The global horse riding equipment market share is expected to grow in the near future at CAGR of 3.9%. Trends such as consumer preference for safety in adventure sports, current scenarios in the equine industry, and manufacturing emphasis on innovation have been the forerunners in the market growth. The market is highly influences due to increased participation of horse riders for charity and fundraising events.
The global horse riding equipment market is highly driven by the growing demand for horses for the infantry forces in the defence sector. Horse being a sturdy species need good care with proper hygiene practices. Therefore, there is a huge availability of expertise for horse management on an international level and this adds to market development. Apart, there is a wide availability of jobs in the equine industry with a prospering economy adding directly or indirectly to the GDP. For example, alone in the U.S. the equine industry offers more than 1.6 million jobs over an economy of USD 40 billion.
Other factors such as increased participation in horse races, betting, and adventure sports are likely to encourage the market development in the near future. Horse riding being an elite sport continues to rule in the adventure sports category. Moreover, horse riding enjoys a better leverage as an Olympic sport wherein precision is utmost needed. Economic manufacturing is likely to lead towards high affordability.
Factors such as low lying traditions, government stringency for animal misuse, and moreover, high maintenance for horse management are some restraints observed. In addition, the space for stable adds to the expense for horse management. Moreover, African horse sickness (AHS) is another major cause of concern that affects mules, horses, and donkeys at a large scale.
The buyer market for horse is highly competitive and usually takes place less times a year through auction. This has created a demand for niche in the trade as the business parameters are relatively high.
Social media influences such as video sessions and e-learning are some of the methods pursued by the millennials for horse riding. This leads to the popularity of adventure sports. Social media celebrities are taking up adventure sports wherein it is boosting the market development in terms of amateurs. These days, adventure sports amateurs are in the feat of taking up horse riding as a part of confidence development. Hence, this is now becoming a major trend wherein trainers are likely to give more lessons catering to the large crowd.
The global market is categorized as product, price, and material.
Saddle spans a large share in the product category
Based on product category, the global horse riding equipment market spans helmets, stirrups, vests, saddle, halters, bridles, and other accessories. Saddles are the fast growing segments in the product category attributing to the high demand during peak business time. The demand for leather saddles are likely to encourage the product development.
Premium Price Range to account for a significant share
Based on the price category, the global market is segmented as mass and premium. Premium price range is dominant attributing to affordability and viability. Moreover, the premium costs vary according to the geographies. In addition, there is a huge availability of a variety of horse riding products catering to the rider needs.
Metal Products to dominate the material category
Based on material, the market for horse riding equipment spans metal, plastic, leather, wooden, and others. Metal products are likely to encourage the growth of segment attributing to the rise in influx due to growing exports.
Asia Pacific is a dominant market for safety gears
Based on the geographical segmentation, the global horse riding equipment market comprises North America, Europe, Asia Pacific, Middle-East, and Africa. Asia Pacific dominates the global market in terms of business and revenue share. In addition, the regional markets are likely to evolve in the near future owing to the current developments and trends.
North America and Europe are probably the fast growing markets in terms of equipment manufacturing. Manufacturers are likely to emphasize on innovation in their products that offer better grip and comfort for rides.
The global horse riding equipment market players include Decathlon, Cavallo GmbH, Anatares Sellier, Georg Kieffer Sattlewarenfabrik GmbH, Fabtron Inc., Mountain Horse, HKM Sports Equipment, Justin Boots, Cashel Company, Resistol, and Charlie1 Horse. The key players are adopting innovation and other methods of collaboration to gain a competitive leverage in the global market. Safety being atop for key players, the demand for safety gears is more emphasized in the end-user category. Therefore, more emphasis is given on production of safety gears by the key players. In addition, the advertising strategies due to the increased scope of growing interest in horse riding as an adventure sport.
List Of Key Companies Profiled: