New York, United States, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Global Sports Equipment Market Size is To Grow from USD 332.6 Billion in 2022 to USD 625.4 Billion By 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the projected period. The growing awareness of the benefits of a healthy lifestyle and the importance of sports and fitness activities is driving up demand for such equipment.
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The growing popularity of national and international events such as the Soccer World Cup, Olympic Games, and Cricket World Cup drives the sports equipment market forward. Rising cases of lifestyle-related health problems, such as stress and obesity, are encouraging more people to participate in outdoor and fitness activities, which is driving demand for a wide range of fitness and sports equipment. The positive health effects of sports are becoming more widely recognized. Playing sports has several advantages for the human body, including the ability to burn fat and keep a person healthy by controlling body weight. As a result, more people are participating in sports to improve their fitness and health. Furthermore, the growing number of national and international sporting events increases consumer demand for sporting goods, propelling market growth. The rising popularity of indoor activities such as video games, board games, and mobile phone games is limiting sports equipment market growth. Because youth and children are constantly glued to their mobile screens and rarely go out to play sports, the rapid penetration of the internet has a negative impact on market growth.
COVID-19 Impact
The Covid-19 pandemic has had a negative impact on many industries, including the athletic and fitness industry. Many tournaments and game events, including the Olympics, have been postponed or changed in format. As a result, market participants are attempting to evaluate the downstream impact of disrupted cash flows, insecurity, and potential declines in long-term attendance and engagement.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Sports Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Ball Over Net Games, Ball Games, Fitness/Strength Equipment, Athletic Training Equipment, Others), By Distribution Channel (Online Retail, Specialty & Sports Shops, Department & Discount Stores, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The fitness/strength equipment segment dominates the market with the largest revenue share over the forecast period.
Based on product type, the global sports equipment market is segmented into ball over net games, ball games, fitness/strength equipment, athletic training equipment, and others. Among these, the fitness/strength equipment segment is dominating the market with the largest revenue share over the forecast period. The urban population's lifestyles have changed dramatically in recent years as a result of several rigorous, complex, and primarily sedentary work cultures. Consumers' interest in sports and fitness is increasing in tandem with their increasing health concerns and disposable incomes.
The online retail segment is expected to hold the rapid revenue growth of the global Sports Equipment market during the forecast period.
Based on distribution channel, the global sports equipment market is classified into online retail, specialty & sports shops, department & discount stores and others. Among these, the online retail segment is expected to hold significant CAGR growth during the forecast period. Rising consumer internet usage, as well as targeted marketing by businesses to reach all customer touchpoints, are expected to drive this segment's growth. Additionally, rising smartphone usage, rising consumer spending, rising internet penetration, and online shopping from e-commerce platforms are expected to drive segment growth during the forecast period.
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Regional Forecasts
North America dominates the market with the largest market share over the forecast period.
North America is dominating the largest market share over the forecast period. During the forecast period, because of a growing emphasis on sports, rising spending power, and technological advancements, the United States dominates the regional sports equipment industry. The growing popularity of sports such as football and basketball has pushed the regional administration to build arenas and provide more sporting options to its citizens. This is expected to lead to a positive outlook for market growth over the forecast period. The growing popularity of national and international events such as the Soccer World Cup, Olympic games, and Cricket World Cup is also driving growth in the sports equipment market. Asia-Pacific market is expected to grow the fastest during the forecast period. India has made the greatest contribution in terms of cricket equipment. Meanwhile, football equipment accounted for the region's second-largest market share in the entire sports equipment industry. Due to the growing popularity of games and, as a result, the expansion of leagues devoted to them, India has made significant advancements in outdoor equipment in recent years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the Global sports equipment market include Adidas AG, Yonex Co., Ltd, Puma SE, Mizuno Corporation, Amer Sports, Callaway Golf Co., Sumitomo Rubber Industries Limited, Nike, Inc., Sports Direct International PLC, Under Armour and among others.
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Recent Market Developments
- In March 2021, DICK'S Sporting Goods, the largest omnichannel sporting goods retailer in the United States, introduced VRST, a men's athletic apparel brand designed for the modern active man who lives life on the go.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global sports equipment market based on the below-mentioned segments:
Sports Equipment Market, Product Type Analysis
- Ball Over Net Games
- Ball Games
- Fitness/Strength Equipment
- Athletic Training Equipment,
- Others
Sports Equipment Market, Distribution Channel Analysis
- Online retail
- Specialty & sports shops
- Department & discount stores
- Others
Sports Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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