ID: MRFR/CR/6611-HCR | 90 Pages | Published By Snehal Singh on March 2023
As per the research reports by MRFR, the Sports Equipment Market is projected to grow at a CAGR of 3.20% during the forecast period, and the industry size will attain USD 97.16 billion by 2027
2020 - 2027
Sports Equipment Market is anticipated to grow at a respectable CAGR of 3.20% during the study timeframe, according to research findings by MRFR. The report also projects that by 2027, the market will reach USD 97.16 billion.
Sporting equipment, also known as sporting goods, refers to the gear, apparel, tools, and materials used to compete in a sport and differ based on the sport. The equipment varies from protective gear, nets and balls. Sporting equipment can be used as a tool or protective gear to assist the athletes in playing the sport. Over the years, this equipment has developed as sports have started to need more protective gear to prevent injuries. Sporting equipment may be found in any department store or special sporting equipment shops. The global market for sports equipment has witnessed a massive surge in the growth rate in recent years. The market's growth is primarily credited to the growing participation in recreational and sports activities. Furthermore, the factors such as the growing stress management, openness to constantly changing trends, rising health awareness, swift adoption of modern technologies, and sedentary lifestyles of the younger working-class population are also projected to impact the market's growth over the forecasted period. In addition, the improving living standards, rising disposal income, and rapid urbanizations across several regions are projected to boost the demand for this equipment.
Due to the Covid-19 pandemic, the entire sports equipment industry contracted to the most and faced many challenges. Most retailers, brands, and manufacturers have to bear severe financial losses. The entire economy stoops down to the lowest levels in terms of growth. Lockdown restrictions put the manufacturing process at a halt, and there was a scarcity of manual workforce for continuing operations. In addition, the disruptions in the supply chain have also affected the sports equipment market. However, the higher demand from the consumers after lockdown restrictions relaxation has helped the Market bounce back and elevate the market revenue.
The covid-19 pandemic surge has made people more cautious about health and inclining more towards sports. Thus, increasing the market demand. The newer market trends and the constant efforts from market players also support the Market to sustain even in difficult times.
Major Drivers of the Market
The growing awareness in people regarding fitness and general health is skyrocketing the potential of the sports equipment market. As per the Bureau of Labour Statistics data, nearly 16 percent of the US population of age above 15 years are engaged in sports activities that are way higher than earlier. This shows that the demand for the market is not going to stop any sooner. With the rise of licensed merchandise sports equipment popularity, the sports equipment market share will elevate to optimum levels.
Nowadays, consumers demand high-quality and advanced products for improved performance. This, in turn, leads to boost the global sports equipment market revenue. Innovations and constant improvement in sport equipment materials are making people shift towards sports more.
Significant Opportunities for the Market
As the young generation is leading sedentary lifestyles, resulting in countless lifestyle diseases, there is an immense need for shifting towards sports to stay fit. The increasing awareness for sports is resulting in the expansion of the market size. With the introduction of the latest trends like athletic and casual designs and new development in the sports field, consumers are willing to purchase sports products and begin a healthy life. All these are providing a big push to the market growth.
The increasing urbanization and rising disposable income are turning people towards sports to maintain a better lifestyle. The higher standard of living also contributes to the increase in the potential of the sports equipment market. These opportunities will also help the Market reach its maximum potential.
Numerous opportunities push the sports equipment market to greater heights. However, there are certain limitations to this Market too. The sports industry had to go through a tough time during the pandemic as equipment manufacturing and operations were restricted. This is the biggest constraint in the path of market growth. In addition, some may feel the sports equipment is expensive, which can hinder the expected rise of the market size.
Market Growth Challenges
Even though the sports equipment market is growing due to many factors, some challenges can restrict it from reaching its optimum potential. One such challenge is the fluctuating exchange rates which have the potential to hinder market growth. The presence of counterfeit sports products can also hamper the market share from rising to its peak.
Cumulative Growth Analysis
According to market analysis, the value of the Market is going to attain its maximum momentum in the upcoming years due to heavy demand and popularity. By 2027, the sports equipment market will surpass all its previous historical growth.
The global market has been bifurcated into different segments on the basis of distribution channel, Type, and Region.
By Distribution Channel
This market segment is further categorized into store-based and non-store-based. The store-based ones have many more sections like hypermarkets, specialty stores, supermarkets, and others. This market segment is anticipated to hold a bigger share of the Market during the forecast period. However, the non-stored-based ones are projected to register higher growth by 2027.
There are many more sub-segments in this sports equipment market segment, such as balls, bats, clubs, sticks, goalposts, nets, sports gear, and others. Out of all these, the ball segment will have the maximum market growth in the forecast years.
The market segment is analyzed over four major geographies: North America, Asia-Pacific, Europe, and other parts of the world.
The market analysis is prepared after analyzing North America, Asia-Pacific, Europe, and the remaining parts of the world. The North American sports equipment market is anticipated to dominate during the review period. Due to the presence of top sport equipment manufacturers and the rising popularity of several sports like baseball, hockey, and soccer, the market growth will reach greater heights.
The market share will increase with a high CAGR during the assessment period in the Asia-Pacific region. Higher growth of the retail sector and increasing awareness of fitness will contribute to the market growth. The smart sports equipment launch in China, Indonesia, and Japan will further boost the sports equipment market potential.
The prominent players of the market are:
The market forecast report includes insights into the projected growth and value of the Market and a market overview. It describes the impact of Covid-19 on the sports equipment industry. The report also sheds light on various dynamics of the Market, including drivers and restraints. It consists of the segment overview, and different regions’ can influence the sports equipment market growth in the forecast period. In the report, the competitive landscape and recent developments are well-discussed.
|Market Size||USD 97.16 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Kering S.A. (France), Nike, Inc. (US), ANTA Sports Products Limited (China), Adidas AG (Germany), Quiksilver, Inc. (Australia), Callaway Golf Company (US), Sports Direct International plc (UK), BPS, Direct, LLC (US), Shenzhen Taishan Sports Technology Co., Ltd (China), Globeride, Inc. (Japan), MIZUNO Corporation (Japan), Yonex Co., Ltd (Japan), Black Diamond Equipment, Ltd (US), New Balance Athletics, Inc. (US), Daei Sportswear & Equipment (Iran)|
|Key Market Opportunities||
|Key Market Drivers||The presence of established sports equipment manufacturers, as an important part of the sporting goods industry, and the popularity of various sports including baseball, soccer, hockey, and basketball are primarily driving the regional market growth.|
The North American Region is presumed to have a larger sports equipment market share across the globe.
Sports Equipment Market Size is anticipated to reach USD 97.16 Billion By 2027.
Daei Sportswear & Equipment (Iran), Kering S.A. (France), New Balance Athletics Inc. (US), Nike Inc. (US), Black Diamond Equipment Ltd (US), ANTA Sports Products Limited (China), Yonex Co. Ltd (Japan), Adidas AG (Germany), MIZUNO Corporation (Japan), Quiksilver Inc. (Australia)
Key factors driving the sports equipment market growth involve the rising awareness regarding general health & fitness and the growing demand for casual and athletic designs in sports equipment.