by The ice hockey stick market is estimated to experience a boost over the forecast period owing to the rising popularity of ice hockey globally. Ice hockey sticks are used by hockey players to propel and maneuver the puck across the rink. The key components of an ice hockey stick include a hollow shaft running through the center made of composites such as carbon fiber and a curved blade at one end. Carbon fiber composites provide benefits such as lightweight, strength and durability to ice hockey sticks.
The Global ice hockey stick market is estimated to be valued at US$ 687.6 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ice hockey stick market are Mylec, Inc., Canadian Tire Corporation Limited, BISON HOCKEY STICKS, vaughn hockey, BAUER Hockey, LLC, Hans Raj Mahajan, ALFA Hockey, DRH Sports., Falk Hockey, Hyoung Carbon Fiber Products Co., Ltd, COLT Hockey, Rival Hockey, LM Hockey, RK Mahajan, Vinex Plastic.
The key opportunities in the market include rising popularity of ice hockey in countries such as China, India, Brazil etc. as the governments are investing in infrastructure development. Furthermore, advancements in materials science have enabled innovating Ice Hockey Sticks Market Growth with advanced features such as optimized balance point, variable flex profiles, increased durability etc.
Technological advancements in the market include adoption of advanced carbon fiber composites in shaft and blades manufacturing. Compared to traditional materials, the next generation carbon fiber composites provide 50% more energy return and shot velocity to players. 3D printed ice hockey sticks with customizable designs is another emerging trend in the market.
Market Drivers
The main market driver for ice hockey sticks is the rising popularity and participation in ice hockey globally. According to the International Ice Hockey Federation (IIHF), there are over 65 member countries with 680,000 players worldwide in 2021, thus increasing the demand for ice hockey gear including sticks. Secondly, advancement in materials technology has enabled light weight, high strength and customizable designs in sticks, attracting both amateur and professional players.
Challenges in Ice Hockey Stick Market
The ice hockey stick market is facing various challenges which can hamper its growth potential. Firstly, increasing raw material prices have become a major challenge. Prices of materials used in hockey sticks such as carbon fibers, composites, plastics, and aluminum have increased substantially in recent years. This increases production costs for manufacturers. Secondly, availability of fake and duplicate products is another challenge. Many local brands are manufacturing low-quality hockey sticks and selling them at cheap prices. This affects sales of established brands. Thirdly, popularity of other sports is reducing interest of new players in ice hockey. Emerging sports like basketball, football are gaining more popularity which can shift focus of players and consumers from ice hockey.
SWOT Analysis
Strength: Wide usage of composite and carbon fiber materials in modern sticks make them durable and lightweight.
Weakness: High dependency on raw material import making companies vulnerable to price and trade fluctuations.
Opportunity: Growing popularity of Ice hockey in new regions offer new market potential.
Threats: Popularity of other indoor sports and alternate activities for players pose competition in the industry.
Geographical Regions Analysis
North America currently accounts for the largest share in global ice hockey stick market in terms of value. The region is home to top professional leagues like NHL which has huge fan following. Countries like US and Canada have ice hockey as one of their most popular sports. Europe is another major region driven by countries like Russia, Sweden, Finland and Czech Republic where ice hockey participation rates are high.
Fastest Growing Regions
Asia Pacific region is emerging as the fastest growing market for ice hockey sticks globally. Countries like China, Japan and South Korea are increasingly adopting winter sports including ice hockey. Establishment of local leagues and growing sports infrastructure is aiding the market growth. Participant counts in Asia are rising annually with China targeting to host Winter Olympics in future, thereby driving huge opportunities.
