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.
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Insights on- Sports
Equipment Market
About
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