Sports Equipment Market is Anticipated to Witness High Growth Owing to Increased Participation in Sports and Fitness Activities

 
Sports Equipment Market Size

The sports equipment market comprises equipments and gears essential for participating in various sports activities such as cricket, football, tennis, badminton, basketball and other sports. Sports equipments including apparel, footwear and protective gear are necessary to play sports and prevent injuries. There has been rise in health awareness and focus on fitness among people, driving increased participation in sports and outdoors activities. In addition, greater access to sports through community parks, playgrounds and growth of professional leagues has promoted sports culture. This has significantly fueled the demand for various sports equipments.

The Global sports equipment market is estimated to be valued at US$ 622.08 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 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 dominate the market with innovative product development and strategic partnerships & collaborations.

The global Sports Equipment Market Size provides numerous growth opportunities with rising health clubs, fitness centers and community parks. Sports federations and sports leagues are witnessing increasing sponsorships and streaming revenues, promoting investments to develop sports. Countries are also investing heavily in sports infrastructure to promote active lifestyles and host international sporting events.

Key players are focused on global expansion through establishing manufacturing facilities and brand offices in emerging markets of Asia Pacific, Middle East, Latin America and Africa. Companies are also undertaking mergers and acquisitions to strengthen regional presence and product portfolio. For instance, Amer Sports acquired Peak Performance and invested in a new football academy in India in 2023.

Market drivers: Growing health awareness among consumers, increasing spending on fitness and outdoor recreation, government initiatives to promote sports, urbanization and rising disposable incomes are driving the global sports equipment market.

Market restraints: High cost of Sports Equipment Market Size and Trends for niche/extreme sports categories, seasonality of demand, trade barriers and lengthy product replacement cycles restrict the market growth. Fluctuations in raw material prices also act as a restraint.

Segment Analysis

The sports equipment market can be segmented based on type, buyer, sales channel and region. Based on type, the market can be divided into ball sports equipment, winter sports equipment, water sports equipment, athletic apparel, athletic footwear, and others. Among these, ball sports equipment dominates the market and accounts for over 30% share. This is because ball games like basketball, football, baseball, tennis etc. have a huge worldwide fan base and demand for related gear is consistently high.

Global Analysis

North America accounts for the largest share in the global sports equipment market currently. Countries like the US and Canada have established sports culture and participation across both professional and amateur levels is widespread. This has ensured high and sustained demand for latest athletic gear. However, the Asia Pacific region is projected to witness fastest growth during the forecast period. Emerging nations like China and India have rising incomes and sports infrastructure. Also their large populations are increasingly taking to both Western and indigenous sports. This will drive the regional market at over 8% annually through 2031. Meanwhile Western Europe and Latin America will also see healthy growth supported by engagement in soccer and other popular sports events.

Get More Insights on- Sports Equipment Market

About Author:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)


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