Equestrian Equipment Market: Overview
The introduction of new materials and technologies in the equine industry may assist the equestrian equipment market to blossom across the forecast period of 2019-2028. Equestrian equipment such as saddle pads, helmets, riding boots, horseshoes, protective vests, and protection boots assure good protection for the jockey as well as the horse. Therefore, the use of equestrian equipment during recreational sports activities and tournaments may accelerate the growth rate of the equestrian equipment market to a great extent. The equestrian equipment is made using diverse materials such as aluminum, fabric, steel, and fabric.
This report offers useful breakthroughs that influence the growth of the equestrian equipment market positively. It also focuses on various parameters such as key trends, competitive structure, regional assessment, etc. The segmental study enables an individual to thoroughly understand the different growth aspects of the equestrian equipment market in a well-ordered manner.
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Equestrian Equipment Market: Competitive Scenario
The manufacturers in the equestrian equipment market invest heavily in research and development activities to create cutting-edge equipment that offer maximum comfort and convenience. The induction of smart technologies in the equestrian equipment has rung a bell among many manufacturers. Therefore, new products with the inculcation of technologies like the Internet of Things (IoT) are expected to make a mark across the market.
Mergers, acquisitions, joint ventures, partnerships, and collaborations also play an important role in attracting growth for the equestrian equipment market. For instance, the American Equestrian Trade Association recently partnered with Dallas Market Center to host the world’s largest equestrian marketplace in the world. Such developments lead to a boost in sales, eventually aiding the equestrian equipment market for exponential growth. HKM Sports Equipment GmbH, Cavallo GmbH, Dainese S.p.A, and Ariat International are some of the well-entrenched players in the equestrian equipment market.
Equestrian Equipment Market: Technological Advancements
The equestrian equipment market is embracing technologies like sensors and the Internet of Things (IoT) for a more secure and efficient horse-racing experience. Novel equestrian equipment equipped with good quality material and cutting-edge technologies are expected to bring great growth opportunities for the equestrian equipment market. For instance, a company, known as Gallop Equine has created a Bluetooth-connected SmartBoot. The boots are made from leather and consist of an inertial measurement unit that helps in movement detection. When the heel moves higher than the toes, the rider is notified through a transducer that softly buzzes around the foot. The use of wearable sensors is also expected to gain traction across the forecast period.
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Equestrian Equipment Market: Key Trends
Initiatives and campaigns by various equine organizations to raise awareness about equestrian equipment may serve as growth generators for the equestrian equipment market. The campaign, ‘Safety Week’ by the British Equestrian Trade Association (BETA) is organized every year to raise awareness about the safety and importance of equestrian equipment.
Fashionable equestrian equipment is also penetrating deep in the equestrian equipment market. Manufacturers are paying attention to design unique equestrian equipment with a tinge of fashion. Equipment with Swaroski elements and stainless steel neck rings are garnering considerable support and are anticipated to gain greatly across the forecast period.
Equestrian Equipment Market: Geographical Landscape
The equestrian equipment market is geographically segmented into North America, the Middle East and Africa, Latin America, Asia Pacific, and Europe. The U.S. has an upper hand in conducting numerous events relating to equestrian sporting. According to the American Horse Council, more than 2 million people from the U.S. engage in the sport annually. The Equine Business Association also foresees the participation of 16 million people across the world. These statistics highlight the growing influence of equestrian sports across the world. Thus, the growing participation will eventually benefit the equestrian equipment market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.