The global sports equipment market is expected to grow from billions of dollars in 2020 to billions of dollars in 2028 at a CAGR of 6%. Sports equipment, also called sporting goods, has different shapes which depend on the type of sport and are important to complement the sport. Various sports equipment include helmets, balls, bats, shoulder pads, mouth guards, goggles, jockstraps, etc. Sports equipment is used to protect players or as a tool to help the athlete play the sport. Sports equipment has evolved over the years as sports increasingly require protective equipment to prevent injury.
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Global Sports Equipment Drivers and Brakes:
Continuous improvements in the materials used in the manufacture of sports equipment help to improve the performance of the product, thus fueling market demand. With improvements in sensor technologies, consumer demand for equipment that can provide them with relevant information about their performance is increasing dramatically. Due to the increasing developments in sensor technology, it can be used in many sports equipment such as swimming goggles, tennis rackets, fishing rods and golf clubs. These sensors measure movement and record detailed biometric data that can be analyzed to analyze and assess problems resulting from a stroke, swing or throw executed by an athlete. In addition to this, many research and development programs have been launched to improve the quality of sports equipment. Carbon fiber is widely used in the manufacture of sports equipment, which is expected to drive market demand. Hence, the use of advanced materials in the manufacture of sports equipment contributes significantly to the growth of the sports equipment market.
The paradigm shift in the education system supports the growth of the sports equipment industry. The growth of sports education and sports training among academics has dramatically increased awareness of fitness and sports. Various schools and educational institutes offer their students the opportunity to participate in many sports competitions. In addition to this, the increase in state, national and international competitions organized by different governments around the world has resulted in the growing participation and interest of young people in sport. Many colleges in the United States also offer scholarships to students based on their performance in various sporting events. Hence, the increasing importance given to sport by educational institutions is propelling the growth of the sports equipment market.
The advancement of materials used to manufacture sports equipment is a major factor influencing the growth of the sports equipment market. For this reason, companies are increasingly focusing on rapid technological advancements and continuous innovations to meet the changing tastes and preferences of customers, thus driving the growth of the market.
Factors restraining the growth of the global sports equipment market include the increasing availability of counterfeit products and the increase in the prices of sports equipment as well as soaring prices of sports equipment. In addition, the growing tendency of children to prefer indoor leisure activities, together with the rise of political influence and terrorist activities, is further restraining the growth of the sports equipment market.
- Impact on market size
- End user trend, preferences and budget impact
- Regulatory framework / Government policies
- Strategy of the main actors to fight against the negative impact
- Window of opportunity
Global Sports Equipment Market Segments:
The global sports equipment market is further segmented into product, sports type, distribution channel, and geography.
By product: Ball games, net ball games, fitness / strength equipment, athletic training equipment, protective gear, shoes and others
By type of sport: Running sports, ball sports, water sports, extreme sports and others
By distribution channel: Online retail, specialty and sports shops, and department and discount stores
Key region / countries covered
- North America (United States, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Russia, rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, rest of Asia-Pacific)
- Rest of the world (Middle East & Africa and South America)
North America dominates the global sports equipment market due to increasing customer spending on sports equipment, growing awareness of health and fitness among individuals and increasing number of people suffering from obesity who contribute to the growth of the sports equipment market. Asia-Pacific is expected to experience the strongest growth during the forecast period, which is attributed to a rapid increase in sales of balls and fitness equipment. In addition to this, the growing demand for sports equipment in Australia is significantly contributing to the growth of the market in the Asia-Pacific region. In addition, rising disposable income and consumer spending in developing countries, especially China, India and Middle Eastern countries, is expected to further boost demand for sports equipment. Moreover, these countries have also hosted various sporting events and thus developed infrastructure to attract more people to participate in sports, thus fueling the growth of the sports equipment market.
Key players in Global Sports Equipment Market:
- Adidas AG
- YONEX Co. Ltd
- Callaway Golf Company
- Nike, Inc
- Amer Sports
- Under Armor Inc
- Sumitomo Rubber Industries Ltd
- Reebok International
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Main questions answered by the report:
- The impact of COVID-19 on the global market
- What are the potential opportunities for new entrants in the global market
- What is the market size and forecast from 2020 to 2028?
- Key players associated with the global sports equipment market
- Global Sports Equipment Market Value Chain Analysis
- What is the CAGR of the global sports equipment market from 2021 to 2028
- Major growth driver, challenges, trends and opportunities in the global market
- Main results of the SWOT analysis
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