Sports equipment is a general term for all kinds of equipment and supplies used in sports competitions and fitness exercises. Sports equipment and sports are interdependent and mutually reinforcing. There is various sports equipment, such as balls, discs, goals, nets, sticks, bats, clubs, rods, wickets, and racquets. The nature of sports equipment can be divided into four categories: designated equipment, self-provided equipment, venue equipment, and other equipment. Sporting equipment can be used as protective gear or as a tool used to help the athletes play the sport.
The global sports equipment market likely to grow at a CAGR of over 7.5% during the forecast period, 2020-2027. The growth of the market is driven by increasing awareness regarding general health and fitness. Further, the increasing commercialization of several sports followed by the swelling inclination toward sporting activities to stay fit and relieve stress is estimated to people’s growth. Additionally, the surge in the adoption of sports and other recreational activities by people for stress management is projected to fuel the growth of the sports equipment market size in future periods. The rise in expenditure on sports training and development among children owing to the upsurge in consciousness related to the benefits of engaging in sports activities such as increased concentration and problem-solving ability is strengthening the market growth.
Moreover, the swelling participation in sports activities, mounting consumer awareness about health and fitness, and the emergence of e-commerce will spur the global sports equipment in the analysis periods. Furthermore, the growing popularity of specific sports and tournaments, leagues, and championships are expected to witness remarkable growth. With advancements in sensor technologies, consumers are gradually demanding equipment that can provide them with relevant insights into performance. These factors are anticipated to foster the demand for sports equipment across the globe in the coming years. The growing urbanization, improving the standard of living, and increasing disposable income has spurred the robust growth of the sports equipment market share in the future periods. Additionally, the surge in state, national, and international level competition conducted by various governments across the globe are expected to propel the growth of the sports equipment market.
With the advancement of urbanization process across the globe, the continuous growth of residents’ income levels, and the constant improvement of residents’ fitness awareness will provide sufficient consumption momentum for the future growth of the global sports equipment market. Under the guidance and support of government initiatives, the consumer market for sports equipment is expected to expand further, benefiting from rising income levels and continuous cultivation of a fitness atmosphere.
Participation in sport is helpful in health-enhancing levels of leisure-time physical activity. Increasing participation in sports activity promotes health, and prevents the onset of disease, improves individuals’ self-confidence and the number of social connections, and improve the wellbeing of local workforces and their productivity through less absenteeism. It reduces local traffic congestion, especially when walking or cycling, replaces car trips, and generate economic benefits for businesses in sport.
Recently, the outbreak of COVID-19 has vigorously affected the economy of the world. The all accessories industry related to sports is disrupted by the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. However, the sports equipment industry is expected to recover over the forecast timeframe, given the growing popularity of online/e-commerce sales.
Based on the sports type, the global sports equipment market classified into racing sports, ball sports, water sports, fitness, running, and others. The fitness segment is expected to be the highest revenue share for sports equipment during the forecast period. The key factors are growing awareness about health and wellbeing among consumers and the surge in obesity rates, mainly in urban populations.
The racing sports will witness steady growth during the forecast period due to the rise in consumer awareness about the prevention related to cardiovascular illnesses, gallbladder diseases, breathing issues, etc.
Based on the product, the global sports equipment market segregated into ball over net games, ball games, fitness/strength equipment, athletic training equipment, protective equipment, footwear, and others. The ball games segment held a higher market share in 2019 and expected to dominate the global sports equipment market by 2027. It is due to the global popularity of sporting events such as cricket, basketball, and football and popularly watched all over the world.
The fitness/strength equipment will grow at a momentous CAGR in the forecast period on account of the growing health concerns coupled with increasing disposable incomes of consumers.
Based on the distribution channel, the global sports equipment market segmented into online retail, specialty & sports shops and department & discount stores. The specialty & sports shops segment anticipated significant growth over the analysis timeframe. These stores have a distinct portfolio of products with the availability of required support and information to consumers.
Online retail is poised to record the fastest growth during the forecast period owing to swelling usage of mobile phones and other electronics by people to browse for and shop online.
Based on geography, the global sports equipment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America dominated the sports equipment market in 2019. It is due to the growing health awareness among people, the rising problem of obesity, and the swelling of consumer spending on sports goods.
The Asia Pacific will capture a prominent share of the sports equipment market by 2027. Due to the increasing disposable income, consumer spending in the region, and the rise in sales of ball and fitness equipment.
Companies such as Callaway Golf Co., Amer Sports, Puma SE. Adidas AG, Nike, Inc., Mizuno Corporation, YONEX Co. Ltd., Sumitomo Rubber Industries Limited, Sports Direct International PLC, Under Armour, Decathlon SA, Gap Inc., VF Corporation and New Balance Inc. are the key players in the global sports equipment market.
The objective of the Research
By Sports Type
By Distribution Channel