The global sports equipment market was valued at $250.3 billion in 2021 and it is expected to reach $412.1 billion at a CAGR of 4.5% between 2022 and 2032. Demand for sports equipment is increasing due to rising awareness regarding fitness. This has led the market to significant growth over the past few years. Awareness of a healthy lifestyle has given further growth opportunities to the market.
By region, North America has led the global sports equipment market over the upcoming years.
Sports equipment is a type of sports tool, which are used in various sports activities. There are several types of equipment such as balls, nets, and protective gear including helmets, gloves, shoes, and pads, among others available in the market. Sports equipment is made of mixed materials such as metals, ceramics, polymers, and composite concepts. Multiple manufacturing players are producing this equipment which consists of various characteristics including density, fatigue resistance, strength, toughness, and modulus. These new development is accelerating market growth over the past few years. The population is rising every year. Along with this, sports activities are also increasing across several countries, which are encouraging youth people to participate in these sports. These major factors are anticipated to drive the growth of the market during the forecast period. Moreover, multiple key players are focusing on creating mergers and acquisitions which would help them to hold a strong position in the global market.
There are several benefits of using sports equipment. It strengthens the heart muscle by forcing it to work harder to supply blood circulation properly with oxygen. Weight management is another factor that manages anyone’s weight with exercise to manage their weight instead of difficult diets. If someone’s joints and muscles are overworked due to extreme exercise, the body tires easily. But using a proper gym machine would help avoid injury any kind of injury. Sports equipment gives better resistance, which enables the person to improve their strength and achieve the desired outcome. Hence, if a person wears sports gear properly, then it drastically reduces the chances of getting injured by enabling them to focus on the game and not to worry about accidents that might happen while playing. Therefore, these primary benefits and other advantages are expected to drive the market during the forecast period.
Source: SAI Research
At present days, technologies are developing. Usage of computers, smartphones, and internet connections is increasing among a large number of people across the globe. These have increased the preference for indoor playing or online sports activities. Youths are more inclined to video games which could impact the market negatively. Additionally, several people are becoming more interested in using virtual reality headsets for new playing associated with indoor gadgets. Moreover, watching movies, listening to live music shows, and others are also hampering the growth of the sports equipment market. Furthermore, couple of years ago, during the pandemic situation of COVID-19, people was forced to stop playing outside due to complete lockdowns, which has also negatively impacted the market. Now, the market is gradually gaining significant growth during this post-pandemic period and is expected to witness several growth opportunities during the upcoming years.
Based on product type, the global sports equipment market is segmented into a ball over net games, fitness equipment, athletic training equipment, ball games, and others. The ball games segment holds the largest share of the market and is anticipated to accelerate the growth of the market during the forecast period due to its increasing popularity among a large number of people across the globe. Ball games are probably watched all over the world every time. Several sports associated with this segment such as cricket, football, tennis, golf, rugby, hockey, and others are the major factors that have driven the market over the few decades. However, fitness equipment is also expected to witness several growth opportunities in the future. The current lifestyle changes in several urban areas due to increasing population with working cultures, as well as growing incomes of people have driven the market growth during the forecast period.
In terms of distribution channels, the market is categorized into online retail, offline sports, specialty and sports shops, and department and discount stores. Among these, the specialty and sports segment has led the market with a significant share. A wide number of people connected with multiple sports like to purchase their sports gear and other equipment from this category. On the other hand, the online segment is also anticipated to drive the market with significant market share due to increasing mobile usage, and internet connection. These factors are likely to accelerate the growth of the market during the forecast period.
Geographically, North America holds the largest share of the market and is projected to hold its dominant position during the forecast period due to the rising popularity of outdoor sports or games such as cricket, football, basketball, hockey, and more. Some teams and players represent their government. This would enhance the overall gaming experiences for their citizens or viewers. This would also encourage youth to participate in the games, which would accelerate the growth of the sports equipment market. On the other hand, the Asia-Pacific region is expected to become the second-fastest market in the future due to rising purchases of sports equipment among a large number of people who are connected to various sports activities. India is a popular country for many sports. Several manufacturing companies from the Asia-Pacific region are producing innovative sports equipment for their athletes. This would gain their market growth in the future.
According to the study, key players such as Adidas AG (Germany), ASICS Corporation (Japan), Anta International Group (China), Callaway Golf (U.S), Columbia Sportswear (U.S), FILA Holdings (South Korea), Financiere Pinault (France), Iconic Brand Group (U.S), Li-NIng (China), Lululemon Atheletica (Canada), MASH HRX Company (India), Holdings Limited (U.K), Mizuno (Japan), Nike (U.S), Polar Electro (Finland), Sumitomo Rubber Industries (Japan), Under Armour (U.S), Yonex (Japan), VectorX (India), VF Corporation (U.S), among others are leading the global sports equipment market.
Scope of the Report:
|Market Size in 2021||US$ 250.3 Billion|
|Market Volume Projection by 2032||US$ 412.1 Billion|
|Forecast Period 2022 to 2032 CAGR||4.5%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Product Type:
Game Equipment: (Balls, Flying discs, Goalposts, Nets, Racquets, Rods and tackle, Sticks, bats, and clubs, Wickets and bases)
Player Equipment: (Footwear, Protective equipment, Training Equipment, Special sports equipment)
By Distribution Channel: (Online Retail, Offline Sports, Specialty and Sports Shop, Department and Discount Stores
By Sports Type: Cricket, Football/ Soccer/ Rugby, Hockey, thletics, Boxing/ Wrestling, Badminton, Others)
North America, Europe , Asia-Pacific , LAMEA
|Companies covered||Adidas AG (Germany), ASICS Corporation (Japan), Anta International Group (China), Callaway Golf (U.S), Columbia Sportswear (U.S), FILA Holdings (South Korea), Financiere Pinault (France), Iconic Brand Group (U.S), Li-NIng (China), among others|
The Global Sports Equipment Market Has Been Segmented Into:
The Global Sports Equipment Market – by Product Type:
The Global Sports Equipment Market – by Distribution Channel:
The Global Sports Equipment Market – by Sports Type:
The Global Sports Equipment Market – by Regions: