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The sports equipment market size is forecast to increase by USD 59.7 billion at a CAGR of 6.09% between 2023 and 2028. The market is experiencing significant growth, driven by the rising health and fitness awareness among individuals. This trend is leading to an increased demand for advanced sports equipment made from innovative materials, such as carbon fiber and titanium alloys. However, the market faces challenges due to unpredictable raw material prices, which can impact the cost of production and, ultimately, the price of the final product. Despite this, the market is expected to continue its growth trajectory, fueled by the increasing popularity of sports and fitness activities worldwide. The use of technology in sports equipment, including wearable devices and smart equipment, is also a key trend, providing valuable data and insights to athletes and coaches to optimize performance and training.
The sports equipment market is experiencing significant growth due to the increasing awareness of lifestyle-related health issues and the popularity of sports events such as the Olympics and the Cricket World Cup. The ball games segment, including cricket and basketball, dominate the market, with high demand for balls, bats, racquets, and protective equipment. Fitness enthusiasts also contribute to the market's growth, with a strong focus on the strength equipment segment. Specialty sports shops, sports shops segment, and online retail segment are key distribution channels. International and domestic participants in the market offer a wide range of products, including apparel, footwear, gear, tools, and gears.
TV commercials and social media platforms are effective marketing tools for reaching a large audience and promoting new product releases. Overall, the market is expected to continue its growth trajectory in the international and domestic arena.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The ball games segment is estimated to witness significant growth during the forecast period. The global market is experiencing significant growth due to the increasing popularity of athletic pursuits and lifestyle-related health issues. The Olympics and Olympic Games, as well as international and domestic sports events and tournaments, such as the Cricket World Cup, have fueled this trend. Ball games, including Cricket, Basketball, and other fitness activities, dominate the market. Fitness, strength equipment, protective gear, tools, and apparel, footwear, and gear for various sports are in high demand. Specialty sports shops and the online retail segment cater to the needs of international and domestic participants. TV commercials and social media platforms promote these products, reaching a broad audience.
Key product categories include balls, bats, racquets, protective equipment, and goals, clubs, among others. Exercising at home has also increased due to injuries and the need for convenience, leading to a rise in demand for equipment for teenagers and children. Injuries sustained during sports activities have further boosted the market for protective gears and equipment.
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The ball games segment accounted for USD 49.80 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 37% 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.
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The volleyball equipment market is witnessing significant growth due to the increasing popularity of the sport, particularly among women. This trend is evident in the entertainment industry, with volleyball featuring prominently in various TV shows, movies, and sports programs. The captivating nature of the game and the athleticism of the players have made it a fan favorite, leading to an increase in demand for high-quality volleyball equipment. From balls to nets, protective gear to training aids, manufacturers are innovating to meet the needs of both amateur and professional players. The market is expected to continue its upward trajectory, fueled by the sport's global appeal and the ongoing efforts to promote gender equality in sports.
Our researchers analyzed the data with 2023 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.
Rising health and fitness awareness among individuals is the key driver of the market. The global market is witnessing a notable increase due to the rising consciousness towards athletic pursuits and lifestyle-related health issues. This trend is fueled by various factors, including the increasing emphasis on personal well-being and the availability of a diverse range of equipment for different fitness objectives. The Olympic Games and sports events like the Cricket World Cup further amplify this trend, with TV commercials and social media platforms showcasing the latest gear and apparel. The ball games segment, including Cricket, Basketball, and other fitness activities, dominate the market. Specialty sports shops and the online retail segment cater to the demands of international and domestic participants for strength equipment, protective gear, balls, bats, racquets, and other tools.
The market encompasses a vast array of products, from protective gears and nets to goals, clubs, shoes, skates, and exercising equipment. Teenagers and children are significant consumers, with injuries being a primary concern, necessitating the use of protective equipment.
The growing use of advanced materials in sports equipment is the upcoming trend in the market. The global market witnesses continuous growth due to increasing participation in athletic events and lifestyle-related health concerns. With international and domestic sports events such as the Olympics and Cricket World Cup, the demand for specialized sports gear, apparel, footwear, balls, bats, racquets, protective equipment, tools, and gears has increased. Ball games like Cricket and Basketball are particularly popular, driving demand for balls, bats, and protective gears. Fitness enthusiasts also seek strength equipment for exercising at home or in specialty sports shops and online retail segments. Social media platforms and TV commercials promote these products, reaching teenagers and children who are the future participants in sports.
Sports events and tournaments in cities like Birmingham require nets, goals, clubs, and protective gears for various games. Neurostimulation devices, which activate specific nerves for enhanced muscle strength, improved coordination, and faster recovery, are gaining popularity among athletes for their competitive edge. These factors contribute to the market's expansion in the international and domestic arenas.
Unpredictable raw material prices is key challenge affecting market growth. The global market experiences significant fluctuations in raw material prices, posing challenges to the industry's growth and profitability. For instance, manufacturers of ball games such as basketball and cricket face increased production costs when the prices of raw materials like rubber and leather increase. These materials are essential for producing balls, bats, racquets, protective equipment, and other gear. Similarly, strength equipment manufacturers may encounter price volatility in metals used to make weights and tools. These unpredictable price changes can disrupt the production process, impacting the timely delivery of orders for major sports events and tournaments, including the Olympics and Cricket World Cup.
Moreover, the rising costs can lead to higher prices for consumers, affecting the sales of apparel, footwear, and other sports-related items in the specialty sports shops segment and the online retail segment. Teenagers and children, who are increasingly conscious of lifestyle-related health issues, may be deterred from purchasing sports equipment due to the price hikes. Furthermore, injuries during exercising and sports events may require protective gears like nets, goals, clubs, and protective equipment, adding to the overall expenses. International and domestic participants in the sports industry must adapt to these price fluctuations by implementing cost management strategies and exploring alternative raw material sources.
TV commercials and social media platforms can help promote sales and maintain consumer interest despite price increases. In conclusion, the unpredictable prices of raw materials in the market can significantly impact the industry's production, sales, and profitability, necessitating proactive strategies to mitigate the risks.
The market forecasting 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 market growth analysis strategies.
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 a range of offerings, including home workout kits and football gear.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 athletic and fitness industries have witnessed significant growth due to the increasing awareness of lifestyle-related health issues. The market is a major contributor to this trend, with a focus on the ball games segment, including cricket and basketball, dominating the market. Fitness and strength equipment are also gaining popularity among consumers. Specialty sports shops and the online retail segment are key distribution channels for sports equipment. International and domestic participants in the market include manufacturers of apparel, footwear, gear, balls, bats, racquets, protective equipment, tools, and gears. Sports events and tournaments, such as the Olympics and the Cricket World Cup, serve as major platforms for marketing sports equipment through TV commercials and social media platforms.
Injuries during sports activities have led to an increased demand for protective equipment for teenagers and children. Nets, goals, clubs, and protective gears are essential equipment for various ball games, while skates and shoes are crucial for skating sports. Birmingham, as a major sports hub, is a significant market for sports equipment.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.09% |
Market growth 2024-2028 |
USD 59.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.36 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Germany, Japan, and Canada |
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, Topgolf Callaway Brands Corp., Under Armour Inc., and Yonex Co. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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