Sports Equipment Market will grow at highest

The sports equipment market comprises a wide range of products including apparel, footwear, and equipment used across various sports such as cricket, tennis, badminton, basketball and others. Sports equipment aids in playing sports efficiently and preventing injuries. Advancements in material science have led to the development of lightweight and durable sportswear and gear. Also, the growing health and fitness trend among youth and working professionals has increased participation in sports, thereby driving the demand for sports equipment.

The Global sports equipment market is estimated to be valued at US$622.08 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the sports equipment are Nike Inc., Adidas AG, Amer Sports, New Balance Athletics, Inc., Daei Sportswear & Equipment, Kering SA, Sports Direct International plc, Black Diamond Equipment, Ltd, ANTA Sports Products Limited, Yonex Co., Ltd, Adidas AG, MIZUNO Corporation, Quiksilver, Inc., Globeride, Inc., Callaway Golf Company, Shenzhen Taishan Sports Technology Co., Ltd, Callaway Golf Co., BPS Direct, LLC, Yonex Co., Ltd, and Under Armour. The rising health awareness and increasing participation in sports and fitness activities have been the major factors driving the global Sports Equipment Market Growth . Additionally, technological advancements such as use of data analytics and incorporation of IoT in sports equipment is increasing market growth.

Market Trends

There is a rising demand for customized and smart sports equipment owing to increasing preference for personalized user experience. Manufacturers are innovating their product offerings and providing equipment integrated with sensors, algorithms and mobile apps for performance tracking, analysis and improvement. Another key trend is the growing demand for eco-friendly sports equipment made from recycled and sustainable materials. Plant-based fabrics, organic cotton and bamboo are gaining popularity.

Market Opportunities

The Asia Pacific region presents lucrative growth opportunities for sports equipment manufacturers. Countries like China, Japan and India witnessing increased disposable incomes and growing health awareness. Also, several international sports events being hosted in Asia will further drive the Equipment sales. Another Sports Equipment Market Challenges And Opportunities lies in developing smart sports cities equipped with outdoor gyms and tracks. This will help promote sports at grassroot level and raise awareness.

Impact of COVID-19 on Sports Equipment Market

The COVID-19 pandemic has significantly impacted the growth of the sports equipment market globally. The lockdowns and social distancing measures imposed during the peak of the pandemic in 2020 and 2021 led to the closure of sporting goods stores, gyms, stadiums and other sports venues. This drastically reduced the demand and sales of various types of sports equipment such as balls, rackets, accessories, protective gear and apparel. Manufacturing facilities also had to temporarily shut down or operate at low capacities due to labor shortages and supply chain disruptions, further affecting production and supply of sports equipment.

However, as restrictions have gradually eased in 2022, the sports equipment market is showing signs of recovery. Due to increased health consciousness amid the pandemic, many people have taken up individual outdoor sports and workouts at home or in open public places to stay fit. This has driven the demand for equipment related to jogging, cycling, hiking, baseball and other non-contact sports. Manufacturers are also innovating their product offerings to focus more on sustainable, portable and digital/connected equipment suitable for at-home use. The market is expected to bounce back to pre-COVID levels by 2024 as team sports resume fully and gyms/fitness centers witness higher footfalls. Proper safety protocols and innovative business models will also be crucial for sustaining long term growth post pandemic.

Geographical Concentration of Sports Equipment Market

In terms of value, North America accounts for the largest share of the global sports equipment market, estimated at around 35% in 2024. This is due to the high participation rates in various sports stemming from school/college level programs and professional leagues in the region. The US specifically has several advanced sporting infrastructure and a sporting goods retail industry worth billions annually.

Asia Pacific is projected to be the fastest growing market during the forecast period from 2024 to 2031, anticipated to expand at a CAGR of over 8%. Improving standards of living, increasing health awareness, rising discretionary incomes, government initiatives to promote grassroots sports and hosting of international sporting events are fueling the growth of sports and equipment sales across countries like China, India and Japan. The regional market will continue witnessing high demand from emerging Asia Pacific nations in the coming years.

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About the Author

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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