Press release
Geometric Progression To Be The Epicenter Of Sports Equipments Market
The global sports equipment market was valued at US$ 84 Bn in 2021, and is expected to surge at a healthy CAGR of more than 7% through 2031 to reach a market worth of US$ 168 Bn.The global sports equipment market has been witnessing considerable growth over the last few years. Increasing participation in sports activities, growing consumer awareness about health and fitness, and emergence of e-commerce are some of the key drivers impelling the growth of sports equipment market. However, increasing availability of counterfeit products and rising prices of sports equipment are restraining the growth of this market to some extent.
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The global sports equipment market consists of equipment for ball sports, adventure sports, fitness, golf, winter sports, and others sports, including archery, billiards, bowling, wheel sports, pogo sticks, and indoor games. The ball sports equipment segment is expected to be the market’s most lucrative during the forecast period. This segment was expected to account for approximately 1/3 share in the global sports equipment market in 2020.
Increasing media coverage of various global sports events such as the Olympic Games, Commonwealth Games, and FIFA World Cups encourage the youth to take part in various sports. The sports equipment industry is swiftly embracing new technologies and adapting its products in order to keep pace with rapidly changing global trends. In recent times, there is a growing trend of combining casual and athletic designs. Major sports equipment manufacturers merge sports products with leisurewear to meet the demand for fashionable sportswear.
North America holds the largest market share for sports equipment, followed by Europe and Asia Pacific. Developed markets in the U.S. and European countries dominate the sports equipment market. The U.S and Canada are the largest markets for sports equipment in North America. According to the United Nations World Tourism Organization (UNWTO), Europe, Latin America, and North America together account for approximately 70% of global adventure sports. Demand for sports equipment in the developing economies of Asia Pacific is expected to show high growth prospects during the forecast period. Countries such as Japan, China, India, and Australia are witnessing rapid economic growth, which, in turn, is further expected to drive the sports equipment market in this region. The sports equipment market is segmented on the basis of product (ball sports, adventure sports, fitness equipment, golf equipment, winter sports, and other sports equipment) and region (North America, Europe, Asia Pacific, and the Rest of the World).
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The sports equipment market is fragmented with several players, including Amer Sports, Adidas AG, Callaway Golf Company, PUMA SE, Cabela’s Incorporated, GLOBERIDE, Inc., MIZUNO Corporation, Nike Inc., Jarden Corporation, and YONEX Co., Ltd.
Sports Equipment Market Segmentation:
Product
Ball Sports
Adventure Sports
Fitness Equipment
Golf Equipment
Winter Sports
Other Sports Equipment
Region
North America
The U.S.
Canada
Europe
France
Germany
The U.K.
Italy
Asia Pacific
Japan
China
India
Australia
Rest of the World (RoW)
Russia
Brazil
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