Enjoy complimentary customisation on priority with our Enterprise License!
The smart sports equipment market size is forecast to increase by USD 19.16 billion at a compound annual growth rate (CAGR) of 22.12% between 2022 and 2027. 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 market report extensively covers market segmentation by distribution channel (offline and online), product (ball, fitness , 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, market trends and analysis, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Sample PDF
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
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 smart gaming equipment such as miCoach smart ball.
Competitive Landscape: Qualitative and quantitative analysis of market growth and trends 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. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2022 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the market is the increased emphasis on the Internet of Things. Its 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 market.
Increased demand for neurostimulation is the primary trend in the global market growth. Neurostimulation techniques use electrical or magnetic stimulation to increase nerve activity in the body and be beneficial in 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. 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 gaming equipment will be a major challenge for the market during the forecast period. Although these accessories such as fitness trackers, and smartwatches are affordable, with the product cost ranging from USD 15 to USD 30, equipment such as smart baseball bats 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 gaming equipment. Hence, companies operating in emerging markets try to increase the adoption of their products by offering discounts and various offers. Hence, the rise in the price of equipment will act as a barrier to the growth of the market in focus in the forecast period.
Get a detailed analysis of drivers, trends, and challenges Request Free PDF Sample !
By Distribution Channel: The market share growth by the offline segment will be significant during the forecast period. Based on offline distribution, the global market can be segmented into various categories, including goods stores, Department stores, Specialty stores, Supermarkets/hypermarkets, and Fitness centers /gymnasiums. The offline segment was valued at USD 3.87 billion in 2017 and continued 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, and thus driving the growth of the market.
To gain further insights on the market contribution of various segments Request a PDF Sample
By Product : The market is segmented into three sub-categories including Ball, Fitness and Other sports.
The US and Canada are the largest consumers of smart sporting goods in the region. Various game 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 devices, such as Wilson X-connected football and various sports analytics platforms from the US game industry, is a key driver of the market.
North America is estimated to contribute 35% during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Market Analysis
The market is witnessing a dynamic shift driven by the convergence of advanced technologies and changing consumer preferences. With a surge in connected objects and sensor technology, athletic performance is scrutinized through health metrics, especially in ball games like tennis and cricket. Vibration sensors, on-field cameras, and tracking sensors, exemplified by Major League Baseball's StatCast and radar equipment, provide unprecedented insights. As disposable income rises, consumer spending on Wi-Fi compatible features grows. Notable players like Amazon, DICK'S Sporting Goods, and Tennishub capitalize on this trend, leveraging online platforms. The Asia Pacific region, led by innovations such as StanceBeam and their cricket bat sensor Striker further propels the market. Real-time data analytics, exemplified by InfoMotion Sports Technologies and Zepp Labs, redefine shot analysis, setting the stage for a vibrant future in the sports analytics market.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.12% |
Market growth 2023-2027 |
USD 19159.7 million |
Market structure |
Fragmented |
YoY growth (%) |
21.69 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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. |
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 |
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. |
The smart sports equipment market is experiencing a transformative shift, driven by advancements in sensor technology and a growing emphasis on fitness and athletic performance. This trend spans various ball games, including golf sticks, tennis rackets, cricket bats, and even equipment used in Major League Baseball with innovations like StatCast. With increasing disposable income and the penetration of emerging markets, there's a rising demand for smart sports gear, encompassing golf sticks, balls, basketballs, footballs, and soccer balls. Major players such as Wilson Sporting Goods, Dick's Sporting Goods, and Academy Sports stores, along with online giants like Amazon and Apple stores, are capitalizing on this trend. The presence of specialized stores, including franchise stores and specialty outlets, further amplifies the accessibility of these products. The integration of IoT technology, exemplified by products like StanceBeam Striker from InfoMotion Sports Technologies, is reshaping the landscape by providing real-time insights and enhancing the overall sporting experience. The convergence of digital media, online distribution channels, and increasing internet penetration is propelling the smart sports equipment market into a new era of innovation and accessibility.
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
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.