The global Sports Equipment market size is projected to reach approximately $ 578.9 Billion by 2030, at a CAGR of 6.4% from 2022 to 2030. Sporting equipment, also known as sporting goods has different forms which depend upon the type of sport and is important to complete the sport. Various sports equipment includes helmets, balls, bats, shoulder pads, mouth guards, goggles, jock straps, and so on. Sports equipment is used to protect the players or as a tool to help the athlete to play the sport. Sporting equipment has evolved over the years since sports have increasing demands for more protective gear to prevent any injuries.
COVID-19 Impact Analysis
Due to the Covid-19 pandemic, the sports equipment industry contracted to its lowest point. They faced many challenges, with production becoming more difficult and investments in research and development decreasing. Several retailers, brands, and manufacturers faced significant financial losses that brought down the entire economy to its lowest level of growth. Lockdowns have caused production to come to a stop and there is no manual workforce available for continued operations. Another effect of the supply chain disruptions has been on the sports equipment market. However, the jump in demand from consumers after stricter restrictions were eased has given the market a boost and contributed to higher revenue.
The factors driving the growth of the global sports equipment market include the growing adoption of sports and recreational activities for stress management. Furthermore, the increasing combination of casual and athletic designs for sports equipment, rising disposable income, surge in urbanization, and improved standard of living further fuel the growth of the sports equipment market. Hence, to remain fit and healthy, increasing numbers of people are taking up sports which rives the market growth.
⮚ Use of Advanced Materials in the Manufacturing of Sports Equipment
The continuous improvements in materials used for manufacturing the sports equipment aid in enhancing the performance of the product thereby, fuelling the market demand. With the improvements in sensor technologies, consumers’ demand for equipment that can provide them with relevant insights into their performance is growing drastically. Due to the increasing developments in sensor technology, it can be used in numerous sports equipment such as swimming goggles, tennis rackets, fishing rods, and golf clubs. These sensors measure motion and record detailed biometric data which can be analyzed to analyze and evaluate the problems arising from a stroke, swing, or cast which is performed by an athlete. In addition to this, numerous research and development programs have been launched to improve the quality of sports equipment. Carbon fiber is being highly used in manufacturing sports equipment which is expected to boost the market demand. Therefore, the use of advanced materials in manufacturing sports equipment significantly contributes to the growth of the sports equipment market.
- Increased Penetration of Smartphones coupled with Advancements in VR Games
The popularity of playing video games and the increasing use of smartphones among youths are causing a decline in the rate of growth for sports equipment. Along with the growth of other leisure activities such as virtual reality gaming, watching movies, live music shows, and others, consumers have less time to go out to play any sport which will harm the market.
⮚ Evolving Global Educational Systems to Promote Sports
The changing paradigm of the educational system supports the growth of the sports equipment industry. The growth in sports education and sports training in academics has drastically increased the awareness regarding fitness and sports. Various schools and educational institutes provide their student’s opportunities to compete in many sports competitions. In addition to this, the rise in state, national and international competitions conducted by different governments worldwide has resulted in rising participation and interest of youth in sports. Many colleges in the US also offer scholarships to students based on their performance in various sporting events. Therefore, the increasing importance given to sports by educational institutes propels the growth of the sports equipment market.
Based on the Product, the Sports Equipment market is segmented based on Ball Games, Ball over Net Games, Fitness/ Strength Equipment, Athletic Training Equipment, Protective Equipment, Footwear, and Others. The Ball Games Segment is anticipated to account for the large market share. Ball games are one of the most popular sports across the world. The revenue from this niche is noticeably higher than that from other segments. The growing popularity of cricket, basketball, and football will be a determining factor in terms of future growth.
By Sport Type
Based on Sport Type, the global Sports Equipment market has been divided into Racing Sports, Ball Sports, Water Sports, Extreme Sports, and Others. The Ball Sports segment is expected to hold the largest market share. The growth of this segment can be attributed to the large popularity of Ball Sports such as cricket and football.
By Distribution Channel
Based on Distribution Channel, the global Sports Equipment market has been divided into Online Retail, Specialty & Sports Shops, and Department & Discount stores. The Specialty & Sports Shops segment is expected to hold the largest market share. These stores offer a variety of branded products and provide expert customer service to help consumers get more information about the products. This distribution channel can provide convenience as it can stock popular brands, which is enhancing its growth.
Global Sports Equipment Market Share, by Segmentation
Based on region, the global Sports Equipment market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Sports Equipment market followed by the Asia-Pacific and Europe regions.
North America Market
North America dominates the global Sports Equipment market due to increasing customer expenditure on sports equipment, growing health and fitness mindfulness among individuals, and a surge in the number of people suffering from obesity which contribute to the growth of the sports equipment market. The Asia Pacific is expected to witness the highest growth during the forecast period which is attributed to a rapid increase in sales of ball and fitness equipment.
The growing demand for sports equipment in Australia significantly contributes to the market growth in the Asia Pacific region. Moreover, the surge in disposable income and consumer spending in developing countries which includes China, India, and the Middle Easter countries are estimated to further boost the demand for sports equipment. Additionally, these countries have also been hosting various sporting events and have thus developed infrastructure to attract more people to participate in sports thereby, fuelling the growth of the sports equipment market.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Adidas AG, YONEX Co. Ltd., Callaway Golf Company, Nike, Inc., Amer Sports, Mizuno, Puma, Under Armour Inc., Sumitomo Rubber Industries Ltd., and Reebok International, lead the global Sports Equipment business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Adidas AG
- YONEX Co. Ltd.
- Callaway Golf Company
- Nike, Inc.
- Amer Sports
- Under Armour Inc.
- Sumitomo Rubber Industries Ltd.
- Reebok International
In January 2020, Yonex Company Ltd. Launched their 6th generation EZONE racquet which was developed for players at all levels. The square-shaped ISOMETRIC racquet head optimizes the intersection of the main and cross strings which provides better control without compromising on the power. Liner Tech is used throughout the racquet to optimize power and control.
Scope of the Report
Global Sports Equipment Market, by Product
- Ball Games
- Ball Over Net Games
- Fitness/ Strength Equipment
- Athletic Training Equipment
- Protective Equipment
Global Sports Equipment Market, by Sport Type
- Racing Sports
- Ball Sports
- Water Sports
- Extreme Sports
Global Sports Equipment Market, by Distribution Channel
- Online Retail
- Specialty & Sports Shops
- Department & Discount stores
Global Sports Equipment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 578.9 Billion|
|CAGR||6.4% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Product, Sport Type, and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Adidas AG, YONEX Co. Ltd., Callaway Golf Company, Nike, Inc., Amer Sports, Mizuno, Puma, Under Armour Inc., Sumitomo Rubber Industries Ltd., and Reebok International|
|Key Market Opportunities||Evolving Global Educational Systems to Promote Sports|
|Key Market Drivers||Use of Advanced Materials in the Manufacturing of Sports Equipment|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Sports Equipment market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Sports Equipment market historical market size for the year 2020, and forecast from 2021 to 2028
- Sports Equipment market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Sports Equipment market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Global Sports Equipment Market Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global Sports Equipment market is 2020 – 2030
- What is the growth rate of the global Sports Equipment market?
- The global Sports Equipment market is growing at a CAGR of ~ 4% over the next 7 years
- Which region has the highest growth rate in the global Sports Equipment market?
- Asia Pacific is expected to register the highest CAGR during 2022-2030
- Which region has the largest share in the global Sports Equipment market?
- North America holds the largest share in 2021
- Who are the key players in the global Sports Equipment market?
- Adidas AG, YONEX Co. Ltd., Callaway Golf Company, Nike, Inc., Amer Sports, Mizuno, Puma, Under Armour Inc., Sumitomo Rubber Industries Ltd., and Reebok International are the major companies operating in the global Sports Equipment
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