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The smart sports equipment market size is estimated to grow at a CAGR of 22.12% between 2022 and 2027. The market size is forecast to increase by USD 19,159.7 million. The growth of the market depends on several factors, including the increased emphasis on IoT, the increased demand for wearable devices and fitness trackers, and the growing demand for sports analytics.
This smart sports equipment market report extensively covers market segmentation by distribution channel (offline and online), product (ball sports, fitness sports, and other sports), and geography (North America, APAC, Europe, 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.
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The increased emphasis on IoT is notably driving the market growth, although factors such as the premium pricing of smart sports equipment may impede the market growth. 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 growth in the smart sports equipment market is the increased emphasis on the Internet of Things. Smart sports equipment plays a pivotal role in collecting various strands of data, such as player performance, player health level, and various other vital information using various equipment such as smartwatches, fitness trackers, as well as connected football and connected basketballs. This further is complemented by the advent of other smart devices, such as smart helmets. Smart helmets play a pivotal role in injury management due to the presence of impact sensors that notify team coaches, medical teams, and team managers about the possibility of a head injury.
As a result, smart helmets are increasingly being developed and deployed by amateur and pro teams seeking to determine when an athlete is exposed to a potential brain injury. IoT technology is also being increasingly used to manage and maintain training equipment. Therefore, this increased use of IoT in the market is further expected to drive the growth of the global smart sports equipment market.
Increased demand for neurostimulation is the primary trend in the global smart sports equipment market growth. Neurostimulation techniques use electrical or magnetic stimulation to increase nerve activity in the body and have been shown to be beneficial in sports training and performance. One of the main benefits of neurostimulation technology is that it helps improve strength and endurance. This is especially important for athletes looking to push their physical limits. By stimulating the nerves that control muscle movement, neurostimulation can help athletes train harder and recover faster, resulting in improved performance.
Another benefit of neurostimulation technology is that it can help to reduce pain and fatigue during exercise. By stimulating the nerves that control pain and fatigue, neurostimulation can help athletes push through their limits and perform at their best. In addition to these benefits, there has also been growing interest in the use of neurostimulation technology for cognitive training in sports. Hence, owing to various technological innovations in the global smart sports equipment, neurostimulation is gaining prominence, which, in turn, will drive the growth of the market in focus in the forecast period.
The premium pricing of smart sports equipment will be a major challenge for the smart sports equipment market during the forecast period. Although smart sports accessories such as fitness trackers, smartwatches are affordable, with the product cost ranging from USD 15 to USD 30, smart sports equipment such as smart baseball bats and golf sticks and connected basketballs and footballs fall in the premium-priced segment and cannot be afforded by many individual coaches and small sports teams and are purchased by sports clubs with adequate funding to back up their investments.
Moreover, this challenge is more prominent in developing economies wherein individual athletes, sports teams, and team managers do not have adequate financial resources to purchase and use smart sports equipment. Hence, vendors operating in emerging markets try to increase the adoption of their products by offering discounts and various offers. Hence, with the rise in the price of smart sports equipment will act as a barrier to the growth of the market in focus in the forecast period.
The report includes the adoption lifecycle of the market, 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 growth strategies.
Global Smart Sports Equipment Market Customer Landscape
Vendors 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 smart sports equipment such as miCoach smart ball.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. Based on offline distribution, the global smart sports equipment market can be segmented into various categories, including Sports goods stores, Department stores, Specialty stores, Supermarkets/hypermarkets, and Fitness centers/gymnasiums.
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The offline segment was valued at USD 3,871.54 million in 2017 and continue to grow by 2021. Offline distribution channels not only offer customers the opportunity to try products before they buy, but also provide a physical location for customer service and support, driving growth in the segment, thus driving the growth of the global smart sports market. It plays an important role in the goods market. of the global smart sporting goods market during the forecast period.
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North America is estimated to contribute 35% 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. The US and Canada are the largest consumers of smart sporting goods in the region. Various sports organizations, federations and sports clubs highlight the use of IoT technology and connected devices such as smart basketballs, smart soccer balls and smart golfers. Increasing demand for digitized sports devices, such as Wilson X-connected football and various sports analytics platforms from the US sports industry, is a key driver of the market.
In 2020, the sales of and demand for smart sports equipment witnessed a decline in the region owing to the rapid spread of COVID-19. However, in 2021, the ramping up of COVID-19 vaccination drives and the subsequent decline in the number of COVID-119 cases led to the reopening of gyms and health clubs, and therefore, the regional smart sports equipment market is expected to witness steady growth during the forecast period.
The smart sports equipment 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.
Technavio categorizes the global smart sports equipment market as a part of the global leisure products market within the global household durables market. The parent, global leisure products market covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Smart Sports Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.12% |
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Market growth 2023-2027 |
USD 19,159.7 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
21.69 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adidas AG, ANTA Sports Products Ltd., BRG Sports Inc., Callaway Golf Co., DribbleUp Inc., EGYM Inc., HYGEAR Inc., InfomotionSports, JingleTek Co. Ltd., Kinexon GmbH, Mizuno Corp, Nike Inc., PUMA SE, Spektacom Technologies Pvt Ltd, Stag International, STATSports Group Ltd., Under Armour Inc., WHOOP Inc., Zepp Health Corp., and Sports Tech Solutions Pte. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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