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Sports Equipments Market Segmented By Sporting Goods, Air Sports Equipment, Indian Sports and Fitness Goods, Smart Sports Equipment
According to Persistence Market Research, the sports equipment market generated a revenue of US$ 89,292.0 Mn in 2022. The demand for sports equipment will accelerate, with the top market players holding a prominent share of the sports equipment market in 2022. The global market for sports equipment is expected to reach US$ 178,508.2 Mn by 2033, growing at a ~6.5% CAGR from 2023 to 2033.
Global Sports Equipment Market Size (2022A)
US$ 89,292.0 Mn
Global Sports Equipment Market Size (2023E)
US$ 95,096.0 Mn
Projected Sports Equipment Market Value (2033F)
US$ 178,508.2 Mn
Value CAGR (2023-2033)
Collective Value Share: Top 3 Countries (2022)
The market for sports equipment is expanding on a global scale because of ongoing innovations and quick technological progress to keep up with shifting consumer tastes. The demand for such equipment is being further boosted by rising awareness of the advantages of living a healthy lifestyle and the value of participating in sports and fitness activities.
The Covid-19 pandemic has had a negative impact on a number of industries, including the sports and fitness sector. There had been numerous postponements or format changes for competitions and sporting events, including the Olympics. As a result, market participants attempted to determine how disruptions to financial flows, uncertainties, and anticipated losses in long-term turnout.
Many more unique growth factors have been analyzed in detail, while a comprehensive assessment of some of the key challenges for sports equipment have also been discussed in the report by Persistence Market Research.
The report also has a detailed regional analysis, which points toward Europe holding a majority share in this moderately competitive sports equipment market space. A detailed COVID-19 impact has also been included in the report, so as to aid readers in taking well-informed business decisions for the present and future.
Between 2017 and 2022, demand for sports equipment recorded a 2.9% rise. The prevalence of lifestyle-related health problems like stress and obesity is encouraging more individuals to participate in outdoor and fitness activities, which is increasing demand for various types of sports and fitness equipment.
Sports engagement by women is a significant aspect that will probably boost market expansion. The market however is facing challenges, reason being increase in preference for indoor activates such as playing video games and rise in use of smartphones among the youth due to increase in internet penetration adversely affects the mark growth.
Rapidly growing availability of various sports equipment in online sales channel along with rise in e-commerce and m-commerce activities is driving the sports equipment market. According to Census Bureau of the Department of Commerce, the retail e-commerce sales in witnessed an increase of 10.8% in the third quarter of 2022 from the third quarter of 2021.
Furthermore, online channel is a platform where all the brands house their products with segregation easily available for customers to choose the optimum product. Online portals also allow comparison among the specifications customized by the customers. Besides, customer reviews are available for the potential consumers to understand the product feedback.
Technologies are being used in a variety of ways to give sports players and coaches more information about player performance and techniques. Promotional strategies, such as non-personal communication through the media, and sales promotions, such as coupons, discounts, stamp redemption, free samples, and memberships for encouraging customers, are some of the powerful tools that are significantly boosting the market.
Interactive marketing as well as promotion through sponsors and events also contributes to the popularity of the game and equipment related to the game. Such promotional activities are expected to draw attention, spark interest, drive desire, and trigger the participation of people in the game.
Various standards are imposed on the design of various sports equipment, for instance in the tennis equipment market standards are imposed on the size of the grip, string area, length of the racquet or frame, mass of the racquet or frame, as well as the moment of inertia.
The racquet must not be longer than 29 inches (73.66 cms), which includes the handle, and 12.5 inches (31.75 cms) in width. The hitting surface should not be more than 15.5 inches long (39.37 cms) or 11.5 inches wide (29.21 cms). Such standards become a challenge for manufacturers, therefore, hindering the market growth of sports equipment industry.
Why Sales in the U.S. Market are increasing?
The U.S. is expected to register a market value share of ~25.0% in global market. According to a report published by Physical Activity Council, an increasing number of children in the U.S. aged 6 years and above are participating in various physical activities. According to this report, participation in fitness and outdoor activities has increased the most, with an average of 1.9% growth from 2015 to 2021.
The increasing participation in physical activities suggests that people are adding calorie-burning exercises into their daily routines, and this is expected to drive the growth of the global market. People who are insufficiently physically active have a 20% to 30% increased risk of all-cause mortality as compared to those who engage in at least 150 minutes of moderate intensity physical activity or equivalent per week, are some of the factors which are driving the market.
How is the U.K. Market Proliferating?
The U.K. is expected to grow at a CAGR of 4.6% during 2023 to 2033. Initiatives undertaken by government organizations for spreading awareness about the health benefits of various physical activities also assists in the growth of the market. Researchers have proven the long-term health effects of certain sport disciplines.
For instance, a significant reduction has been found in all-cause mortality following participation in cycling, swimming, racquet sports, and aerobics. In the country like U.K. people are realizing the importance of various sports and physical activities to keep themselves healthy. Moreover, people are preferring tennis as a sport or as a recreational activity, which helps in improving health.
How is India Sports Equipment Market Faring in Current Scenario?
India is expected to grow at a CAGR of 10.2% during 2023 to 2033. Several sports federations and private organizations are contributing to the development of league-based tournaments. The money raised for sponsoring games also contributes to the growth of the sports industry.
Increasing viewership in rural areas and the rising number of sport start-ups is also boosting investments on sports infrastructure, education & training, as well as sports equipment. In addition, increase in female viewership and their participation in sports activities is gaining traction.
Which Product Type is dominating the Market for Sports Equipment?
The balls segment dominated the market for sports equipment and accounted for the largest revenue share of 24.9% in 2022. Since ball games are popularly watched all over the world, the revenue generated from this segment is notably higher than rest of the segments. The segment is expected to witness a CAGR of over 6.8% over the forecast period.
Burgeoning global popularity of events such as cricket, football, basketball, and soccer is projected to be one of the key factors contributing to the growth of the segment.
How are Women Vital in Driving Demand?
Increase in the number of women participating in sports activities is expected to contribute to the growth of the global sports industry. According to the World Bank, the female population across the world witnessed a surge from 3.8 Bn in 2020 to 3.90 Bn in 2022. The number of women engaged in sports and other physical activities owing to awareness about the health benefits of the same is expected to contribute to the growth of the global tennis equipment market.
Moreover, increase in the number of female participants in national and international tournaments as well as increasing number of female viewers of sports tournaments are also among factors that are expected to drive the growth of the sports equipment.
How is Sales Channel Vital in Driving Demand?
Efficient distribution channel and marketing strategies hold the capability of catalyzing the fortunes of any product segment or even market. It is thus crucial that Sports equipment are positioned within the appropriate distribution channel. While some companies have benefitted from partnering with companies where targeted distribution already exists, it is imperative to take into consideration the sophistication of the product and club it accordingly with a supportive market.
In fact, before launching the product, partnership within that particular sales channel or even professional consultation might be profitable. Specific products might not be a mutual fit or may require additional development, marketing, or promotional investment to stimulate brand loyalty.
As a result, the consumer-purchasing pattern has changed due to which the online retailers are focusing on providing innovative sports equipment at discounted prices. Online retailers segment is expected to grow at a CAGR of 12.3%.
On a global level, the market for sports equipment is moderately competitive, with many producers competing for market supremacy. Sports equipment have experienced a number of expansion strategies used by business rivals during the past few years, including acquisitions, mergers, and partnerships.
Manufacturers are also using sustainability as a strategy to expand their market share. As more consumers choose businesses with a green label and charitable undertakings, marketing strategies and brand habits are anticipated to change in favor of eco-friendly goods, boosting product sales.
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The global sports equipment market is valued at US$ 89,292.0 Mn as of 2022.
Sports equipment market is projected to increase at 6.5% CAGR and is expected to be valued at around US$ 178,508.2 Mn by 2033 end.
Amer Sports, Adidas AG., Callaway Golf Company., PUMA SE., Cabela’s Incorporated., GLOBERIDE, Inc., and Nike Inc. among others
Germany, China, U.S., India, and Japan are driving most of the demand for sports equipment.
China, U.S., Germany, and India are major producers and exporters of sports equipment.
Consumer demand for goods has recently been driven mostly by product innovation; as a result, firms are investing in R&D, expanding their growth potential. Online shopping is increasing the demand for new product variations, which is driving businesses to invest in technology advancements for the category.