Sports Equipment Market Business Strategies Guarantee the Long Term


Market scope
Market Research Future (MRFR) expects the sports equipment market to procure a CAGR of 3.20% between 2020 and 2027. It is also assumed that the market size will reach USD 97.16 billion by the end of 2027.

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Growth Boosters and Major Deterrents
Changing consumer perceptions of wellness and fitness have had a significant impact on the sports equipment industry. Frequent advancements in the materials used in the manufacture of various sports equipment help to improve the quality and performance of the product, thus leading to higher adoption.
Manufacturers engage in extensive research and development programs to ensure the high quality of their products. At present, carbon fiber is one of the most popular materials used during manufacturing, which is believed to have a positive effect in the global market.

Sensors are increasingly integrated into a variety of sports equipment, including golf clubs, tennis rackets, swimming goggles and fishing rods. The sensors help measure movement and record extensive biometric data, which can then be evaluated to troubleshoot issues with the user’s swing, stroke or throw.

The biggest growth influencer, however; has been the e-commerce sector as more and more consumers turn to online platforms to purchase products. In addition, increased media coverage of several global sporting events such as the Commonwealth Games, FIFA World Cup and
the Olympic Games encourage young people to play sports.

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Segmental analysis
The sports equipment market has been considered for the type as well as the distribution channel.
The different types of sports equipment are sticks, balls, sports equipment, nets and goal posts, bats, clubs and others. Between these, the Bullets segment is expected to lead and also capture the fastest CAGR over the judging period.
Various distribution channels selling a variety of sports equipment are in-store and out-of-store. While the in-store segment will capture the largest share of the market, the fastest growth rate will be provided by the non-store segment between 2020 and 2027.

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Regional study
The sports equipment industry is regionally segregated into Asia Pacific (APAC), Europe and North America as well as MEA or Middle East and Africa.
North America is home to many well-known sports equipment manufacturers, which is one of the reasons for the region’s lead in the global market. The high popularity of different sports such as soccer, baseball, basketball, and hockey is also responsible for the incredible growth of the market in the United States and Canada. High internet connectivity and the resulting growth of the e-commerce sector in the region has also been supportive. Customers across the region are looking for the best reasonable prices when shopping online, which has led to an explosion in sales of sports equipment as manufacturers take advantage of this opportunity to boost their profit margins.

The notable expansion rate of the organized retail sector and the growing number of sporting activities as consumers become more interested in health and fitness have made APAC the fastest growing market. quickly for sports equipment. A rapidly emerging trend in the region is for manufacturers to combine athletic and casual designs while developing sports gear. Moreover, increasing rate of urbanization, improving living standards, and increasing disposable income of consumers are expected to result in substantial market growth over the coming years.

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Reputable companies
Globeride, Inc. (Japan), New Balance Athletics, Inc. (USA), Adidas AG (Germany), Quiksilver, Inc. (Australia), MIZUNO Corporation (Japan), Kering SA (France), Sports Direct International plc (UK), Shenzhen Taishan Sports Technology Co., Ltd (China), Yonex Co., Ltd (Japan), Nike, Inc. (USA), Black Diamond Equipment, Ltd (USA), Daei Sportswear & Equipment (Iran), BPS, Direct, LLC (USA), Callaway Golf Company (USA), ANTA Sports Products Limited (China) are the leading brands in the sports equipment industry.

Most of these players employ numerous initiatives including partnerships, acquisitions, mergers, and release a variety of sports equipment with better features to stay competitive. Companies are also focusing on adopting modern technologies to deliver better retail customer experience while delivering an immersive shopping experience through online channels. A major trend making its way into the global market is sustainability, in the face of growing environmental concerns. Brands are therefore taking advantage of this opportunity and developing eco-friendly sports equipment that not only caters to consumer tastes but also fits the sustainability trend.

Industry News:
To illustrate, in April 2021, Nike unveiled Next Nature Football, a soccer ball made entirely from 100% recycled yarn. The outer shell of the soccer ball contains recycled airbags which make it fluid while the outer shell contains recycled airbag waste. Its fillings are 100% recycled yarn fillings from landfills.

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