Sports Protective Equipment Market to Significant Growth Foreseen by 2026
Popularity of e-commerce websites and apps among millennials is anticipated to open up new growth avenues for manufacturers, as ease of buying, convenience, and discounts continue to play a major role in influencing buying decisions. The online retail market is growing at a robust pace, with many brick-and-mortar stores tying up with e-commerce sites to offer their products exclusively. Sales through e-commerce sites are expected to offset the sluggish growth through retail stores during the forecast period.
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Sports Protective Equipment Market Segmentation
The global sports protective equipment can be segmented on the basis of product type into cycling protective equipment, ball sports protective equipment, and extreme sports equipment market. It has been noticed that rising popularity of sporting events has a direct impact on the sales of these equipment. Key events, such as UCI Track Cycling World Championships and FIFA World Cup create a frenzy among youngsters, and demand peaks during these marquee events.
On the basis of distribution channel, the global sports equipment market is segmented into department and discount stores, sports shop and specialty stores, online stores and others.
Product enhancement through R&D activities is expected to have a major impact on the global sports protective equipment market during the forecast period. In addition to this, rising participation at local level sport activities in colleges, schools, and universities is leading to sustained demand for sports equipment from these end-use industries. In addition to this, rising prominence of national level events is projected to drive the global sports protective equipment market during the forecast period. Besides this, the prominence of online store in order to purchase sports protective equipment is expected to intensify the growth of sports protective equipment market worldwide. This has supported the global sports protective equipment market to extend to a wide consumer base, which is expected to add up for the growth and development of sports protective equipment market worldwide.
Geographically, the global Sports Protective Equipment industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America was the largest market for sports protective equipment in 2015, and is expected to maintain its numero uno position during the forecast period. Europe and Asia Pacific excluding Japan (APEJ) are the second and third largest markets for sports protective equipment globally. Higher disposable income and robust economic growth in India, China and Japan is expected to fuel the market growth of Asia pacific region during 2016-2026.
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Sports Protective Equipment Market Key Players:
Some of the leading players identified across the value chain of the global sports protective equipment market include Adidas, Amer Sports, Nike, BRG sports, Under Armour, PUMA SE, Fortune Brands Inc, Dunlop Sports Group Americas Inc., Daiwa Seiko Corp., and Jaren Corporation. Mergers and acquisitions and new product development is likely to be major strategies that manufacturers are expected to adopt in a bid to boost their positioning in the market.
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