The global sports equipment market is comprised of various sporting goods and accessories used by athletes and sportspersons. It includes products such as apparel, footwear, protective gear, sportsballs, racquets, bats, and others. Sports equipment sees significant demand from professional sports teams and leagues as well as amateur and recreational sports enthusiasts. In recent years, the growing health awareness regarding the benefits of regular physical activity has encouraged more people to participate in sports and fitness activities. This has substantially boosted the sales of sports equipment worldwide.
The Global Sports Equipment Market is estimated to be valued at US$ 400.31 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the sports equipment market are Nike Inc., Adidas AG, Amer Sports, New Balance Athletics, Inc., Daei Sportswear & Equipment, Kering S.A., Sports Direct International plc, Black Diamond Equipment, Ltd, ANTA Sports Products Limited, Yonex Co., Ltd, Adidas AG , MIZUNO Corporation, Quiksilver, Inc., Globeride, Inc., Callaway Golf Company, Shenzhen Taishan Sports Technology Co., Ltd, Callaway Golf Co., BPS Direct, LLC, Yonex Co., Ltd, and Under Armour. These players are investing heavily in R&D to develop innovative products that enhance performance and safety. They are also focusing on expanding their global footprint through strategic acquisitions and partnerships.
The growing popularity of sports leagues and e-sports around the world is opening valuable opportunities for Sports Equipment Market Demand . Additionally, fitness and wellness trends are driving demand for a variety of sportswear, footwear, and accessories. Major players are launching customized products for different sports genres and regions to capitalize on untapped growth potentials.
North America and Europe currently dominate the global sports equipment market. However, Asia Pacific is emerging as a highly lucrative market with countries like China and India experiencing booming participation in various sports. Leading brands are emphasizing on establishing local manufacturing and distribution centers in Asia to better serve the regional customer base.
Market drivers: Increasing health awareness among people regarding benefits of sports and fitness activities is major Sports Equipment Market Challenges And Opportunities. Sports events like FIFA world cup, Olympics etc fuel interest of people in sports and equipment. Government initiatives to promote sports is contributing to market growth.
Market restraints: High cost of specialized sports equipment is a challenge. Availability of low quality counterfeit products in market also restrain market. Lack of sporting culture and facilities in underdeveloped regions also hamper the market growth.
Segment Analysis
The global sports equipment market is dominated by equipment for team sports such as football, hockey, basketball etc. This segment accounts for over 35% share of the overall market currently owing to high popularity and participation in team games globally. Equipment used for these sports include balls, protective gear, sticks, kit bags etc. The team sports segment is anticipated to continue its dominance during the forecast period as well supported by growing international level championships and promotions by national sports federations.
The segment for balls such as basketballs, footballs, cricket balls etc is the second largest and accounts for around 25% share. These have widespread appeal and are used not only by professional players but also in recreational/casual games. The high volume requirements ensure consistent demand for balls.
Running/jogging, cycling, trekking equipment segments are also gaining traction supported by increasing health awareness and participation in individual outdoor activities for fitness and leisure. These segments are expected to witness strong growth over the next 7-8 years.
Regional Analysis
North America currently dominates the global sports equipment market holding over 30% share. The presence of top manufacturers and professional leagues for major sports in the region drive the market. However, Asia Pacific is identified as the fastest growing regional market for sports equipment. Countries like China, India and Japan are witnessing rising incomes, penetration of international brands and promotions by government to encourage sports at grassroots level. This has boosted participation in various sports and demand for equipment in the region. Growing focus on developing domestic sports industry would further aid growth of the Asia Pacific sports equipment market going forward. Europe holds the second largest share supported by avid sports culture and presence of leading brands.
For More Insights Discover the Report In language that Resonates with you
About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
Comments
0 comment