Sports Equipment Market to surpass USD 143104.75 million by 2031 from USD 78683.2 million in 2021 at a CAGR of 6.16% within the coming years, i.e., 2021-31.
Sports Equipment are the apparatuses, material, apparel, tools, and gear used to contest in a sport and varies depending on the sports. Wearing an appropriate gear lessens the chance of getting injured, enabling you to focus more on the game and not worry about accidents that might happen.
Sports Equipment Market is predicted to project a notable CAGR of 6.16% in 2031.
The broad expansion, together with increasing inclination towards sports and rise in technology, should enhance to the demand for Sports Equipment Market. The rising demand for such a friendly and convenience product and rising consumption of sports Equipment in emerging countries are making the growth during the timeframe.
Recent News and Developments
Japanese sports equipment manufacturer ASICS recently launched a new collection of environment-friendly footwear and apparel.
JD sports group recently acquired Deporvillage, an online-only retailer of outdoor sporting equipment.
Sports Equipment Market: Segments
Ball Games segment to grow with the highest CAGR during 2021-2031
Sports Equipment Market is segmented by product type into Ball Games, Ball Over Net Games, Fitness/ strength Equipment, Athletic Training Equipment. The Ball Games segment is projected to lead the global market. Since ball games are popularly watched all over the world, the revenue generated from this segment is notably higher than rest of the segment. Growing global popularity of sporting event such as football, cricket, basketball and other is projected to be one of the major components contributing to the expansion of the segment.
Commercial Industry segment to grow with the highest CAGR during 2021-2031
Based on end-use type the market is categorized as household and commercial. The Commercial segment is estimated to lead the End User segment. Increasing media coverage in Various global sports events encourages youth to take part in sports. This embraces a swift increase in commercial sports equipment. Consumers are spending more on portable goods that make their life easy. These features of Sports Equipment help household consumers to choose this. Hence, the demand for Sports Equipment Market increased.
Sports Equipment Market: Market Dynamics
Rising awareness in terms of overall health and fitness is one of the main growth components for stimulants of the market. In addition to this, continuous improvement in materials used for manufacturing of sports equipment are helping enhance product performance, thus boosting the demand rate. For instance, with advancements in sensor technologies, consumers are increasingly demanding equipment that can provide them with applicable vision into performance.
The sensor technology has advanced to a range that it can be incorporated into a host of sports equipment such as tennis rackets, golf clubs, swimming goggles, fishing rods, and others. These sensors are cable of measuring signals and copy detailed biometric data, which can be scrutinized to control glitches arising from a swing, or stroke, cat performed by athlete.
Inclination Towards Leisure Activity
There are some restraints that can affect the market demand of Sports Equipment. This includes growing acceleration towards leisure activities such as virtual reality games, watching movies, and music festivals, and many others. These activities hamper the Sports Equipment Market. In addition to this, some of the sports equipment are costly and unaffordable by middle-class people. All factors hinder the Sports Equipment Market.
Impact of the COVID-19 on the Sports Equipment Market
The world market for Sports Equipment Market has been severely affected by the outbreak of the COVID19 pandemic. The suspension of industrial activity affected the Sports Equipment Market due to weak consumer confidence, store closures, and depletion of consumer incomes. Global GDP has changed consumer behavior and reduced demand for Sports Equipment. To curb the spread of the coronavirus, the governments of several countries have imposed travel restrictions that severely affect the supply of raw materials for coffee makers. Situation will in control after the pandemic.
Sports Equipment Market: Key Players
Aldi Einkauf GmbH & Co oHG
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Lidl Dienstleistung GmbH & Co KG
FILA Holdings Corporation
Aeon Co., Ltd
Seven & I Holdings Co. Ltd
Other prominent players
Sports Equipment Market: Regions
Sports Equipment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa. North America is estimated to contribute the largest share of the Sports Equipment Market during the forecast period. Growing consumers spending on sports goods is helping the regional health awareness among public and rising problem of obesity are prinking up demand for sports equipment in this region.
Sports Equipment Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Sports Equipment Market report also contains analysis on:
Sports Equipment Market Segments:
By Product Type
Ball Over Net Games
Fitness/ Strength Equipment
Athletic Training Equipment
Sports Equipment Market Dynamics
Sports Equipment Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Sports Equipment Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 78683.2 million
Revenue forecast in 2031 USD 143104.75 million
Growth Rate CAGR of 6.16% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product Type, Distribution, End User and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Rallye SA, Lidl Dienstleistung GmbH & Co KG, FILA Holdings Corporation, BasicNet SpA, Carrefour SA, Aeon Co., Ltd, Mizuno Corporation, Seven & I Holdings Co. Ltd, Globeride, Inc.