Sports equipment market report by Persistence Market Research provides a detailed assessment and projects market valuation and other crucial metrics to gain knowledgeable insights. By 2031, this analysis predicts the market to expand 2.5X the speed as compared to the past 5 years.
The sports equipment industry is predicted to almost double in valuation by the end of 2031 from US$ 84 Bn in 2021. Japan is expected to be valued at US$ 5 Bn while Germany is expected to amount for 7.6% of the global market share.
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- Amer Sports.
- Adidas AG.
- Callaway Golf Company.
- PUMA SE.
- Cabela’s Incorporated.
- GLOBERIDE, Inc.
- MIZUNO Corporation.
- Nike Inc.
- Jarden Corporation.
- YONEX Co., Ltd.
Key Points Covered in Sports Equipment Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on sports equipment and how to navigate
- Recommendation on key winning strategies
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New Launches and Developments in Sports Equipment Space
Increasing awareness regarding fitness has led to substantial rise in the buzz for sports. Popularity of a healthy lifestyle has given further impetus to the sports industry, as it has gained a reputation of being good for health and fun as well.
- Japanese sports equipment manufacturer ASICS recently launched a new collection of environment-friendly sustainable footwear and apparel. Growing trend of sustainability has now entered the sports equipment industry too, and this move by ASICS is a step further in this race to gain momentum and leave behind the competition. New products are being manufactured with recycled products.
- JD Sports Group recently acquired Deporvillage, an online-only retailer of outdoor sporting equipment. Deporvillage, based in Spain, also specializes in running and cycling equipment. The firm operates through various country-specific websites in Italy, Germany, Portugal, France, and the United Kingdom. JD Group will acquire 80% of the company and 20% will be retained by Deporvillage founders Xavier Pladellorens and Ángel Corcuera.
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The global sports equipment market has been witnessing considerable growth over the last few years. Increasing the participation in sports activities, growing consumer awareness about health and fitness, and emergence of e-commerce are some of the key drivers impelling growth of the sports equipment market. However, increasing availability of counterfeit products and rising prices of sports equipment are restraining the growth of this market to some extent.
The global sports equipment market consists of equipment for ball sports, adventure sports, fitness, golf, winter sports, and other sports equipment, including archery, billiards, bowling, wheel sports, pogo sticks, and indoor games. Among the various sports equipment segments, ball sports hold the largest market share.
Increasing media coverage of various global sports events such as the Olympic Games, Commonwealth Games, and FIFA World Cup encourages the youth to take part in sports. The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends.
Moreover, product improvement through R&D activities and an emergence of e-commerce is likely to fuel growth of the sports equipment market in the near future.
In terms of revenue, the global market for sports equipment is anticipated to grow from US$ 84 Bn in 2021 to US$ 168 Bn by the end of 2031.
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North America is the major market for sports equipment, followed by Europe and Asia Pacific. In North America, the U.S. and Canada dominate the sports equipment market. Asia Pacific is expected to be the fastest growing market for sports equipment during the forecast period.
The sports equipment market is segmented on the basis of product (ball sports, adventure sports, fitness equipment, golf equipment, winter sports, and other sports equipment) and region (North America, Europe, Asia-Pacific, and Rest of the World). The ball sports equipment segment is expected to be the market’s most lucrative during the forecast period.
FAQs Answered in Market Study
- What is the estimation for the value of the sports equipment market in 2021?
The global sports equipment market is worth US$ 84 Bn in 2021.
- What is the sports equipment market outlook for this decade?
The global sports equipment industry outlook looks bright, as the market is expected to expand at a CAGR of over 7% to attain a valuation of US$ 168 Bn.
- What was the rate of expansion for the past 5 years?
The sports equipment market exhibited a sluggish CAGR of 2.9% over the past 5 years.
- What is the market share held by the top 3manufacturers of sports equipment?
Nike Inc. holds 1.8%, Puma Inc. holds 1.4%, and Under Armour holds 1.3% of the global market share.
- What is driving demand for sports equipment across the world?
This sports equipment industry research suggests that increasing awareness in sports and fitness, educational system supporting the growth of sport activities, and rise in expenditure on sports training are the aspects influencing demand.
- Which countries are at the forefront for sports equipment demand?
The U.S., Germany, France, U.K., and Italy are leading the demand for sports equipment.
- What is the market share of Germany?
Germany holds 7.6% of the global market share.
- What is the sports equipment market worth in Japan and South Korea?
The market in Japan is valued at US$ 5 Bn and the South Korean market is worth US$ 3.4 Bn for sports equipment.
- Who are the key exporters of sports equipment?
Logfret Inc., International Shipping Lines Inc, Mizuno Singapore Pte Ltd., and Koon Wah International Ltd are leading exporters of sports equipment.
- Who are the key producing nations of sports equipment?
Key producers of sports equipment are the U.K., China, Japan, and Germany.
- What trend is being witnessed in the sports equipment space?
Combination of casual and athletic designs for development of sports equipment is a major trend that could provide a significant push to market growth.
- What is outlook for the North American region?
Increasing consumer spending on sports goods coupled with growing health awareness and rising obesity is majorly driving the North American market for sports equipment.