Boxing Equipment is Estimated to Witness High Growth Owing to Rising Participation in Sports Activities
Boxing equipment includes protective gear such as gloves, helmets, pads, and others. Boxing is gaining popularity as a professional combat sport along with growing recreational activities. The proper protective equipment plays a critical role in preventing injuries during boxing training and matches. The global boxing equipment market is estimated to be valued at US$ 1.92 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising participation in sports activities is one of the major drivers of the global boxing equipment market. According to recent data, over 30 million people participate in boxing globally both recreationally and professionally. Proper protective gear encourages more people to take up boxing as a sport. Moreover, increasing health awareness is prompting people toward combat sports for overall fitness. This is encouraging the demand for high-quality protective gear thereby driving the boxing equipment market growth. Additionally, growing youth interest in sports and expanding product offerings with new designs and materials catering to diverse needs of professionals and amateurs are fueling the market expansion over the forecast period.
SWOT Analysis
Strength: Boxing equipment provides safety and protection to boxers. The high-quality gloves, headgear, wraps, etc. protects athletes from injuries like cuts, bruises, and concussions during sparring and matches. The equipment enhances performance by ensuring boxers can strike with full force without worrying about hurting their hands or taking damage.
Weakness: Boxing gear can be expensive for amateur and entry-level boxers to purchase all the required gear. Certain equipment like heavy bags also require dedicated space in homes or gyms, which may not always be available. Furthermore, some equipment needs to be replaced periodically as they get worn out with heavy use.
Opportunity: The growth in popularity of combat sports and rise of amateur/recreational boxing is driving the demand for affordable yet high-quality boxing gear. Manufacturers can capitalize on this by developing inexpensive yet durable equipment suitable for casual training. The growing health and fitness trends also provide an opportunity to market protective gear for boxing-inspired group exercise classes and home workouts.
Threats: Increased awareness about head injuries in contact sports may discourage parents from allowing their children to take up boxing. Strict safety regulations can negatively impact manufacturers if they are unable to develop equipment that meets all guidelines. Online retailers also pose pricing pressure threats on local equipment retailers and gyms.
Key Takeaways
The global boxing equipment market is expected to witness high growth over the forecast period supported by rising popularity of combat sports.
Regional analysis: Asia Pacific is projected to be the fastest growing regional market for boxing gear during the forecast period. Countries like China, India, and Japan have a rich cultural history with combat sports and martial arts. With economic development, discretionary spending on health and fitness is rising sharply in the region. Local manufacturers are tapping into this demand by producing affordable yet durable gear customized for Asian body types and climates.
Key players: Key players operating in the boxing equipment market are Everlast, Title, Ringside, ToughGuard, and Venum. Everlast is the leading brand manufacturing various types of boxing gloves, protective gear, heavy bags, speed bags, and accessories. Title is another dominant brand specialized in making high-quality ringside gear and protective equipment used in professional boxing.
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