Key Projections on Smart Sports Equipment Market indicating Industry Size, Demand, Trends and Forecast till 2022
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Rising demand for active performance analysis in the field of sports has prompted manufacturers towards smart sports equipment. Available sensor technologies can offer a wide range of prototype smart sports equipment, but some companies have been able to offer more detailed improvements in basic smart sports equipment & products. The benefits of smart sports equipment are currently untapped, but many sports experts are showing positive attitude towards their adoption. The largest barrier for growth of global smart sports equipment market is lack of technological support services in sports industry. Players, athletes and coaches from several parts of the world might not necessarily agree to the adoption of smart sports equipment, considering the differing ethics, unclear awareness of smart sports equipment, and lack of technologies that will help them analyze the data easily.
5 Insights on Global Market for Smart Sports Equipment
Smart baseballs and smart baseball bats sold across the globe in 2017 are expected to harvest revenues worth over US$ 240 Mn collectively. According to the report, smart golf sticks will be among top-selling smart sports equipment in the global market, through 2022.
The report highlights Europe as the largest market for smart sports equipment. Technologically advanced sports industry in this region, and impressive performance of European athletes in global sporting events is expected to drive the demand for smart sports equipment in Europe throughout the forecast period.
The Asia-Pacific excluding Japan (APEJ) region, on the other hand, will reflect higher revenue growth, compared to Europe’s smart sports equipment sales. By the end of 2022, the APEJ smart sports equipment market will have reached US$ 300 Mn value at a CAGR of above 3%.
Real-time data synching will remain the sought-after connectivity feature among smart sports equipment. Consumers are expected to opt for sports equipment offering real-time data synchronization, over other basic connectivity features such as smartphone connectivity. By the end of 2022, smart sports equipment with real-time data synching will rake in revenues worth over US$ 500 Mn, which is around half of the global smart sports equipment market’s estimated value for that year.
Through 2022, close to half of smart sports equipment sold across the globe will be priced in the mid-range. The demand for premium-priced smart sports equipment will also gain traction, reflecting around one-third share on global revenues throughout the forecast period.
Smart Baseball Bats & Golf Sticks to Account for nearly 40% Global Revenue Share
In terms of products, the global market for smart sports equipment is expected to witness higher sales of smart baseball bats and smart golf sticks. Increasing consumer spending in these two sporting events is expected to play a key role in driving the sales of smart golf sticks and smart baseball bats. Moreover, the demand for sensor-equipped sporting equipment in baseball and golf is gaining traction owing to high reward money for sporting events across these categories, and increasing improvement of participants through data-driven performance analysis. In 2017, global sales of smart baseball bats and smart golf sticks are expected to collectively account for close to 40% share of global smart sports equipment revenues.
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High Demand for Real-time Data Synching
Real-time data analysis of performance of the athletes can guide coaches towards identifying movements or tactics that are lowering the performance levels at particular instants of gameplay. Wearing smart sports equipment and analyzing the data after the gameplay can be less productive than real-time data synching. Technology experts can evaluate more information from the players’ performance, detecting moments of peak performance as well as fatigue. The report projects that by the end of 2022, over US$ 500 Mn worth of smart sports equipment sold in the global market will be equipped with real-time data synching as a key connectivity feature.
Under Armour, Inc., NIKE, Inc., Amer Sports Corporation, adidas AG, PUMA SE, Callaway Golf Company, Mizuno Corporation, QUATTRIUUM INC., BABOLAT VS S.A., and Game Golf are key manufacturers of smart sports equipment profiled in the report.
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