Sports Protective Equipment Market Expected to Reach Highest 5.5% CAGR by 2026
Popularity of national & international sports events, surge in sports activities, rise in consumers spending on sports protective equipment, and surge in consumer awareness related to health & fitness drive the growth of the global sports protective equipment market. However, availability of low-priced counterfeit goods and expensive nature of sports protective equipment hinder the market growth to certain extent. On the other hand, arrival of trend of online retail and rise in disposable income of people from emerging countries would offer new opportunities for the market players.
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On the basis of area of protection, the head and face protective equipment segment contributed to more than half of the total share and is estimated to maintain its dominant position by 2026. This is due to advent of trend of cycling in Europe and helmets being mandatory in most of the sports. On the other hand, the lower extremity protective equipment segment is expected to grow at the highest CAGR of 5.1% from 2019 to 2026.
Based on product type, the pads, guards, chest protectors, and gloves segment accounted for the highest market share, accounting for more than two-fifths of the total revenue. The same segment is expected to register the highest CAGR of 4.3% from 2019 to 2026. This growth is due to its extensive application in a number of sports.
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Based on geography, North America accounted for more than one-third of the total share and is estimated to maintain its dominant position during the forecast period. Moreover, Asia-Pacific is expected to register the fastest CAGR of 5.5% from 2019 to 2026.
Leading market players discussed in the research include Nike Inc., Xenith,Under Armour Inc., Vista Outdoor, Puma SE, Shock Doctor (Bregal Partners), Amer Sports Corporation, BRG Sports, Asics Corporation, and Adidas Ag. They have adopted strategies such as expansions, partnerships, mergers & acquisitions, collaborations, joint ventures, and others to consolidate their position in the industry.
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