New York, Aug. 28, 2015 (GLOBE NEWSWIRE) -- According to the latest market research report released by Persistence Market Research, the global sports equipment market, which in 2013 stood at US$66,528.8 million, is anticipated to expand at a CAGR of 3% from 2013 to 2020, thereby reaching a market value of US$81,821 million by the end of the forecast period. The report, titled "Global Market Study on Sports Equipment: Ball Sports to be the largest segment by 2020", is available for sale on the company website.
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The sports equipment market is segmented on the basis of product (ball sports, adventure sports, fitness equipment, golf equipment, winter sports, and other sports equipment) and region (North America, Europe, Asia Pacific, and Rest of the World). In terms of revenue, the global market for sports equipment grew from USD 61,778.7 million in 2010 to USD 66,528.8 million in 2013. It is expected to grow to USD 81,821.0 million in 2020 expanding at a CAGR of 3.0%. Ball sports hold the largest share in the sports equipment market. This segment is projected to increase from USD 17,592.6 million in 2014 to USD 21,778.6 million in 2020, at a CAGR of 3.6%.
The convenience and ease of transaction that e-commerce offers drive the global demand for sports equipment to a marked extent and also driven by swift adoption of newer technologies and openness to changing trends. The use of carbon fiber in sports equipment and the introduction of innovative products in the market are expected to create lucrative opportunities in the global sports equipment market in the forthcoming years.
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According to this PMR report, the global sports equipment market is a robustly growing one and is characterized by swift adoption of newer technologies and openness to changing trends. This research report segments the global sports equipment market on the basis of product and geography. Product-wise, the global sports equipment market is segmented into winter sports, adventure sports, ball sports, fitness equipment, golf equipment, and other sports equipment.
Within the product segments, the market for ball sports holds the highest share in the overall sports equipment market. Extensive media coverage of international sports events such as the FIFA World Cup, the Commonwealth Games, and the Olympics drives the youth to take up various sports.
Geographically, the research report segments the global sports equipment market into Asia Pacific, North America, Europe, and Rest of the World. North America holds the highest share in the global sports equipment market, with the highest demand coming from Canada and the U.S. The global sports equipment market is primarily driven by high demand from developed economies of the world. However, between 2010 and 2013, it was the Asia Pacific market that expanded at a higher rate than the Europe and North America sports equipment markets.
The Asia Pacific sports equipment market is projected to expand robustly during the forecast period. High-priced genuine sports equipment and easier availability of counterfeit products act as glaring challenges to the global sports equipment market. The report profiles the following players in the global sports equipment market: YONEX Co. Ltd., Nike Inc., Jarden Corporation, Globeride Inc., Puma SE, Adidas AG, Callaway Golf Company, and Amer Sports.
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Sports and fitness holds a very crucial place in the world of e-commerce. The business of sports equipment is thriving immensely on e-commerce, which is a popular retail medium nowadays. One of the best aspects of e-commerce is that it enables consumers to compare all the available brands of sports equipment. It is a one-stop shop for all sports accessories and equipment, which in turn enhances the salability in the global sports equipment market.
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