The global sports equipment market is primarily driven by the rising popularity of fitness and recreational activities among individuals globally. Sports equipment such as apparel, footwear, and equipment for various sports including basketball, tennis, football, cricket, and golf have witnessed augmented demand recently. Sports equipment offers important protective and performance enhancing features to athletes and players. Growing health awareness among people and inclination toward fitness to maintain well-being has boosted participation in sports and exercise. This has significantly propelled the sales of sportswear, footwear, protective gear, balls, rackets, and other sports-related products. In addition, emergence of new types of sports along with improvements in technologies used for equipment manufacturing are expanding the scope of the industry.
The Global sports equipment market is estimated to be valued at US$ 622.08 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the sports equipment market are Nike Inc., Adidas AG, Amer Sports, New Balance Athletics, Inc., Daei Sportswear & Equipment, Kering S.A., Sports Direct International plc, Black Diamond Equipment, Ltd, ANTA Sports Products Limited, Yonex Co., Ltd, Adidas AG , MIZUNO Corporation, Quiksilver, Inc., Globeride, Inc., Callaway Golf Company, Shenzhen Taishan Sports Technology Co., Ltd, Callaway Golf Co., BPS Direct, LLC, Yonex Co., Ltd, and Under Armour. Nike dominates the global market with its wide portfolio of sportswear and footwear.
The key opportunities in Sports Equipment Market Size include partnerships with sports leagues and teams for co-branding, expansion in untapped regional markets, and development of technically advanced products. Emerging technologies such as 3D printing, biomechanics, and artificial intelligence are playing a vital role in improving product quality and performance in the industry.
Market drivers: The major drivers boosting the sports equipment market are growing health consciousness among global population, rising income levels in developing nations, surge in sports tournament viewership, and expansion of online retail platforms for sports merchandise. In addition, increasing government initiatives to promote sports and encourage fitness are positively impacting the market demand
Current Challenges in Sports Equipment Market
The Sports Equipment Market Size and Trends is facing few challenges currently which include supply chain disruptions caused due to the ongoing pandemic and Russia-Ukraine war. This has led to raw material shortages and price volatility impacting manufacturing and distribution of sports equipment. In addition, there are challenges around brand loyalty and consumers preferring cheaper alternatives. Established brands need to focus on product innovation, technological advancements and customization to attract newer consumers.
SWOT Analysis
Strength: Growing popularity of outdoor activities and sports participation is driving demand. Wide range of products available for different sports.
Weakness: Market heavily dependent on discretionary consumer spending which can be impacted due to economic fluctuations. High research and development costs involved in product innovation.
Opportunity: Emerging markets in Asia Pacific expected to witness strong growth in the forecast period supported by rising health consciousness. Adoption of newer technologies like 3D printing offers opportunities for product development.
Threats: Intense competition among existing players. Threat from unorganized local manufacturers providing cheaper alternatives.
Geographical Regions
North America currently accounts for the largest share in the global sports equipment market in terms of value owing to highsports participation rates and consumer expenditure on sports gear. Asia Pacific is expected to be the fastest growing region during the forecast period supported by increasing incomes, urbanization and focus on fitness culture especially in countries like India and China.
Fastest Growing Region
Asia Pacific region is poised to be the fastest growing region for the sports equipment market between 2024-2031. Countries like India, China and Japan are witnessing rising number of health clubs, gyms and other sports facilities driving sales of equipment. Growing middle class population and their increasing spending on sports and fitness indicates strong potential for market growth in Asia Pacific region over the coming years.
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.