The global sports equipment market size hit a substantial valuation in 2023. The market is poised to grow at a remarkable CAGR over the forecast period.
The various types of equipment used in the sports industry comprise racquets, gears, skates, helmets, balls, and shoes, among others. The soaring awareness regarding a healthy lifestyle and the benefits of sports is expected to drive the industry expansion.
Fortune Business Insights™ provides this information in its research report, titled “Sports Equipment Market, 2024-2032”.
COVID-19 Impact:
Cancellation of Sports Tournaments Significantly Affected Market Growth
The COVID-19 pandemic significantly impacted the industry expansion considering the imposition of lockdown restrictions and the resultant shutdown of sports academies. The period also recorded the cancellation of numerous sports tournaments. However, the increased focus on physical fitness boosted product adoption through the online channel of distribution across various regions.
Information Source: https://www.fortunebusinessinsights.com/sports-equipment-market-107963
Top Company in the Sports Equipment Market:
- Adidas AG (Germany)
- Nike, Inc. (U.S.)
- Puma SE (Germany)
- Under Armour (U.S.)
- Sports Direct International PLC (U.K.)
- Amer Sports (Finland)
- Callaway Golf Co. (U.S.)
- Mizuno Corporation (Japan)
- Yonex Co., Ltd (Japan)
- NEW BALANCE (U.S.)
Segmentation:
Balls Segment to Register Leading Share Due to Surging Popularity of Sports with Ball as the Main Equipment
Based on type, the market for sports equipment is fragmented into protective gears, nets & goals, bats & clubs, balls, and others. The balls segment is poised to hold a dominating share in the market. This can be attributed to the growing popularity of sports (volleyball, basketball, and football) involving ball as the major equipment.
Online Segment to Depict the Fastest CAGR Owing to Increase in Online Shopping
By distribution channel, the market for sports equipment is segregated into offline and online. The online segment is poised to exhibit the fastest CAGR over the forecast period. The surging trend of online shopping and extensive product availability on e-commerce platforms is expected to favor the segment growth.
On the basis of geography, the market for sports equipment has been analyzed across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report presents an analysis of the market on the basis of numerous segments: type, distribution channel, and geography. It further gives an overview of the major steps undertaken by leading companies to strengthen their industry positions. An overview of the key factors slated to boost the global business scenario over the forthcoming years has also been provided in the report.
Drivers and Restraints:
Rising Number of Sports Injuries to Propel Product Demand
The sports equipment market growth can be attributed to the surging number of sports injuries and rising popularity of various sports among youth. The launch of numerous tournaments and sports events across the globe is further boosting the product demand.
Nevertheless, the industry expansion could be impacted owing to the increasing consumer inclination toward VR (virtual reality) gaming.
Regional Insights:
North America Held Key Share in 2022 due to Rising Popularity of Soccer, Baseball, and other Sports
North America sports equipment market share registered a dominating position in the global market in 2022. The regional expansion is favored by the surging popularity of basketball, baseball, soccer, and other sports.
The Asia Pacific market is anticipated to expand at a significant rate over the study period. The product demand in the region is rising due to the escalating significance of fitness activities.
Competitive Landscape:
Industry Players Introduce New Products to Secure an Edge over Competitors
Pivotal industry players are centered on the introduction of a range of sports equipment for gaining an edge over their competitors. The new products are being launched for strengthening their market share. Other initiatives adopted by key players comprise collaborations.
Key Industry Development:
April 2023 – Wilson Sporting Goods Co., launched the Gen Green range of products. It includes soccer balls, footballs, volleyballs, and basketballs produced with the help of sustainable materials.