Global Sports Equipment Market to Grow at a CAGR of 6.7%

Introduction

Sports equipment has evolved over the years due to the rising emphasis on preventing sports injuries. Improving living standards, expanding urbanization, and increasing purchasing power stimulates the sports equipment sector. Increasing occurrences of lifestyle-related health concerns, such as stress and obesity, inspire more people to engage in outdoor and fitness activities, increasing the need for various fitness and sports equipment. The increasing availability of well-known sporting equipment brands contributes to product demand. The industry of sports equipment is rapidly adopting new technology and adjusting its products to stay up with rapidly shifting worldwide trends.

Market Dynamics

Technological Advancements Drive the Market Growth

The most recent sensor technology has advanced to the point where it can be utilized in tennis racquets, golf clubs, fishing rods, and swimming goggles. The equipment's sensors are capable of monitoring motion and capturing extensive biometric data that may be evaluated to determine difficulties coming from a sportsperson's swing, cast, or stroke. Enhancements in the materials utilized to produce sports equipment contribute to enhanced product performance. As sensor technologies progress, there is a growing demand for equipment that can provide pertinent insights into performance. Consequently, manufacturers have undertaken several R&D initiatives to enhance the quality of sporting equipment.

Smart Sports Equipment Create Opportunities

Smart sports equipment has gained traction in recent years. It facilitates the monitoring of athlete performance during practice sessions, which is essential for athletes to reach their peak performance goals more quickly. Sensor-equipped sports equipment enables the tracking of participants throughout numerous athletic activities. This increased demand has compelled market participants to invest in the development of sophisticated smart sports equipment.

Regional Analysis

North America held the biggest share of the sports equipment market. The United States dominates the regional sports equipment industry as a result of a growing emphasis on sports, rising spending power, and technical improvements. The growing popularity of sports such as football, basketball, etc., has pushed the regional administration to create arenas and provide its citizens with more sporting options. This is expected to create a favorable outlook for market growth throughout the forecast period. People have become more worried about their health and fitness as a result of the increased prevalence of obesity and the numerous health problems resulting from a sedentary lifestyle. In an effort to maintain a healthy and active lifestyle, outdoor activities have increased, which will encourage the sporting goods industry in the region.

Asia-Pacific is the fastest-growing market for sports equipment. In terms of cricket equipment, India has made the largest contribution. Meanwhile, football equipment held the second-largest market share in the region's entire sports equipment industry. In recent years, India has made significant advancements in outdoor equipment due to the growing popularity of games and, consequently, the expansion of leagues devoted to them. Moreover, increased disposable income and consumer spending in emerging nations such as India, China, and the Middle East are expected to drive demand for sporting goods. These countries have also hosted several sporting events. They have created infrastructure to encourage more people to participate in a range of gaming activities, thereby contributing to the growth of the industry.

Europe is anticipated to witness substantial growth over the forecast period. Major factors are influencing Europe's demand for sporting goods, including an increase in the prevalence of obesity, a rise in health and fitness consciousness, a rise in the consumption of processed foods, an increase in disposable income, and an increase in the popularity of sports activities among the general population. In recent years, the globalization of numerous athletic events has led to a rise in the popularity of various sports, which has significantly increased the demand for sporting goods equipment in Europe. The region has witnessed a huge increase in NBA popularity, resulting in an increase in the sport's fan base. Similarly, the fan base for other sports has expanded, which is expected to drive the European athletic equipment market over the projection period.

The market for sporting equipment in the LAMEA region is anticipated to grow over the forecast period due to a rise in recreational sporting among youth and an ever-increasing interest in sports. Latin America's largest sports market exists in Mexico. Football is the most popular sport in the country. Also expanding are the golf, racket sports, and fitness equipment markets. Although these sports are still associated with the upper class, broad television coverage has increased their popularity and made them more accessible. Moreover, the demand for exercise equipment is growing.

Key Highlights

• The global sports equipment market was valued at USD 341 billion in 2022. It is projected to reach USD 611.27 billion by 2031, growing with a CAGR of 6.7% during the forecast period (2023–2031).
• By sport type, the market is segmented into ball sports, adventure sports, fitness/strength, and athletic training. The ball sports segment holds the largest market share.
• By distribution channel, the sports equipment market is segmented into store-based retail and online retail. The store-based retail segment is further segregated into specialty and sports stores and department and discount stores.
• North America holds the largest share of the sports equipment market.

Competitive Players

1. Puma SE
2. Mizuno Corporation
3. Amer Sports
4. Nike, Inc.
5. Callaway Golf Co.
6. YONEX Co. Ltd.
7. Adidas AG

Recent Developments

Recent Developments

• May 2022- The sportswear brand PUMA has launched its first store in the Republic of Maldives, a famous tourist destination that has seen a threefold increase in incoming visitors over the past two years.Maldives is now the twentieth market to join PUMA India's syndicate, which also includes Singapore, Indonesia, Malaysia, Thailand, Vietnam, and the Philippines.
• September 2021- The premier sportswear manufacturer Adidas has opened its first Flagship shop in India. The Connaught Place location of 'The Home of Possibilities' shop is a blend of many digital touchpoints, a sustainability zone, and the future of the consumer retail experience.

Segmentation

1. By Sports Type
   1. Ball Sports
   2. Adventure Sports
   3. Fitness/Strength
   4. Ball over net games
   5. Athletic Training
2. By Distribution Channel
   1. Store-based Retail
   2. Online Retail
   3. Department & discount stores
3. By End-User
   1. Commercial
   2. Household