Wilmington, Delaware, United States, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The sports flooring market is expected to capture a 5.7% CAGR from 2023 to 2031, reaching US$ 20.5 billion by the end of 2031.
The sports flooring market is influenced by different key aspects including consumer preferences, technological innovations, and consumer preferences.
There is rising awareness about sports safety among sports people. With an increasing focus on athlete safety, a huge demand for sports flooring is observed, which provides slip and impact resistance.
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The construction of sports arenas as well as stadiums for organizing sports events is fueling the sports flooring demand. Investments by private organizations and governments in the development of sports infrastructure create significant opportunities for the sports flooring market.
Integration of smart technologies and improvement in sustainability features further expand market growth and allow customers to get the best flooring solutions.
Key Takeaways from the Market Study
- The global market valued at US$ 12.5 billion in 2022.
- The market in Europe acquired a 28.4% share in 2022.
- North America is estimated to get a significant share from 2023 to 2031.
- Based on application, the indoor sports flooring segment is leading the market.
Global Sports Flooring Market- Key Drivers and Trends
- There is an increasing trend toward multi-purpose sports facilities. These accommodate different sports activities. Advancements have led to the introduction of innovative flooring solutions, which enhance athletic performance and reduce injury risk.
- Manufacturers are focusing on producing eco-friendly flooring materials adopting sustainable production practices and using recycled resources. Growing health awareness and an increase in sports activities are also fueling the demand for sports floorings.
- Growing demand for top-quality sports infrastructure is expected to spur the market for sports flooring in the forthcoming years. High-performance sports flooring solutions cater to different sports disciplines with advancements. Lucrative opportunities are provided to the global sports flooring market vendors through development in materials as well as technology.
Regional Landscape of the Sports Flooring Market
- North America is likely to hold a significant share from 2023 to 2031 according to the latest sports flooring market projection. The rise in expenditure on sports facilities and leisure activities is driving the market dynamics of the region.
- North America is experiencing a surge in expenditure on sports facilities because of the economic benefits of hosting athletic events, a rise in public awareness about the benefits of physical health, and the desire to cultivate and encourage local talent.
- Rapid urbanization and industrialization have resulted in a great need for contemporary and accessible sports facilities, in turn fueling the demand for high-quality sports flooring solutions. There has been a considerable increase in involvement in indoor sporting activities in North America and Europe due to a rise in household income and an increase in expenditure on leisure activities
- The market in Europe captured a 28.4% share in 2022. Growing focus on health and fitness is prompting high expenditure on sports infrastructure, which is propelling the sports flooring market statistics. Public and commercial sectors in Europe and North America countries are investing significantly in indoor sports complexes, which is projected to boost the sports flooring market progress in the next few years
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Competitive Landscape
Several key competitors provide a huge range of sports flooring solutions. These solutions fulfill the various sports and performance requirements. Strategic partnerships, innovation, and novel product releases are some of the key strategies followed by the market participants to maintain their position in the market. Both global as well as regional manufacturers in the market provide a huge array of sports flooring solutions.
- CONICA, a Switzerland-based global leader in sports and recreational flooring, partnered with Alpha Building Chemicals in August 2023. It is a Taiwan-based company that specializes in distributing construction and building solutions, to streamline the distribution of CONICA’s advanced products and flooring solutions in the region
- Tarkett launched PureGrain in July 2023. It is a sustainable artificial turf flooring made from corn cob.
Key Segmentation
By Product Type
- PVC Flooring
- Wood flooring
- Polyurethane Flooring
- Rubber Flooring
- Polypropylene Flooring
- Artificial Turf Flooring
- Others
By Application
- Outdoor
- Indoor
By End-use
- Commercial
- Residential
By Sport
- Track & Field
- Football
- Basketball
- Volleyball
- Badminton
- Tennis
- Gym, Dance, & Aerobic Studio
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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