Sports Equipment Market Size, Historical Growth, Opportunities and Forecast to 2025 | Grand View Research, Inc.
Rapid technological advancements and continual innovations to keep pace with dynamic consumer preferences are working in the market’s favor, according to a new report released by Grand View Research.
The Global sports equipment market the size should reach $ 89.22 billion through 2025, according to a new report from Grand View Research, Inc., recording a 3.5% CAGR over the forecast period. The industry is experiencing tremendous growth across the world due to the increasing adoption of sports and recreational activities by people for stress management and increasing health awareness. Widespread media coverage of several global sporting events, such as the FIFA World Cup, the Commonwealth Games and the Olympics, is amplifying the popularity and expanding the global reach of sport, thereby encouraging young people to take up sport.
In recent times, government institutions have made recreational activities a mandatory inclusion in school and college curricula. In addition to this, they take initiatives to popularize the adoption of sports activities in their countries and motivate young athletes. These initiatives include the allocation of substantial funds for the development of sports infrastructure, in addition to the organization of several sports events.
In addition, an increase in the participation of people has been noted in various sports such as golf, basketball and football, due to the improvement in the standard of living and a greater willingness to spend on hobbies. Emerging economies such as India, China, and Brazil are seeing improved living standards, which is expected to drive the growth of the sports equipment market.
However, in recent times, a proliferation of counterfeit products, in addition to rising product prices, is expected to negatively impact the market during the forecast period. Nevertheless, product improvement and innovation, through the use of better quality raw materials, are poised to offer new opportunities to the market.
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Highlights of the Sports Equipment Market Report
• The sports equipment market is expected to show a TCCA exceeding 3.0% during the forecast period, due to the increase in the frequency of chronic diseases and obesity. People all over the world are more and more inclined to adopt • healthier lifestyles, maintaining a healthy body and losing weight, sport is gaining popularity as a means of achieving the aforementioned goals
• On the basis of product type, the ball games segment is expected to dominate the market throughout the forecast period. Rising popularity of ball games such as soccer and basketball is expected to drive segment growth
• The increase in disposable income, the convenience of shopping and the ease of Internet connectivity are supporting the development of the e-commerce and m-commerce industries. These factors make the process of buying sports equipment online more convenient for end users.
• One of the key factors propelling the APAC market is the growing trend / predisposition of consumers to adopt healthier lifestyles, resulting in the obligation to purchase sports equipment and other related products.
• The market is experiencing intense competition due to the presence of many players including Nike, Inc .; Puma SE; Adidas AG; Billabong International Limited; Callaway Golf Co.; Jarden Corporation; Sports Direct International; Taishan Sports. Low barriers to entry and exit in this market further increase competition
• Companies are focused on expanding their market presence through mergers and acquisitions and are also increasingly investing in research and development activities to improve their products for increased durability and convenience.
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Segmentation of the sports equipment market
Grand View Research has segmented the global sports equipment market on the basis of product, distribution channel and region:
Sports Equipment Product Outlook (Revenue, USD Billion, 2014 – 2025)
• Net ball games
• Ball games
• Fitness / strength equipment
• Athletic training equipment
Sports Equipment Distribution Channel Outlook (Revenue, USD Billion, 2014 – 2025)
• Online retail
• Specialty and sports shops
• Department stores and discount stores
Regional Sports Equipment Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• New Zealand
• Latin America
• Middle East and Africa
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About Grand View Search
Grand View Research is a market research and consulting company registered in the State of California and headquartered in San Francisco. The company offers syndicated research reports, custom research reports, and consulting services. With Grand View Research, you have the ability to understand market trends, business information and statistics from a strategic perspective. With an in-depth understanding of many business environments, Grand View Research offers business intelligence studies and conducts over 300 multi-country market studies.
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