Sports Equipment Market Set To Record Exponential Growth By 2027
Market Overview
Sports Equipment Market Size is projected to register a growth rate of 3.20% from 2020 to 2027 to reach a market size of USD 97.16 Billion by the end of 2027.
Segmental Analysis
The global Sports Equipment Market has been segmented on the basis of distribution channel, product type, and region.
This market category is further subdivided into store-based and non-store-based transactions.
There are numerous sub-segments within this segment of the sports equipment industry, including balls, bats, clubs, sticks, goalposts, netting, and sports gear.
Market Dynamics
The sports sector is constantly growing, and an increasing number of individuals participate in recreational and sporting activities. This is mostly due to increased health consciousness and stress management. As a result, the use of sports equipment is exploding. Rapid acceptance of contemporary technologies and an openness to continuously shifting trends all contribute to market growth. As a result of the young generation's sedentary lives, which have resulted in an epidemic of lifestyle diseases, there is an urgent need to shift their focus to sports in order to keep fit.
The growing popularity of sports has resulted in the market's expansion. Consumers are willing to acquire sports products and establish a healthy lifestyle as a result of the introduction of new trends such as athletic and casual styles and new developments in the sports industry. All of these factors contribute significantly to the market's growth. Consumers today want high-quality, innovative items that perform better. This results in an increase in the global sports equipment market's revenue. People are becoming increasingly interested in sports as a result of advancements and continuous improvement in sport equipment materials.
Nowadays, fitness and general health maintenance are major concerns, propelling the sports equipment industry to new heights. Improvements to the equipment's material also improve the product's performance, which contributes to the increasing adoption rate. Recent market trends fusing athletic and casual styles also contribute significantly to the market's growth. Additionally, the younger working-class population's sedentary lifestyles are contributing to an epidemic of lifestyle diseases, and they are turning to sports to stay healthy. This increases demand for sporting equipment.
While the sports equipment industry is increasing due to a variety of factors, several obstacles may prevent it from attaining its full potential. One such difficulty is currency fluctuations, which have the ability to stymie market growth. The availability of counterfeit sports products might also act as a hindrance to the market share reaching its maximum. This is the primary impediment to market growth. Additionally, some may believe that sports equipment is prohibitively expensive, impeding the market's anticipated growth.
Regional Overview
The market analysis is based on data collected from North America, Asia-Pacific, Europe, and the rest of the world. During the study period, the North American sports equipment industry is expected to dominate. The existence of leading sport equipment makers and the increasing popularity of many sports such as baseball, hockey, and soccer will propel the industry to greater heights.
Market share in the Asia-Pacific area will grow at a rapid clip over the assessment period. Increased retail growth and increased awareness of fitness will both contribute to the market's growth. The advent of smart sports equipment in China, Indonesia, and Japan will further expand the market potential for sports equipment.
Competitive Dynamics
The prominent players of the sports equipment market are 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), Globeride, Inc. (Japan), Callaway Golf Company (US), Shenzhen Taishan Sports Technology Co., Ltd (China), BPS Direct, LLC (US), and Sports Direct International plc (UK).
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