The global Sports Equipment market is expected to grow from $ billion in 2020 to $ billion in 2028 at a CAGR of 6%. 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 include helmets, balls, bats, shoulder pads, mouth guards, goggles, jockstraps, 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.
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Global Sports Equipment Drivers And Restrain:
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.
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.
The advancement in the materials used to make the sports equipment is a major factor influencing the growth of the sports equipment market. Due to this, companies are increasingly focusing on rapid technological advancements and continuous innovations to meet the changing customer tastes and preferences thus boosting the market growth.
The factors restraining the growth of the global sports equipment market include the growing availability of counterfeit products and increasing prices of sports equipment along with a surge in prices of sports equipment. Furthermore, the rising trend of children preferring indoor leisure activities coupled with the rise in political influence and terrorism activities further inhibit the growth of the sports equipment market.
- Impact on Market Size
- End-User Trend, Preferences, and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact
- Opportunity Window
Global Sports Equipment Market Segments:
The global Sports Equipment market is further segmented into product, sport type, distribution channel, and geography.
By Product: Ball Games, Ball Over Net Games, Fitness/ Strength Equipment, Athletic Training Equipment, Protective Equipment, Footwear, and Others
By Sports Type: Racing Sports, Ball Sports, Water Sports, Extreme Sports, and Others
By Distribution Channel: Online Retail, Specialty & Sports Shops, and Department & Discount stores
Key Region/ Countries Covered
- North America (US, Canada, Mexico)
- Europe (Germany, U.K., 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 expenditure on sports equipment, growing health and fitness mindfulness among individuals, and 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. In addition to this, 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.
Key Players of Global Sports Equipment Market:
- Adidas AG
- YONEX Co. Ltd
- Callaway Golf Company
- Nike, Inc
- Amer Sports
- Under Armour Inc
- Sumitomo Rubber Industries Ltd
- Reebok International
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Key Questioned Answered Through 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
- Value Chain Analysis of Global Sports Equipment Market
- What is the CAGR of the global Sports Equipment Market from 2021 to 2028
- Major Growth Factor, Challenges, Trends, and Opportunities in the global market
- Key outcomes of SWOT Analysis
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