The global sports equipment market has witnessed significant growth in the recent years. This market is rapidly adopting new technologies and introducing products accordingly, so as to keep up with the fast pace of changing trends across the globe. In the past few years, there has been a new trend of combining athletic and casual designs. As a result, most sports equipment manufacturers takes pride in merging sports products with leisure wear to keep up with the demand for fashionable sportswear and equipment. In addition, the growing media coverage of several sports events around the world such as the Commonwealth Games, the FIFA World Cup, and the Olympic Games has been encouraging the younger generation to participate in various sports.
Global Sports Equipment Market to Exhibit 3% CAGR from 2014 to 2020
In 2010, the global sports equipment market was valued at US$61.7 bn and reached US$66.5 bn by 2013. Further, the market is expected to reach a value of US$81.8 bn by the end of 2020, exhibiting a 3% CAGR between 2014 and 2020.
The increasing awareness regarding health and fitness, rising participation in sports activities, and introduction of e-commerce are some of the major factors that are expected to boost the demand for sports equipment in the coming years. Nevertheless, the increasing costs of sports equipment and increasing availability of counterfeit products are the factors hampering the growth of this market to a certain extent.
Based on product, the global sports equipment market can be classified into winter sports, adventure sports, ball sports, golf equipment, fitness equipment, and other sports equipment. Among these products, the ball sports equipment segment is considered one of the most lucrative segments and is expected to hold a 26.6% share in the global sports equipment market by the end of 2020. In 2014, the ball sports equipment segment was worth US$17.6 bn and is estimated to reach a value of US$21.7 bn by the end of 2020, exhibiting a 3.60% CAGR between 2014 and 2020.
Asia Pacific Sports Equipment Market to Grow Rapidly due to Growing Participation in Sports
Based on geography, the global sports equipment market can be divided into Europe, North America, Asia pacific, and Rest of the World. Presently, the North America sports equipment market holds the largest share in the global sports equipment market, followed by Europe and Asia Pacific. The developed economies in Europe and the U.S. dominate the overall sports equipment market. In North America, Canada and the U.S. are the biggest markets for sports equipment. As per records presented by the United Nations World Tourism Organization, in 2010, Latin America, Europe, and North America collectively held a 70% share in the global adventure sports segment.
On the other hand, the developing countries of Asia Pacific are projected to exhibit a substantial growth rate in the global sports equipment market in the next few years thanks to the increasing participation in several sports. India, China, Japan, and Australia are some of the countries that have witnessed significant growth in recent years and are expected to grow at a fast pace, resulting in high demand for sports equipment in the coming years.
The global sports equipment market is a highly competitive market and comprises a large number of players. This market is a lucrative market; thus, many new players are expected to participate in the global sports equipment market and create a strong brand profile in the coming years. The major players operating in the global sports equipment market are YONEX Co., Ltd., PUMA SE, Callaway Golf Company, Adidas AG, Amer Sports, GLOBERIDE, Inc., Cabela’s Incorporated, Nike Inc., Jarden Corporation, and MIZUNO Corporation, to name a few.
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