Figure skating is a sport in which individuals, pairs, or groups perform use ice skates to create shapes on the ice and perform technical moves. Figure skate are a type of ice skates used by figure skaters, and the skates consist of boots and blades. Figure Skate Boot is a part of figure skates. Modern skating boots are extremely rigid to support the foot and ankle in jumps and to allow the foot to flex. Figure Skate Blades are an important component of an ice skate. A figure skating blade has a hollow groove down the bottom runner creating two distinct edges — inside and outside.
Figure Skates consist of a boot and a blade that is attached with screws to the sole of the boot. At present, figure skates hold a major share of the market. In 2020, its market value has reached $56.04 million.
According to the sales channel, figure skates can be sold through online and offline sales. Offline retail stores are those that sell in physical stores. Unlike online retailers, they generally permit patrons to try on products prior to purchase and may offer professional fitting services. Online retail stores are where consumers purchase a product through an online platform. After submitting an order, the seller processes the order accordingly and delivers the goods or services through online shipping or offline shipping. However, offline sales still occupy a large market share as a traditional shopping method.
Global figure Skates Industry Market Status and Prospect Analysis
The global figure skates market has a total sales value of $92.27 million back in 2015, and increased to $105.31 million in 2020. The value of figure skates market can be $134.78 million by 2025. The CAGR of figure skates is 3.52% from 2019 to 2025.
Most of Europe and North America are located in the high latitudes of the northern hemisphere. The ice surface caused by low temperatures in winter forms a natural ice rink, providing a low-cost venue for the promotion and popularity of figure skating. As a result, figure skating is very popular in Europe and North America, and ice skating companies are mainly from these regions. North America is the largest revenue market, and its market value has reached $47.36 million in 2019 with a market share of 43.25%. Europe ranks second in the world with a market value of $43.32 million and its market share has reached 39.56% in 2019. Other regions are late in recognizing the sport due to factors such as climate and culture. For example, China and Japan, their market shares were only 5.06% and 4.12% respectively in 2019.
With rapid economic development and an increase in per capita disposable income, interest in figure skating is on the rise and the number of artificial ice skating rinks continues to grow. As the number of rinks rises and awareness of the sport increases in the future, the figure skates industry will maintain steady growth.
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The Winter Olympics will Further Promote the Development of the Figure Skates Industry
The Winter Olympics is an important opportunity to develop the ice economy and ice sports industry. The popularity of ice and snow sports in Japan and South Korea both began with successful bids to host the Winter Olympics. National figure skating associations support public participation in the sport, and ice and snow rinks have been built everywhere. With the continuous construction and optimization of venues and facilities, the number of people playing figure skating has increased, thus influencing more people to experience the figure skating culture. Driven by the Olympic Games, figure skating enterprises should rely on major events to expand their marketing footprint and maintain sustainable growth in their business models after the Olympic cycle is over.
In China, for example, Chinese figure skating events, mass sports in policy and other factors to help show a good development trend. In recent years, the rapid development of ice and snow sports in China, especially the successful bid to host the 2022 Beijing Winter Olympics, has brought great opportunities for the sport. Besides, the development of ice and snow sports meets the diversified sports. It is of great significance to build a healthy China and a strong sports country, promote economic and social development and realize the Chinese dream. With the popular development of figure skating projects, the overall development of China figure skating industry has a lot of room. Ice and snow equipment is an important foundation for doing well in the Winter Olympics. Under the effect of the Winter Olympics, the Chinese government has introduced a series of policies such as National Ice and Snow Venue Facilities Construction Plan (2016-2022) to vigorously develop the ice and snow industry, which requires increasing ice and snow venue facilities, accelerating the popularity of ice and snow sports, prompting an increase in the number of ice and snow sports participants, which in turn promotes an increase in the demand for ice and snow equipment. The Chinese market is expected to reach a value of $6.84 million by next year, with a growth rate of 7.46%, and will rise further in the future.
In addition, the celebrity effect of figure skating star athletes also plays an important role in the promotion of the sport. For example, Yuzuru Hanyu, as the first Asian men singles champion in the Winter Olympics and the youngest Olympic gold medalist in 66 years, has won a large number of fans around the world with his outstanding appearance and strength, attracting many people to focus on the sport. Therefore, the Olympic Games allow people to pay attention to more talented athletes, thus driving the development of the whole industry. It is expected that the Beijing Winter Olympics in 2022 will bring more growth opportunities to the figure skates industry.
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