the number of club members and the number of leisure riders has increased. The development of the worldwide horse riding clothing market is fueled by consumer spending on leisure sports, the opening of new riding clubs and yards, the inclusion of the sport in school and college sports curriculum, and rising disposable income. A spike in spine and rib injuries when riding horses has raised awareness among riders of the need for protective horse riding apparel, and the organization has improved safety measures as a result of the growth in both men and women participating in horseback riding.
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Manufacturers have been concentrating on developing new goods that may satisfy the leisure needs of recreational riders and minimize damage from accidents that occur when competing. The wearing of safety gear when riding horses is now required by many groups, and horse riding schools have also begun doing so from the beginning of the training phase. Other than for professional riders, this has led to an increase in horse riding apparel generally.
According to horse riding apparel market analysis, the global market is analyzed on the basis of type, gender, distribution channel, and region. By type, the market is divided into clothes, boots, gloves, and others. Further, boots are classified into hunt boots, field boots, and dress boots. Among these, the clothes segment occupied the major horse riding apparel market share of the market in 2021, and is projected to maintain its dominance during the horse riding apparel market forecast period. The clothing is made for those who prefer to ride horses. As it offers more protection than other varieties, demand for it has increased significantly around the world, which significantly aids in market expansion.
By gender, it is classified into male and female. Due to the growth of equestrian sports and increased consumer awareness of sports, the male market is registering significant horse riding apparel market growth.
By distribution channel, the market is divided into supermarket/hypermarket, independent sports outlet, sports retail chain, and others. Manufacturers are constantly working to improve the visibility of their products on shelves, and as a result, they primarily target sports retail chains. As a result, sports retail chains offer a wider selection of helmets and other horseback riding gear. Additionally, sports retail chains offer choices like discounts and the advantage of instant gratification, which aid in the expansion of the market for horse riding apparel.
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In 2021, Europe accounted for 35.6% in the global market, and is expected to maintain its dominance during the forecast period. The market for horse riding apparel is expected to develop during the forecast period, largely because to expanding start-ups involved in the manufacture and sale of the clothing for horses.
The COVID-19 epidemic has had a negative impact on the supply chain, and the entire consumer goods industry continues to suffer losses. To stop the spread of the corona virus, governments frequently implement absolute lockdown, during which time a number of sports were strongly advised to be suspended.
The major players analyzed for global horse riding apparel industry are Antares Sellier, Ariat International, Inc., Cavallo GmbH & Co. KG, Charles Owen, Dainese, Decathlon S.A, Georg Kieffer Sattlerwarenfabrik GmbH, HKM Sports Equipment GmbH, Horseware Ireland, Justin Boots, Mountain Horse, Phoenix Performance Products Inc, Professional’s Choice, Shanghai Goldtex Clothing & Bags Co., Whitaker International Ltd. The launch of new products and growing their companies have been the main developmental tactics used by the participants in the horse riding apparel market to grow their market share, boost profits, and maintain market dominance.
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KEY FINDINGS OF STUDY
- By type, the clothes segment was the highest revenue contributor to the horse riding apparel market size, with $898.7 million in 2021, and is estimated to reach $1,339.3 million by 2031, with a CAGR of 4.1%.
- Depending on gender, the male segment was the highest revenue contributor to the market, with $1,622.1 million in 2021, and is estimated to reach $2,409.5 million by 2031, with a CAGR of 4.1%.
- As per distribution channel, the sports retail chain segment was the highest revenue contributor to the market, with $947.3 million in 2021, and is estimated to reach $1,407.7 million by 2031, with a CAGR of 4.1%.
- Region wise, Europe was the highest revenue contributor, accounting for $955.0 million in 2021, and is estimated to reach $1,414.3 million by 2031, with a CAGR of 4.1%.
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