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The sports equipment market size is forecast to increase by USD 60.3 billion at a CAGR of 6.43% between 2022 and 2027. The rising health and fitness awareness among individuals is leading to increased participation in sports and fitness activities, driving demand for sports equipment, apparel, and related products. The rising popularity of sports among women is expanding the market for women's sports products and creating new opportunities for sports brands and retailers. Increasing participation in sports activities, driven by factors such as the promotion of sports at schools and workplaces, is also contributing to market growth by increasing the demand for sports facilities, equipment, and services.
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This market report extensively covers market segmentation by product (ball games, fitness/strength equipment, ball over net games, athletics training equipment, and others), distribution Channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The ball games segment is estimated to witness significant growth during the forecast period. The market comprises various ball games that fuel the growth of the market. These ball games include different sports that are enjoyed by people of all ages as well as skill levels. The ball games segment includes a wide variety that involves the use of a ball as the central element.
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The ball games segment was the largest segment and was valued at USD 48.68 billion in 2017. Some of the main games that are included in the ball game segment of the market include football, basketball, baseball, volleyball, tennis, and many others. There is an increasing demand for the ball game segment among consumers due to its high popularity and widespread participation across the world. One of the most popular ball games is football, as it is nearly played in every country and has a massive following. The increasing participation in football is because it needs minimal equipment, primarily a ball, making it accessible to a vast population. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the market in APAC is the increasing popularity of a wide range of games in countries such as China, Japan, India, and South Korea.
Additionally, the rise in tourism is positively impacting the market growth in the region. There is increasing investment in developing world-class games infrastructure and hosting international sporting events by several countries such as e China, Japan, and Australia. The main advantage of hosting these world-class events in these regions is that it not only attracts athletes and spectators from around the world but also generates a heightened interest among the local population. Furthermore, several domestic manufacturers capitalized on this trend and started manufacturing high-quality and affordable equipment. Hence, such factors are expected to drive market growth in the region during the forecast period.
The market is driven by a growing emphasis on a healthy lifestyle and an increase in sports and fitness activities worldwide. Events like the Olympics and other national and international events have further boosted the market. Lifestyle-related health issues have also contributed to the demand. The market includes a wide range of products, from equipment for kids to professional athletes. Promotion through TV commercials, print media, and social media platforms, along with partnerships with athletes and influencers, plays a significant role in driving sales. The market encompasses cricket, basketball, and football, with a focus on safety through the use of protective gear like helmets, armguards, and knee guards. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the rising health and fitness awareness among individuals. The market is experiencing significant growth due to the increasing emphasis on well-being and the availability of a wide range of equipment tailored to various fitness objectives. There is a growing recognition of the importance of healthy lifestyle and personal well-being in today's fast-paced, stressful world, driven in part by increased engagement in such activities and influence from social media influencers.
Regular exercise offers numerous benefits, including improved cardiovascular health, weight management, stress reduction, and enhanced mood. As a result, individuals are actively seeking ways to integrate exercise into their daily lives, leading to a rise in demand for fitness and sports equipment. This trend is fueled by a growing focus on well-being and the availability of a wide range of equipment to cater to different fitness goals. Additionally, the market is influenced by factors such as lifestyle-related health problems, the fitness and strength equipment segment, athletes' needs for protective gear, and the overall standard of living. These factors are positively influencing the market and are expected to drive its growth in the forecast period.
A key factor shaping the market growth is the rising demand for neurostimulation. There is an increasing demand for neurostimulation devices in the market. Neurostimulation comprises the use of electrical stimulation to activate specific nerves in the body, leading to improved muscle strength, enhanced coordination, and faster recovery.
Moreover, there is an increasing use of neurostimulation by athletes to enhance their reaction time and increase the power of their shots. Additionally, there is an increasing focus on injury prevention and recovery which fuels the demand for neurostimulation as it helps in accelerating the healing process and minimizes pain. Hence, such factors are expected to drive market development during the forecast period.
Unpredictable raw material prices are one of the key challenges hindering the market growth. The price volatility of raw materials can pose a significant threat to the market. The fluctuations in prices of raw materials can lead to disruptions in the manufacturing process of such equipment manufacturers.
For instance, the price for the volatility of rubber can significantly impact the overall production cost of the basketball production company. As a result, it will lead to an increase in the price of basketball which is significantly affecting the competitiveness of the company in the market. Hence, such factors are expected to hinder market development during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adidas AG: The company offers sports equipment such as home workout kits, and football gear.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is influenced by several key factors. Downstream impact from major sporting events can boost sales, while increasing awareness of obesity and related health concerns encourages more people to participate in sports. The rising number of men and women engaging in these events drives demand. Additionally, sedentary work cultures are prompting individuals to invest in fitness gear. As disposable incomes grow, so does the market, attracting enthusiasts. Stakeholders play a vital role in shaping the market landscape, and responding to evolving consumer needs and trends.
The market is witnessing significant growth driven by innovations and technological advancements that cater to evolving consumer preferences in the athletic and fitness industry. Despite challenges such as disrupted cash flows and insecurities, the market benefits from the growing popularity of national and international events and the increasing participation of women in sports. The market is also fueled by the rising demand for these activities, particularly among the urban population. International athletic equipment brands are capitalizing on this trend, expanding their market penetration and brand awareness through endorsements and strategic marketing efforts.
The market is influenced by a variety of factors, including tournaments and game events that drive demand for specialized gear. However, challenges like declines in long-term attendance and engagement pose threats. The market benefits from the rise in outdoor and fitness activities and the increasing women's participation in sports, reflecting a broader trend of more men and women engaging in physical activities. This growth has a positive impact on physical development and living standards. Additionally, the market benefits from low production costs in the manufacturing industry and the widespread use of the Internet for marketing and sales. Sports enthusiasts often follow and emulate their favorite sports personnel, driving the market. Specialty and sports shops play a crucial role in providing access to branded products, supported by dedicated customer service personnel.
Sports Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.43% |
Market growth 2023-2027 |
USD 60.3 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.11 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adidas AG, ANTA Sports Products Ltd., ASICS Corp., Clarus Corp., Cosco India Ltd., DICKS Sporting Goods Inc., Freewill Sports Pvt. Ltd., JD Sports Fashion Plc, Mizuno USA Inc., New Balance Athletics Inc., Nike Inc., PUMA SE, Reebok International Ltd., Sanspareils Greenlands Pvt Ltd., Sareen Sports Industries, Skechers USA Inc., SKIS ROSSIGNOL SAS, Under Armour Inc., Yonex Co. Ltd., and Topgolf Callaway Brands Corp. |
Market dynamics |
Parent market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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