May 18, 2024

Boxing Equipment Market Is Driven By Rising Popularity Of Combat Sports Culture

Boxing Equipment includes gloves, headgear, punching bags, boxing shoes, hand wraps, mouth guards and other protective gear used in the combat sport of boxing. Additionally, exercise equipment such as speed bags, double-end bags and heavy bags are also considered as boxing equipment. The growing popularity of combat sports among amateur boxers, MMA fighters and fitness enthusiasts has led to increased demand for high-quality boxing equipment. Boxing gyms and fitness centers now offer dedicated classes and sessions focused on boxing fitness routines that utilize heavy bags, speed bags and other equipment. The availability of affordable yet durable boxing equipment online has further expanded accessibility and reduced entry barriers for enthusiasts. The global Boxing Equipment Market is estimated to be valued at US$ 1.92 Billion 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 key trends:
These gloves provide real-time feedback to the user on their form, punching power and technique through connected apps. Companies are focusing on integrating cutting-edge technologies like motion sensors, accelerometers and Bluetooth into boxing gloves. This allows amateur boxers as well as professional trainers to closely analyze performance and identify areas for improvement. Such innovations are expected to gain widespread adoption among combat sports enthusiasts in the coming years.

Porter’s Analysis
Threat of new entrants: The boxing equipment market has a moderate threat of new entrants as it requires large capital investments to set up manufacturing facilities for high-quality equipment.
Bargaining power of buyers: Individual buyers have high bargaining power in this market as there are numerous established brands providing similar equipment. However, professional leagues and gyms have moderate bargaining power.
Bargaining power of suppliers: A few key manufacturers globally supply raw materials for boxing equipment, giving them moderate bargaining power over brand owners.
Threat of new substitutes: There exists a low threat from substitutes as boxing requires specialized equipment that is not easily replaceable.
Competitive rivalry: The market sees high competition among leading brands that focus on quality, innovation, and endorsements to differentiate their products.

Key Takeaways
The global boxing equipment market is expected to witness high growth over the forecast period supported by the rising popularity of boxing as a professional sport and fitness activity globally.

Regional analysis: North America currently dominates the market backed by strong participation in amateur and professional boxing circuits. Asia Pacific is expected to witness the fastest growth led by developing markets of China and India where boxing is gaining significant popularity among the masses.

Key players: Key players operating in the boxing equipment market are Adidas, Century LLC, Everlast Worldwide, Inc., Twins Special Co. Ltd., Combat Sports Inc., Fairtex, King Professional, PRESSPRO (U.S.A.), RDX Inc., RINGSIDE, Inc., and Venum Store.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it