Technavio market research analysts forecast the global figure skating equipment market to grow at a CAGR of more than 1% during the forecast period, according to their latest report.
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Technavio has published a new report on the global display market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global figure skating equipment market for 2017-2021. The report also lists figure skates and figure skate accessories as the two major product segments, of which the figure skates segment accounted for close to 94% of the market share in 2016.
According to Brijesh Kumar Choubey, a lead analyst at Technavio foroutdoor gear research, “The advent of eco-friendly ice and figure skating rinks has been a positive move by manufacturers, which will help to reduce costs and in turn make the sport more accessible in developing countries of the APAC region.”
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Technavio research analysts highlight the following three market drivers that are contributing to the growth of the global figure skating equipment market:
- Growing popularity of figure skating in developing countries
- Waterless figure skating rinks
- Benefits of figure skating as a fitness activity
Growing popularity of figure skating in developing countries
Even though figure skating is quite like ice skating, there are a number of factors that differentiate the two. Figure skating, also known as synchronized skating, is a multifaceted sport, that involves a combination of speed, movement, music, and choreography. Figure skating has been gaining rapid popularity since its advent in the 1990s.
Many developing countries in APAC have been increasingly adopting the sport at an international level. The Ice Skating Association of India, which also manages ice skating and figure skating, is the governing body for the sport in the country. The organization is affiliated with the International Skating Union (ISU), along with the Asian Skating Union (ASU). This increasing adoption of the sport in developing countries is expected to propel the market's growth during the forecast period.
Waterless figure skating rinks
Waterless figure skating rinks or synthetic ice rinks use a solid polymer material for skating using regular metal-bladed ice skates. These rinks are normally constructed using interlocked panels and do not require ice. In recent times, many figure skating rinks have started using waterless ice skating rinks or synthetic ice skating rinks as these are eco-friendly. Moreover, these waterless ice skating rinks do not require refrigeration equipment, thereby, reducing operation costs.
“With the increased adoption of waterless figure skating rinks, the geographic reach of the sport is increasing, as many Southern European, Southern American, and Asian countries are now successfully adopting the sport,” says Brijesh.
Benefits of figure skating as a fitness activity
Figure skating may not be highly popular as an outdoor sport or activity, but the sport has been gaining pace when it comes to its adoption as a fitness activity. The addition of figure skating to an exercise program offers several health benefits to the user. Figure skating acts as an effective cardiovascular workout, as well as endurance and strength training tool to build strong muscles in the pelvic area and legs. Balance and coordination can also be improved by practicing figure skating regularly.
Many ice skating rinks have also started focusing on the health benefits of figure skating as an effective point of sale. Using fitness benefits as a unique selling proposition has enabled many rinks to increase their consumer bases, thereby propelling the growth of the market.
Browse Related Reports:
- Global Ice Skating Equipment Market 2016-2020
- Global Skating Shoes Market 2016-2020
- Global Ice Hockey Equipment Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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